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,

age 55 EFTA01476124 World Outlook 2016: Managing with less liquidity 8 December 2015 Page 56 Deutsche Bank AG/London Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%)Weight (%) Sector 2015 2016 PE

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

476316 Source: Deutsche Bank EFTA01476317 US Equity Insights 20 November 2015 Page 4 Deutsche Bank Securities Inc. Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P

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

below 100 bps below 100 bps EFTA01476463 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc Page 35 Figure 64: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P