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

% 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 Consumer Services 8.0 Hotels, Restaurants & Leisure 8.4 19.3 18.0 Textiles, Apparel & Luxury Goods 16.4 14.6 20.5 19.3 15.3 14.3 21.5 19.8 81.5 65.2 18.1 17.1 18.1 17.5 Beverages Food Product

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

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 12.7 Diversified Consumer Services 8.2 Hotels, Restaurants & Leisure 18.2 Textiles, Apparel & Luxury Goods 14.7 20.0 13.6 19.4 64.6 17.8 17.5 Beverages Food Products Household Products Personal Products Tob

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

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 12.7 Diversified Consumer Services 8.2 Hotels, Restaurants & Leisure 18.2 Textiles, Apparel & Luxury Goods 14.7 20.0 13.6 19.4 64.6 17.8 17.5 Beverages Food Products Household Products Personal Products Tob