EFTA01459764.pdf

8 February 2016 US Equity Insights [Figure 68: Thematic plays - YTD total returns 2% 0% -4% etc -8% -10% -12% Wern ce/ 1//04"/M// issi /de 4, " Oar tcl iP ee" Sane sea. Onion likrat Manson Act's Weenstrep nen Figure a91 Thematic plays. undorlyin0 sectors and baskets - YTD total returns* YTD Total Returns Cyclicals -7.5% Credit vs. Commodity Play Consumer Discretionary -7.3% Financials -10.9% Energy -4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -7.3% Health Care -8.8% Consumer Staples -1.5% Information Technology -6.7% Dividend Growth -8.6% Domestic Cyclicals -9.3% Financials -10.9% Consumer Discretionary -7.3% Information Technology -6.7% Financials -10.9% Dividend Yield (Bond Substitutes) 0.8% DBUSDMST (US Domestic Strength) • -6.0% Utilities 7.3% Global Cyclicals -5.8% Telecommunication Services 8.1% Energy -4.3% REITs -4.6% Industrials -4.9% Consumer Staples -1.5% DBUSCICG (Challenged Cap Goods) -15.0% Share Buybacks -7.1% Materials -5.3% Consumer Discretionary -7.3% Information Technology ------------ --- -6.7% Information Technology -6.7% Value -9.0% Industrials -4.9% Energy -4.3% Health Care -8,8% Financials -10.9% Repatriation Holiday Beneficiaries Cyclical Growth -6.3% D8USHIFC (High Foreign Cash) -2.1% Consumer Discretionary -7.3% Strong Dollar Industrials -4.9% High foreign sales (139 Cos) -8.1% Secular Growth -7.6% No foreign sales (139 Cos) •' -4.5% Health Care -8.8% Small Cap vs. Large Cap Information Technology -6.7% Russell 2000 -10.6% S&P 500 ex. Secular Growth -5.3% S&P 500 -6.1% " Returns of stock baskets are price returns " Equal-weighted total return Sans SM Deane gat Moessees Man Elesennep Anne LP Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0 120436 CONFIDENTIAL SDNY_GM_00266620 EFTA01459764