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

2.5% 0.8% 6.8% 2015 1.4% 0.1% 0.2% 0.7% 1.5% 2015 -2.8% EFTA01477420 3.0% -3.7% 2.0% 2.0% 2015 -2.5% -2.2% -4.5% -6.5% -2.4% Currentl 0.25% 0.05% 0.50% 0.10% 2016 Currencies 3.4% 2.4% 1.6% 2.2% 1.2% 6.0% 2016 1.6% 1.2% 1.8% 0.8% 1.2% USA (S&P 500) 2016 -3.0% 3.

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

3% -6.0% -2.4% Key Interest Rates Ct USA (Fed funds) Euroland (Refi rate) UK (Repo rate) Japan (Mmkt rate) t t l 0.25% 0.00% 0.50% 0.00% Currentl -2.9% -1.9% -2.5% EFTA01477980 -5.2% -2.5% 12 Mo Forecast (Mar 2017) 0.75-1.00% 0.00% 0.50% 0.00% Footnotes: Macro estimates are accord

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

3% -6.0% -2.4% Key Interest Rates Ct USA (Fed funds) Euroland (Refi rate) UK (Repo rate) Japan (Mmkt rate) t t l 0.25% 0.00% 0.50% 0.00% Currentl -2.9% -1.9% -2.5% EFTA01478050 -5.2% -2.5% 12 Mo Forecast (Mar 2017) 0.75-1.00% 0.00% 0.50% 0.00% Footnotes: Macro estimates are accord