Epstein Secrets

Crawling, not Leaping, into the New Year 2016 Ten Themes Larry Adam, CFA, CIMA Chief Investment Officer and Chief Investment Strategist Managing Director Tel: 410-895-4135 Email: [email protected] EFTA01477363

urn (Dec 2016) Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of November 2015. U.S. GDP is 4Q over 4Q. 1 Current as of January 22, 2016. 2 LTM stands for last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Directi

Wealth Management 22 subsidiaries offered through Deutsche Bank constraints. The of emerging market investments may EFTA01477988 Biographies Larry Adam Chief Investment Officer and Chief Investment Strategist Deutsche Bank Wealth Management—Americas Larry Adam is a Managing Director and serves the

.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/

Wealth Management 22 subsidiaries offered through Deutsche Bank constraints. The of emerging market investments may EFTA01478058 Biographies Larry Adam Chief Investment Officer and Chief Investment Strategist Deutsche Bank Wealth Management—Americas Larry Adam is a Managing Director and serves the

.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/