EFTA01459677.pdf

Equity Sectors An "Appreciation" for Innovation and Demographics 6.50. Record Orphan Drug Approvals Genome Costs Decreasing -395;S:ion $100,000,000 40 $10,000,003 30 $1,000,003 a_..i 10 g §§ §E §§§ili R RRR RRRRRR $100,000 $10,000 41 Thousand eFDA Orphan Drug Approvals by Year $1,000 2001 2003 2004 2005 2007 2008 2009 2011 2012 2013 2015 Footnotes Data as of Dirember 31. 2014. Source: FDASlog, Deutsche Bank Wealth Management Cost per Genome Six Year Challenge?* Despite positive fundamentals, because of the 45 • Heaftncare • S&P 500 uncertainty surrounding the political landscape and 40 the volatility that may arise in many healthcare 35 30 names, we would favor tech, financials and 25 consumer discretionary over healthcare. 20 15 If political rhetoric intensifies, so could volatility. 10 5 41 s- This may result in attractive buying opportunities as o - T 1 we remain constructive long term on healthcare 2011 2012 2013 2014 2015 due to visible earnings growth, continued Footnotes: Data as of December 31. 2015. 'Annual total return, Healthcare is innovation and favorable demographics. S&P 500 healthcare. Footnoies. Data is as i)f November 2U 15. Source: FactSet. Deutsche Bank Wealth Manngelywnt Source. Deutsche Bank Wealth Management Deutsche Bank Wealth Management 27 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120288 CONFIDENTIAL SDNY_GM_00266472 EFTA01459677