Epstein Secrets

ed by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 is up 5% on 4% sales growth, flat margins and 1% share shrink. Sales should turn positive in 2016 as commodity and currency drags diminish

to PE of DB Indus t ry a lloca t ions S&P 500 Index Source: Deutsche Bank Research, IBES Overweight 15.6 14.8 2049.62 Equa lweight 17.6 16.6 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 2015 & 2016 DB St ra tegy EPS 119.0 125.0 2015 & 2016 DB St ra tegy PE Bot tom-up Cons . EPS 118.4 128.1

8 to $125 on stronger dollar, lower oil assumptions We have long cautioned that every 10% appreciation in the dollar vs. mature currencies drags on S&P EPS growth by 2.5%. Every dime the Euro declines vs. USD hits S&P EPS by $1. Every $5/bbl oil price decline hits S&P EPS by $1, net of small benefits

ce: Deutsche Bank Markets Research 24.6 Overweight 15.6 2081.24 14.9 Equalweight 2015 & 2016 DB Strategy EPS Bottom-up Cons. EPS 18.5 17.4 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 119.0 125.0 2015 & 2016 DB Strategy PE 118.8 128.5 Bottom-up Cons. PE 23.1 22.9 21.3 20.4 20.6 20.0 2

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9.9% -4.5% 8.2% -3.6% -13.1% 1.1% 6.8% 12.5% 0.2% 6.8% 4.8% 8.2% 1.0% Credit vs. Commodity Play Financials Energy Capex Industrials Energy Equipment & Services Information Technology DBUSBRTE (Reasonable PE Tech) * Consumer Consumer Discretionary Consumer Staples Dividend Growth Financials Informatio