Epstein Secrets

8.3 10.6 10.6 20.5 29.3 29.5 22.9 21.3 20.0 17.2 16.4 17.3 16.0 18.4 16.8 24.5 22.4 23.8 21.7 Equa lweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.3 15.5 David Bianco,(1) 212 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015

25.0% Information Technology IT Services 17.4 16.3 Semiconductors Software Communications Equipment Electronic Equipment 2.8% 5.0% Utilities Electric Utilities Gas Utilities 15.4 14.9 Independent Power Producers Multi-Utilities 2.3% 2.5% Telecom 12.4 12.7 Telecommunication Services Banks Capital Mark

3 16.7 25.0 22.8 23.6 21.5 EFTA01476321 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476322 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 5 Figure 9: S&P EPS Model by

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

3 16.7 25.0 22.8 23.6 21.5 EFTA01476467 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476468 20 November 2015 US Equity Insights Figure 65: Sector and Industry ETFs Note: Please see DB note "Eq

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