EFTA01458006.pdf

tbre: pc"ktoos raw Inv ag pciuto invattincnt Assaf-d prcpx.Nas Pont*, High-conviction ideas key High-yield debt U.S. consumer Opportunities in indicates gain discretionary cloud computing *indicates loss Relative-return idea, based on the relative performance of the two measures In U.S. rasa inaratea Idea dollars. Stated performance February 24, 2015 September 19, 2014 November 26, 2013 is from given entry date to 7/9/15. • Total-return idea where performance is measured Reference measure Reference measure Reference measure by the gain/loss in the performance measure in U.S. Average of Barclays U S S&I' 500 Consumer ilia dollars. Stated performance € ugh a ad Barclays Curti Discretionary Index vs. is trom given entry date to Yiuld indices, weighted cash" 7/9/15. erxxoding to market on::, U.S. dollars vs casit•• High-conviction ideas may not be suitable for all investors. Investment horizon Investment horizon Investment horizon Investments come with risk. 3 -12 months 3 - 12+ rimthe 3 - 12. months The value of an investment can tall as well as rise and your Performance since initiation Pertonnancx since initiation Performance sinim initiation eapitai may be at risk. You might Midget back the amount O 0 rva originally invested at any point in time. Some investments may not be suitable for all investors and investors Both U.S. and euro high- Overall U.S. retail-sales growth Recent news has focused should seek professional yield markets suffered in has been relative€y modest on cloud-based consumer- advice before investing. The early July from increasing in recent months with, for oriented music storage examples above are shown for concerns around Greece and example, 1.0% year-on-year systems, but there is also illustrative purposes only and the Chinese equities market. growth in May followed by considerable activity related should not be considered to be There were outflows from a 1.4% gain in June. Part of to business applications, an offer or solicitation, advice U.S. high-yield bonds and this has been due to a tall in for example on order or recommendation. it is not low liquidity in the European gasoline-station sales due management and fulfillment possible to invest directly in an market led to sharp daily to lower gasoline prices, processes The further index. price and sentiment swings. year-on-year. But some areas evolution of cloud-computing But these high-yield sectors of consumer-discretionary software technologies will Sources: Deutsche Asset strengthened after signs of (as distinct from consumer- continue to offer opportunities, & Wealth Management progress on Greece and we staples) spending have in both analytical software Investment GmbH, Deutsche remain positive here on a 3- continued to perform strongly, Ito allow firms to make better Bank Trust Company to 12-month horizon. In the including auto sales. This has data-driven decisions) and Americas, as of 7/9/15 United States default rates been reflected in resilient also security applications. are expected to remain low as performance by the S&P Cloud computing may boost Past performance is not issuers have largely refinanced 500 Consumer Discretionary software spending at the indicative of future returns. maturities into 2017 and Index, which reached a year- expense of services spending. No assurance can be given beyond. to-date high in mid-July. We that any forecast, investment expect a continued pickup objectives and/or expected in consumer-discretionary returns will be achieved. spending as 2015 progresses, encouraged by further labor- market improvement, wage growth and higher household net worth. CerviivilAreenciriEnuunlAueustons 01e CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117756 CONFIDENTIAL SDNY_GM_00263940 EFTA01458006