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,

& Staples Retailing 9.7% 7.0% Consumer Staples 21.0 20.5 Airlines Under - weight 10.2% 5.0% Industrials 16.4 16.1 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Professional Services Road & Rail Chemicals 3.0% 2.5% Materials 17.7 16.5 11.3 10.9 EFTA01476126 20.4 18.8

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

g 9.6% 8.5% Consumer Staples 20.6 20.1 Airlines Underweight 10.3% 8.5% EFTA01476319 Industrials 16.8 16.5 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Industrial Conglomerates Professional Services Road & Rail Chemicals 3.0% 2.6% Materials 17.9 16.7 24.2 18

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

g 9.6% 8.5% Consumer Staples 20.6 20.1 Airlines Underweight 10.3% 8.5% EFTA01476465 Industrials 16.8 16.5 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Industrial Conglomerates Professional Services Road & Rail Chemicals 3.0% 2.6% Materials 17.9 16.7 24.2 18