EFTA01367798

22 May 2015 US Equity Insights Figure 17: Statistics on historic S&P 500 clips & corrections Count Avg Sell-off Avg 3m Return Avg 6m Return Avg 12m Return 5%. Sell4ifs 78 -12.1% 11.1% 14.3% 19.8% 5%. Sell-offs Leading to a 10%. Correction 28 -21.1% 160% 20.4% 269% 5%4 Sell-offs not leading to a 10%. Correction SO .7.1% 69% 10.8% 166% 5% sell-offs without recession in 12m 58 -10.0% 10.6% 13.6% 20.6% 5% sell-offs leading to 10%e & no recession in 12m 17 .17.6% 14.0% 18.9% 24.3% 5% sell-offs not leading to 10%4 & no recession in 12m 41 4.9% 9.1% 11.4% 18.9% 10%. Corrections with a Recession within 12m 11 -26.4% 166% 22.9% 31.0% 10%+ Corrections out of Recession 17 -17.6% 14.0% 18.9% 24.3% 10%* Corrections out of Recession (ex 1987 Crash) 16 -16.6% 13.6% 18.8% 24.5% Sara SDP. Onsche iFigure 18: Historic 10% corrections of S&P 500 .since 1957 7.5 - 7.0 - 6.5 - 6.0 5.5 5.0 - 4.5 - 4.0 a 3.5 • DI WI O) CO R R to DO 01 01 N IN N. N. LI) N. O1 CO O) CO rn O1 rn co CD a CD a 10%+ Corrections Out of Recession —Log of S&P 500 San. SaP, KM, Datitheilar* Page S 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 - 3.5 8 a a 8 - in 10%* Corrections with a Recession within 12m • ISM First Drop Below 50 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059411 CONFIDENTIAL SDNY_GM_00205595 EFTA01367798