Epstein Secrets

Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20

of historical allocation weights and components is available upon request. Income Sub-asset Class U.S. Large Cap Equity U.S. Small Cap Equity European Equity Japan Equity Pacific ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index

Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20

of historical allocation weights and components is available upon request. Income Sub-asset Class U.S. Large Cap Equity U.S. Small Cap Equity European Equity Japan Equity Pacific ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

2 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015 World Outlook 2016: Managing with less liquidity European Equity Strategy: 7% upside in 2016E but beware of the risk of a near-term correction We see around 7% upside for the European equity market by end 2016, w