EFTA01367816

Deutsche Bank Securities Inc. -v Figure 4B: List of DB US Equity Strategy research notes Research Title What if Fed relents on hikes for 2015> A little EPS upside. but more PE risk Ascent of S&P margins continues: 10%+ net margin survives Energy dip Jobs suggest. Fed hikes. stronger $. low vitiation, flatter curve still ahead Mdway 1O earnings season update. Barely clearing a low bar Meet & Maintain is new Beat & Raise Results'gudes support $118 S&P EPS What to expect for 1O and guidance' Burden on 2H for up 2015 S&P EPS The many measures of S&P EPS Banks are the last cheap stocks left: But what if the yield curve goes flat? 2015's S&P 500 tug-of-war intensifies. Dimmer EPS vs brighter PE outlook The Hulk flexes. S&P EPS shrinks Is S&P ready for Fed hikes 10 FAOs Reachng for small caps. Selectively: Prefer small Retailers vs. small Banks Tech Titans can overcome the Hulk Why should investors look through it? Repatriation holiday Good step to a territorial system, but not a substitute Finding Domestic S&P 500 stocks. Both Domestic Cyclicals & Defensives 2015 S&P gains now PE expansion dependent S&P 500 Industrial Capital Goods: High risk. low reward we prefer Tech Seven Signs 2 Red, 4 Yellow. 1 Green The PE tug-of-war continues in 2015: Slow EPS growth vs. Vow bond yields 2015 S&P Outlook Better time for consumers. but tougher for producers What's a profit recession Happy Thanksgiving. US GDP vs S&P Macro trends favor Retailers over Industrial Captal Goods, so do we Dollar and oil snip S&P 4O EPS Slow growth, but strong payouts: Definitive divdend vs blurry buybacks Trick or treat> Skip the dark houses Post-bounce strategy into yearend Better time for consumers ahead, tougher time for producers Dollar Hulk, A somewhat stronger greenback ok. but beware the beast Midterm elections matter. but no reason for correction Buy the dig, but stick with strength. Secular growth of Tech & Health Care Catchng a falling knife> PE expansion s rare as the Fed hikes S&P EPS growth after the super.cycle The Seven Spans: Interest Rates, Oil Pnces & the Doran' 2Q EPS finishes with S&P at its top Good reasons to return to the top Dog days of August Heat from interest rate and geopolitical anxiety Lo and behold: Participation rate ticks up. mitigating interest rate risk US equity strategy 2015 Outlook • che•teon• pc* carnnV Sauce Oeceicneuea Date 15-May-I5 10.May.15 1-May-15 26-Apr-15 17-Apr-I5 12-Apr-15 2-Apr-I5 27-Mar-15 22-Mar-I 5 13-Mar-15 9-Mar-I5 27-Feb1S 18-Feb-I5 6-Feb-15 3-Feb-IS 30-Jan-15 25-Jan-I5 18-Jan-15 13-Jan-15 11-Jan-I5 15-Dec-14 5-Dec-14 26-Nov-14 21-Nov-14 14-Nov-14 7-Nov-14 31.Oct-14 26-Oct-14 19-Oct-14 1O-Oct-14 9-Oct-14 5-Oct-14 26-Sep-14 19-Sep-14 12-Sep- 14 11-Sep-14 24-Aug- 14 15-Aug-14 8-Aug-14 I -Aug-14 Research Title The pressure release valve gets stuck Treasury yields climb as stocks sell off The Seven Signs: Has the clrnb in yields begun? " 2O growth better, as expected. but leaves market PE driven Thematic sector strategy update. OW Secular Growth sectors & Financials The hunt for sales growth Help wanted. A participation spurt with releble productivity needed 2O EPS. A moment of truth for EPS acceleration The Golden Ratio: Real GDP / Inflation Summer Flp-book ' S&P 500 Valuation: Sum of Sectors S&P Valuation Chapbook Snapshot at another record high ' Chasing in the summer: Is it worth it? GOP s a deceptive denominator: Several popular charts improved GDP is a deceptive denominator: Several popular charts improved Bank those Energy gains Yields are key to SW PE & Styles: Watch Partcpation & Productivity Signature Charts ' No sweat yet for yields, but more heat to come Can yields stay cool this summer as growth heats up> More rotation and reset? Watch yields April showers Aunt Yellen to give less and Uncle Sam to take more 1O EPS Preview: Cold from banks to retailers, but rest of year to wane-up The small cap growth correction S&P 500 sources and uses of cash: How to deploy $1 tnllion? Stronger EPS growth in 2H14. but last Iwo cycles difficult acts to follow Straining the back of buybacks? S&P CFOs. Five things to do in 2014 S&P Valuation Chartbook - Snapshot at a record high Mind the gap Non GAAP vs GAAP EPS, book value trend and Tobin's O Capex Conditions & Outlook S&P has reasons to revisit its 2014 top & bottom Trade range w/ Energy The new ideal GoldeOCks economy: US not too hot, China not too cold Dp lustiftd. but core thesis intact Not superstitious about January 4O EPS tracking up 8%, instead of 10%: Favor low PEs and big-cap Tech Reasons for above avg. PE now needed dividends vs interest rates? 4O EPS to be strong, but wan for dips to buy: 3 reasons why it pays to wait Stay constructive. but alSo be patient Dividend payout ratio vs. EPS growth Leaving the old trading range behind 1800' Growth is all that matters now 2015 SW Outlook Better time for consumers, but tougher for producers Date 1-Aug-14, 31-Jul-14 25-Jul-14 18-Jul-14 13-Jul-14 2-Jul-14 30-Jun-14 20-Jun-14 18-Jun-14 13-Jun-14 13-Jun-14 6-Jun-14 22-May-14 22-May-14 16-May-14 11-May-14 9-May-14 2-May-14 25-Apr-14 17-Apr-14 13-Apr-14 4-Apr-14 30-Mar-14 23-Mar-14 16-Mar-14 9-Mar-14 28-Feb-14 28-Feb-14 21-Feb-14 19-Feb-14 16-Feb-14 7-Feb-14 2-Feb-14 24-Jan-14 17-Jan-14 12-Jan-14 13-Dec-13 2-Dec-13 27-Nov-13 22-Nov-13 5-Dec-14 C N en .0 c CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00205614 DB-SDNY-0059430 EFTA01367816