Epstein Secrets

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,

8.3 10.6 10.6 20.5 29.3 29.5 22.9 21.3 20.0 17.2 16.4 17.3 16.0 18.4 16.8 24.5 22.4 23.8 21.7 Equa lweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.3 15.5 David Bianco,(1) 212 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015

trength 2015E 20502100 $119 17.4x 17.6x $41 2016E 22502300 $125 18.2x 16.7x $44 Date 16 Nov 2015 8 Nov 2015 1 Nov 2015 23 Oct 2015 Bloomberg Ticker DBUSHIFC DBUSBRTE DBUSCICG DBUSDMST Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in

3 16.7 25.0 22.8 23.6 21.5 EFTA01476321 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476322 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 5 Figure 9: S&P EPS Model by

Down Down Down Down Down Down Source: FRB, Bloomberg Finance LP, I/B/E/S, Deutsche Bank A signal's ri

3 16.7 25.0 22.8 23.6 21.5 EFTA01476467 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476468 20 November 2015 US Equity Insights Figure 65: Sector and Industry ETFs Note: Please see DB note "Eq