Epstein Secrets

age 55 EFTA01476124 World Outlook 2016: Managing with less liquidity 8 December 2015 Page 56 Deutsche Bank AG/London Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%)Weight (%) Sector 2015 2016 PE

weight 10.2% 5.0% Industrials 16.4 16.1 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Professional Services Road & Rail Chemicals 3.0% 2.5% Materials 17.7 16.5 11.3 10.9 EFTA01476126 20.4 18.8 12.1 11.6 18.5 17.8 17.3 16.0 33.2 11.6 13.4 12.5 Diversified Co

476316 Source: Deutsche Bank EFTA01476317 US Equity Insights 20 November 2015 Page 4 Deutsche Bank Securities Inc. Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P

ls 16.8 16.5 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Industrial Conglomerates Professional Services Road & Rail Chemicals 3.0% 2.6% Materials 17.9 16.7 24.2 18.8 19.6 23.0 20.1 15.9 17.3 13.7 8.6 19.5 16.6 21.2 14.5 21.1 80.7 18.9 18.1 1

below 100 bps below 100 bps EFTA01476463 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc Page 35 Figure 64: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P

ls 16.8 16.5 7.3 8.3 Building Products Air Freight & Logistics Commercial Services & Supplies Industrial Conglomerates Professional Services Road & Rail Chemicals 3.0% 2.6% Materials 17.9 16.7 24.2 18.8 19.6 23.0 20.1 15.9 17.3 13.7 8.6 19.5 16.6 21.2 14.5 21.1 80.7 18.9 18.1 1