EFTA01459089.pdf

20 November 2015 US Equity Insights [Figure n: Thematic plays - YTD total returns 12% 8% 4% i 11111 tam 0% -4% -8% -12% -16% • dr °frit te by (fiv t ociPbe 41/ 1 I l4'i ercest0#7, ee," 01 <fr` fr et/ `)/ Ss* SJefO, ant.** Irk Toss Sas Ilarentrety fononce IP [Figure 78. Thematic plays, underlying sectors and baskets - YTD total returns 'TD Total Returns Cyclicals OS% Credit vs. Commodity Play Consumer Discretionary 12.5% Financials 1.1% Energy -13.1% Energy -13.1% Financials 1.1% Capex 4.7% Industrials 0.2% Industrials 0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary 12.5% Health Care 4.8% Consumer Staples 3.7% Information Technology 8.2% Dividend Growth 4.9% Domestic tyclicals 5.9% Financials 1.1% Consumer Discretionary 12.5% Information Technology 8.2% Financials 1.1% Dividend yield (Bond Substitutes) 3.4% DBUSDMST (US Domestic Strength) • -3.2% Utilities -6.1% Global Cyclicals 0.9% Telecommunication Services 2.0% Energy -13.1% REITs 1.5% Industrials 0.2% Consumer Staples 3.7% DBUSCICG (Challenged Cap Goods) • -9.9% Share Buybacks 6.8% Materials -4.5% Consumer Discretionary 12.5% information Technology 8.2% Information Technology 8.2% Value -3.6% Industrials 0.2% Energy -13.1% Health Care 4.8% Financials 1.1% Repatriation Holiday Beneficiaries Cyclical Growth 6.8% DBUSHIFC (High Foreign Cash) • 3.7% Consumer Discretionary 12.5% Strong Dollar Industrials 0.2% High foreign sales (139 Cos) -0.8% Secular Growth 6.8% No foreign sales (139 Cos) •• 0.2% Health Care 4.8% Small Cap vs. Large Cap Information Technology 8.2% Russell 2000 -2.0% S&P 500 ex. Secular Growth 1.0% S&P 500 3.0% Returns of stock baskets ore price returns * • Equal-weighted total return Sews Slit bunts 3.* ?TanenMann SetttwgMona tP Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119313 CONFIDENTIAL SDNY_GM_00265497 EFTA01459089