Epstein Secrets

.75% 0.10% Euroland (German Bund) UK EFTA01477421 Japan Credit Barclays U.S. High Yield 2.05% 0.41% 1.71% 0.23% Current Couponl 6.70% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 9.47% 7.08% Current Spread5 799 457 J J J J Next 3%+ Move

urn (Dec 2016) Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of November 2015. U.S. GDP is 4Q over 4Q. 1 Current as of January 22, 2016. 2 LTM stands for last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Directi

2.5% 2.5% 2017 USA Euroland (German Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50)

.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/

2.5% 2.5% 2017 USA Euroland (German Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50)

.00% 0.50% 0.00% Footnotes: Macro estimates are according to Deutsche Asset & Wealth Management and are as of March 2016. U.S. GDP is 4Q over 4Q. 1 Current as of March 28, 2016. 2 LTM s td f th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/