EFTA Document EFTA01459649

so p Deutsche Bank Securities Inc 'Figure 7 1' List of DB us Equity Strategy research notes Research Tide Midway through 40 earnings season A 0% real yield world, so why should stocks get old world 6% real returns> Gotta swng it when vou see a A long year ahead for the S&P 600 2016 S&P EPS growth to surge to 5%! S&P should lash the year in black but more red ahead for Energy Amazing margins. but mind the GAAP A structural sbwing of Industrials. Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory. Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut Cut S&P 2015 end target to 2050 Debt ceiling showdowns A new twist to the election cycle> Fed delays Less S&P upside for 2015 Stocks will leave hike decision to the Fed, but doter likely gains either way First back to school assignment Stress test 2016 S&P EPS estimates Post correction: Better without the froth, but still real risks to monitor Further downside for global cychcals Stretching to hit numbers? GAAP vs non-GAAP S&P EPS spread wdens Secular growth shines as acceleration hOpee fade A chance to go away until Labor Day Another 'fish hook' earnings season The Hulk vs the Amazing Euro Hero. Has the Euro found bottom at SI 10> Got your 2H sector strategy ready? Consider Utilities over regional Banks Yellen keeps equities on bullish path Bullish if dollar and yields settle here Dear Fed, avoid 1994 by hiking in Sep 10 themes to watch this summer S&P hits record hgh on 18 trailing PE, PE will be sensitive to Treasury yields What if Fed rants 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 6, low inflation, Meer curve still ahead Mdwav 10 earnings season update Bare,/ clearing a low bar Meet & Maintain is new Beat & Raise. Results/codes support $118 S&P EPS What to expect for 10 and gudance> Burden on 211 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 fat? 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 hires?. 10 FAOs US equity strategy 2016 Outlook • char/Ivor puiecorwir — °MICA@ Bent Date 1-Feb-16 24-Jan-16 18-Jan-I6 10-Jan-16 20-Nov-I5 16-Nov-15 13-Nor-I5 1-Nov-15 23-Oct-15 16-Oct-15 12-Oct-I5 2-0C1-15 28-Sep-I 5 113-Sep-15 1 I-SeP-I5 4-Sep-15 25-Aug-IS 21-Aug-15 14-Aug-15 6-Aug-I5 19-Jul-I5 2-Jul-I5 26-Jun-15 2I-Jun-15 12-Jun-15 5-Jun-I5 29-May-15 22-May-I5 ISMay-I 10-May-I5 1-May.1 26-Apr-I5 17-Apol 5 12-Apr-I5 2-Apr-I 27-Mar-I5 22-Mar-I5 13-Mar-I5 9-Mar-IS Research Title Reaching for small caps. selectively: Prefer small Retailers vs small Banks Tech Titans can overcome the Huk Why should investors look through it? Repatriation holday: Good step to a territorial system, but not a substitute Finding Domestic 66P 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 low bond yields 2015 S&P Outlook Better time for consumers, but tougher for producers What's a profit recession? Happy Thanksgo.nng: US GDP vs S&P Macro trends favor Retailers over Industrial Capital Goods, so do we Dollar and oil snip S&P 40 EPS Slow growth, but strong payouts. Definitive dwdend 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 Catching a falling knife? PE expansion is rare as the Fed hikes S&P EPS growth after the super-cycle The Seven Signs: Interest Rates, Oil Prices & the Dollar 20 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 ask The pressure release valve gets stuck Treasury yields ckmb as stocks sell off The Seven Signs: Has the climb in yields begun? " 20 growth better, as expected, but leaves market PE drwen Toemefc sector strategy update' OW Secular Growth sectors & %emcee The hunt for sales growth He4p wanted. A participation spurt with reliable productray needed 20 EPS: A moment of truth for EPS aoceleraton The Golden Ratio: Real GDP Inflation Summer Flip-book • S&P 500 Valuabon: Sum of Sectors S&P Valuation Chartbook Snapshot at another record high • Chasing in the summer: Is it worth ft> 2016 S&P Outlook Still low yields despite Fed hikes to boost S&P PE Date 27-Feb-I5 18.Feb-15 6-Feb-I5 3-Feb-16 30-Jan-15 25-Jan-15 18-Jan-I5 73-Jan-15 11-Jan-I5 15-Dec-14 5-Dec-I4 26-Nov-14 21-Nov-I4 14-Nov-14 7-Nov-14 31-0c1.14 26,0c14 19-Oct-14 10-Oct-14 9-Oct-14 26-Sep-14 19-Sep-14 12-Sep-I-1 11-Sep-14 24-Aug-14 15-Aug-14 13-Aug-14 1-Aug-14 1-Aug•14 31-Jul-14 25-Jul-14 15-Jul-14 13-Jul-14 2-Jul-14 30-Jun-14 20-Jun-14 18-Jun-14 13-Jun-14 13-Jun-14 ON/UO-14 8-Dec-15 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0 120226 SDNY_GM_00266410 EFTA01459649