Epstein Secrets

3352 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

turn (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. 100 200 300 400 500 600 0 Buy Hold Sell Companies Covered Cos. w/ Banking Relationship North American Universe 50 % 58 % 44 % 2 %33 % 48 % Page 5 Security Price EFTA01473344 6 May 2015 Oil & Gas Explorat

3408 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

y, Target Price Change USD50.00 Equity rating dispersion and banking relationships 100 200 300 400 500 600 EFTA01473399 0 Buy Hold Sell Companies Covered Cos. w/ Banking Relationship North American Universe 50 % 58 % 44 % 2 %37 % 48 % Jun 14 Sep 14 Dec 14 Mar 15 Buy Hold Sell Not Rated Suspended

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au

return (including Equity rating dispersion and banking relationships 1000 1200 1400 1600 200 400 600 800 0 EFTA01466494 Buy Hold Sell Companies Covered Cos. w/ Banking Relationship Global Universe 45 % 40 % 48 % 34 % 6 % 22 % Page 48 Deutsche Bank AG/London EFTA01466495