S Equity Insights - Clinton vs Trump stock baskets Date: September 20, 2016 at 9:25:31 AM EDT To: Richard Kahn < <!--[if mso 9]--> <![endif]--> From: David Bianco, Deutsche Bank [mailto: Sent: Friday, September 16, 2016 6:47 PM To: Stewart Oldfield Subject: US Equity Insights - Clinton vs Trump stock baskets De

indices are near historic highs, implied volatility in US equities is close to historical lows and there is potential for Fed liftoff in September. David Bianco published the following on 5/22 (full report attached) about the possibility of a 5%+ pullback in the summer months: "We believe the probability of

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/VVinnie Nip Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total share-ho

ndices are near historic highs, implied volatility in US equities is close to historical lows and there is potential for Fed liftoff in September. David Bianco published the following on 5/22 (full report attached) about the possibility of a 5%+ pullback in the summer months: "We believe the probability of

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju WangNVinnie Nip (Equity rating key Buy. Based on a current 12- month view of total share-holder return (TSR = percentage change in share price

Adam gives an overview of major global asset classes and touches on the unlikelihood of a US recession. • US Equity Insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed rate hikes. • Chino's Evolving FX Policy —

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju WangNVinnie Nip !Equity rating key Buy: Based on a current 12- month view of total 500 share-holder return (TSR = percentage change in 450 s

Adam gives an overview of major global asset classes and touches on the unlikelihood of a US recession. • US Equity insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed rate hikes. • Chino's Evolving FX Policy —

S&P ownership over 8% with the ability of that offered nominal return to adjust for inflation variations over the long term. Date 23 August 2013 David Bianco Strategist Ju Wang it S&P 500 Key Forecasts Price 1660 Next 5%+ move Uncertain 2013E Year-end Target EPS Target P/E Current P/E DPS Priy

w, Fed: Taking the plunge — We reiterate our view that the U.S. economy is strong enough to withstand a rate hike this year. U.S. Equity Insights — David Bianco, U.S. Equity Strategist, explains the reasoning behind his 5% S&P EPS growth estimate for 2016. DB Special Report — FX Strategists George Saravelos

in=ices are near historic highs, implied volatility in US equities is close t= historical lows and there is potential for Fed liftoff in September. David Bianco published t=e following on 5/22 (full report attached) about the possibility of a 5%+ =ullback in the summer months: "We believe the probability of

rry Adam gives an overview of major global asset classes and touches on the unlikelihood of a US recession. US Equity Insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed rate hikes. China's Evolving FX Policy — O

ategist, gives an overview of major global asset classes and touches on the unlikelihood of a US recession. US Equity Insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed hikes. China's Evolving FX Policy — Our ch

ategist, gives an overview of major global asset classes and touches on the unlikelihood of a US recession. US Equity Insights — Head of US Equity, David Bianco, discusses his decision to cut 2016E S&P EPS almost entirely from Financials based on the impact of Fed hikes. China's Evolving FX Policy — Our ch

fan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research T

a 5.5% real and 7.5% nominal CoE. EPS is retained, so real EPS g must = real CoE - div yld to justify a PE = 1/- real CoE. Date 20 November 2015 David Bianco Strategist (+1) 212 250-8169 [email protected] Winnie Nip Strategist (+1) 415 617-3297 [email protected] S&P 500 Key Forecasts Price Ju W

ion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/Winnie Nip Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price