Epstein Secrets

gold returns. Footnotes: Data as of December 31, 2015. Source: FactSet, Bloomberg Finance LP, Deutsche Bank Wealth Management. 31 EFTA01477419 Multi Asset Investment Committee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr

Equities 32 1096 Currentl Dividend Yield 2.2% 3.5% 2.8% 4.2% 1.9% 2.7% 3.1% P/E (LTM)2 16.27 13.26 12.30 14.97 13.71 11.27 13.36 NTM P/E Forecast3 16.75 14.50 13.75 14.75 16.00 12.00 14.00 NTM EPS Forecast3 124 236 819 400 62 39 104 EUR vs. USD USD vs. JPY EUR vs CH

Allocation MIC1 Regional Asset Allocation RIC2 Security Selection PIC3 Portfolio Management Client Portfolio Quality Management 1 MIC = Multi Asset Investment Committee 2 RIC = Regional Investment Committee 3 PIC = Portfolio Implementation reCommendation Source: Deutsche Bank Wealth Management Deutsche Bank Weal

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01477983 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123

Allocation MIC1 Regional Asset Allocation RIC2 Security Selection PIC3 Portfolio Management Client Portfolio Quality Management 1 MIC = Multi Asset Investment Committee 2 RIC = Regional Investment Committee 3 PIC = Portfolio Implementation reCommendation Source: Deutsche Bank Wealth Management Deutsche Bank Weal

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01478053 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123