EFTA01367807.pdf

O Figure 33: Advised S&P 500 Sector and Industry Allocation (2014115 PE based on DB US Equity Strategy top do. Market Advised 2011 2016 2016 2016 2014 2 2016 2016 Sector PE PE Orem.VA PE PE Equ.kwfight PE r.r Underweight PE Weight MI Weight 1%1 PE Technology Hatolo.re Stooge & Pencherels 156 15.0 Internet Software 5 SC.:Of 23.6 204 IT Sonia 181 16 4 ormation 200% 11.0% Infc 17.6 18.3 Senecoodoctors 161 151 Te hnology Software 198 18 1 Convoursabons Eguirment 14 2 129 . Electronc Ewe:sent BiosecMology Health Cs Eguezneent 8 50P041 176 188 199 18.1 162 184 Hearth Cora Provders & Sanest - e. 3 I 160% 160% Health Cate 191 176 Health Care Technology 319 296 Geale• life Sciences Tods & Senses 196 183 wick Phermiceuticels 192 179 Banks 127 122 Onersied FnenctalSosces 215 203 Caput Markets 152 140 Insteance 11 6 11 3 163% 172% Comma 142 13.6 Consumer Fines, 121 II 7 REIN 193 185 Roal Estate Mom & Diselopmee4 IS 0 I80 Thrifts & Mortgage Finance 23.6 11.3 Beane Utast 156 151 Gas Utilises 150 150 30% 3 5% Nate 16 4 15.9 Independent Power Prod.., 14 7 14 7 Mut-Udine/ 178 174 Auto Components 147 133 Diversified COMIUTOr SOW.> 199 146 Automobiles 104 9.3 Hotels. 'tonsures; & Leisure 238 218 Distrtaton 191 179 Intemet &Catalog Retail 620 507 Consumer Household Durables 186 14.5 Textiles. Apparel & Luwry Goods 226 209 125% 11 7% 19.7 18.2 Decretoriary LCISVO Products 170 162 Muitine Real 18 8 15 9 Equal. i74 Specialty Petal 18 8 Pmfghf Media .Er 18 1 1) —..---. Beverages 21 6 208 Food & Staples Betels 194 183 Consumer Household Products 19.9 18.8 Tobacco 19.1 191 95% 90% 20 1 19 2 StWes Personal Prod.,' 251 223 ----...._ Food Products 204 194 23% 2.3% Telecom 143 14.1 -.."-- -STelecomrrancaoon Seevces 14.3 14I Athos 78 82 Boding Products 226 210 AVOSP&C• & Defense 172 161 As Freight & Logistics 19.2 17 B Construction & Engineer:1g 14.4 140 Ccennstui Sontal. Supplies 193 180 Elticincal Equerries 177 166 1r3 3% 167 139 industnel Coslomeretes 182 171 MeofeWne 177 170 Profess/awl Sense 198 189 Tracing Companies & Petal:aeon 186 169 Road & Rol ISO 15 1 use weight Chassis 17 8 171 Constructs Mortena 401 401 Contests & Pink.. 197 18 7 31'1. 181 173 Metals& Mins 200 167 Paper & Fast Products 1.4 2 134 Energy Equpment & S4INICOS 254 169 90% 303 202 04 Gas 8 Canso-stet Fuels 31 5 210 Awns% PE of DB Industry Sanders Oveweight 16.6 15.5 Eque/weight 17.2 103 Usk,n ht 226 194 2015 & 2016 DB Strategy EPS 1113 0 128.0 2016 & 2016 DB Bumpy PE 18.0 111.6 S&P SOO Index 2125.65 Bottom-. Cone. EPS 120.1 134.6 Bonosup Coat PE 17.7 15.8 Scow Cesscs8ant Sworn svairen co CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059420 CONFIDENTIAL SDNY_GM_00205604 EFTA01367807