Epstein Secrets

015YTD EUR avg: 1.11 2012 avg: 80.6 2013 avg: 80.4 2014 avg: 82.6 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 DXY (lhs) Source: Bloomberg Finance LP, Deutsche Bank EUR/USD (rhs) Figure 2: Oil prices (1st month futures) 105 115 125 EFTA01476307 35 45 55 65 75 85 95 WTI Source: Bloom

Technology 17.5 16.5 Semiconductors Software Communications Equipment Electronic Equipment Banks Capital Markets 14.0 13.2 Consumer Finance Electric Utilities Gas Utilities 2.9% 2.3% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Telecommunication Serv

n Up Up Up Down Down Down Up Up Up Up Up Up Down Down Down Up Down Down Up Down Down Down Down Down Down Down Source: FRB, Bloomberg Finance LP, I/B/E/S, Deutsche Bank A signal's risk aversion is based on its current level expressed as a percentile of all the observations in its long-term h

Technology 17.5 16.5 Semiconductors Software Communications Equipment Electronic Equipment Banks Capital Markets 14.0 13.2 Consumer Finance Electric Utilities Gas Utilities 2.9% 2.3% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Telecommunication Serv

sectors are highlighted in green (red) All sectors within 5% of their 5 year high are highlighed in yellow Source: Deutsche Bank, Thomson Reuters, Bloomberg Finance LP 2015 PE (ex. Neg EFTA01476521 EPS) 18.4 17.5 14.4% 3.6% 2.8% 20.4 17.2 17.1 26.1% 22.3 16.5% 5.7% 18.6 16.8 11.6% 22.2 14.8% 4.5%

ceuticals Airlines Airlines Airlines Airlines Information Technology Communications Equipment Information Technology IT Services IT Services Electric Utilities Electric Utilities Electric Utilities Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Information Technology Semiconductors & Semiconductor