EFTA01367807

O I . co Figure 33: Advised S&P 500 Sector and Industry Allocation (2014115 PE based on DB US Equity Strategy top do. Market Weight MI Advised Weight 1%1 Sector 2011 PE 2016 PE Orem.VA 2016 PE 2016 PE Equ.kwfight 2014 PE 2 r.r 2016 2016 Underweight PE PE Technology Hatolo.re Stooge & Pencherels 156 15.0 Internet Software 5 SC.:Of 23.6 204 200% 11.0% Infchnol ormation 17.6 18.3 IT Sonia Senecoodoctors 181 161 16 4 151 Te ogy Software 198 18 1 Convoursabons Eguirment 14 2 129 Electronc Ewe:sent 176 18.1 BiosecMology 188 162 Hearth Cora Provders & Sanest - e. 3 Health Cs Eguezneent 8 50P041 199 184 160% 160% Health Cate 191 176 Health Care Technology 319 296 Geale• wick life Sciences Tods & Senses Phermiceuticels 196 192 183 179 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 Intemet &Catalog Retail Distrtaton 191 179 620 507 Consumer Household Durables 186 14.5 Textiles. Apparel & Luwry Goods 226 209 125% 11 7% Decretoriary 19.7 18.2 LCISVO Products 170 162 Equal. Muitine Real Specialty Petal 18 8 18 8 15 9 i74 Pmfghf 1 18 —..---. 1) Media .Er 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 1r3 3% 167 139 Ccennstui Sontal. Supplies 193 180 Elticincal Equerries 177 166 industnel Coslomeretes 182 171 MeofeWne 177 170 Profess/awl Sense 198 189 Tracing Companies & Petal:aeon 186 169 use Road & Rol ISO 15 1 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 90% 303 202 Energy Equpment & S4INICOS 254 169 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 S&P SOO Index 2125.65 2015 & 2016 DB Strategy EPS 1113 0 128.0 2016 & 2016 DB Bumpy PE 18.0 111.6 Bottom-. Cone. EPS 120.1 134.6 Bonosup Coat PE 17.7 15.8 Scow Cesscs8ant Sworn svairen CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0059420 SDNY_GM_00205604 EFTA01367807