EFTA01459028.pdf

Nino poktoos Fa kr) lout oia pout° initattinoit knisi-d paspxviias Ponta, High-conviction ideas key ()indicates gain indicates loss German housing U.S. leisure and High-yield debt ' Relative-return idea, based entertainment on the relative performance of the two measures in U.S. dollars. Stated performance is from given entry thlte to 11/12/2015. klea initiated Idea m isted idea initiated April 1, 2015 April 1, 2015 February 24, 2015 Total-return idea where performance is measured by the gain/loss in the performance measure in U.S. Reference measure Refere nee II:ea:sure Reference measure dollars. Stated performance is from given entry chits to Average of Barclays U S MSCI 'PO OFIX Germany PowerShares Dynamic 11/12/2015. High 'trek) ern Barclays Euro index vs. cash' Leisure and Entertainment High Vick! indices, weighted Portfolio vs. S&P 5:09 High-conviction ideas may not accenting to innikot size. in Indort• be suitable for all investors. U.S dollars vs. cash' Investments coma with risk. The value of an investment Investment horizon Investment horizon Investment horizon can fall as wallas rise and your 24 months 3 - 12+ months 3 12 months capital may be at risk. You might not get back the amount Perfaarnance since iratiation Perfonnanc- since initiation Performance sin,? initiation originally invested at any point in time. Some investments 0 O O may not be suitable for all investors and investors should seek professional The MSCI IPD OFIX Germany Rising U.S. consumer We remain generally positive advice before investing. The Index rose again in October confidence has yet to translate on the U.S. high-yield market. examples above are shown for and the upwards trend in into strong gains in overall although aware of the illustrative purposes only and German home prices - now retail sales - according to potential impact volatility in should not be considered to be evident for several years - advance estimates from the the energy and metals-and- an offer or solicitation, advice looks likely to continue. We U.S. Commerce Department. mining sectors could have:on or recommendation. It is not believe that interest rates sales rose only 0.1% between the overall market. We believe possible to invest directly in an should remain very low September and October to a that euro high-yield offers a index. and wage growth, adjusted level just 1.2% higher than a good risk/return combination for inflation, has reached year previously But leisure- and is likely to benefit from Sources: Deutsche Asset the highest level since related spending may be further QE in Europe, as well & Wealth Management this quarterly series was rising faster: sales at food as from not having much Investment GmbH. Deutsche introduced in 2008. Fiscal services and drinking places exposure to oil and gas. Bank Trust Company policy is not restrictive, either. were up 5.5% in October on Overall, while U.S. high-yield Americas; as of 11/12/2015 At present, the housing market a year earlier. Airline stocks, has the higher upside potential does not show the typical an important part of the due to higher spreads, euro Past performance is not characteristics of a "bubble", PowerShares Dynamic Leisure high-yield should have less indicative of future returns. with mortgage-financing and Entertainment Portfolio, fundamental risk. No assurance can be given growth remaining moderate. have also risen recently that any forecast, Investment although this rise could be objectives and/or expected reversed by recent terrorist returns will be achieved incidents. CC''owItia4aCasEcfrvonI00Witor 2015 21=41‘.... 19 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0119228 CONFIDENTIAL SDNY_GM_00265412 EFTA01459028