EFTA01367815

22 May 2015 US Equity Insights [Figure 47: Historical sector performance Beta > 1 I PS value Global Value Global Growth Credit Pla Commodity Plays Capex Plays Financials Energy Materials Industrials Tech Financial Energy Materials Industrials Beta x 1 Beta < 1 Consumer Growth Paw Beta Defensives Consumer Plays Growth Domestic (Bond Subst.) Con Disc Staples Healthcare Utilities Telecom Cons. Health Tech Cons. Disc. Staples Care Utilities Telecom S&P 500 10yr Tsy TR 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 20:0 2003 2004 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YID .14.4% 14.6% 2.6% -5.6% 2.0% 1.5% -7.1% 17.9% 2? .. 24.1% -10.8% 6.4% 10.1% 2.4% -4.4% -6.4% -10.2% 25.4% 18.7% -15.9% 25.6% 13.2% -10.5% 20.8% -10.1% -33.2% -7.0% -17.6% 13.6% 14.4% 12.8% 5.3% 3.2% -16.9% -20.8% -29.5% 23.6% 6.6% 5.3% .288' 4.6% 0. 22.2% 14.1% 57'. -35.1% -23.7% 19.3% 27.0% -8.9% 5.9% 18.2% 14.7% 14.8% 8.8% -1 .1 22.3% 22.3% 27.5% 15.9% 24.4% 8.2% 19.3% 12.7% -9.2% 20.2 -16.1% 7.7% 4.1% 18.0% 18.8% 19.3% 12.4% 1.7% 32.5% 22.4% 18.4% -1.3% 124 -3.4% 9.2% 19.0% 23.5% 24.1% % -21.1% 6.8% 1.9% -2.2% 19.034 -27.7% 3.8% 172% 230":. 27 8% 23 •26.9% 25.4% 24.9% -9.8% -1.5% O.1% 10.3% -36.5% 39.1% 19.3% -13.2% 11.5% -21.9% -42.3% -14.5% -9.4% 0.2% -6.7% -3.5 11.4% 4.1% 25.5% 10.3% 13.5% 29.5% 9.6% 41.5% 19.7% 11.6% -8.35. 31.0% 20.0% 39.1% % 20.3% 25.9% 15.8% 25.1% 12.4% 25.3% 8.4% 27.0%a" 34.4% 0.6% -6.2% 10.9% 18.7% 21.5% -9.0% -10.4% -40.9% -20.0% -25.9% -37.4% 31.0% 25.6% 13.2% 2.6% 13.2% 4.4% 1.0% -6.4% 18.6% 13.3% 8.4% 18.6% 18.6% 13.2`s -34.9% -45.7% -39.9% -43.1% -33'; 10.9% 6.5% 19.2% -55.3% 17.2% 12.1% -17.1% 35.6% 15.2% 1.2% 13.8% 20.9% 4.7% 4.6% 25.1% -7.8% 0.3% San. Danes Lank tin AnaSeca Tann Sows Pagu 26 -9.8% 15.0% 25.6% 6.9% 5.3% 10.2% 2.4% 14,8% 28.4% 41.3% 27.7% 6.1% 23.9% 43.1% 20.2% .17.2% -28.8% 38.2% 10.9% -5.4% 7.2% -0.3% 11.6% 26.1% •18.6% 20.9% 16.5% -4.0% -9.2% 14.7% 9.5% 19.2% 135 .14.6% 3L9% 13.8% 28.7% 49.4% 15.3% 41.7% 15.31„ 43.5% 38.1% 11.0% 449% 17.3% 53.7% 9 8' 13.7% 39.64. 25.9% 32.9% 15.8% •15.1% 11.6% 82% 3.6% 144", 14.2% 10.8% 26.1% 9.8% 9.776 16.0% 13% 5.4% 6.8% 2.3% 58.0% 21 0? 43 7% 4391' - 10 7% -11.9% -18.8% 15.1% 1.7% 6.5% 7.5% 7 2° 2.5% 17.8% 23.9% 6.6% 13.7% 11.8% 32.7% 5.7% 14.7% 14.8% -9.2% -30.4% -30.0% 26.316 24.3% 19 16.8% 5. - 21.0% 36.88. 19.4% 11.9% -29.0% -30.5% 29.0% 12.2% 15.6% 4.7% -0.6% 5.5% 11.3% 3.7% 13.0% 14.0% I I 0, 41 (7 I 0 10.3% 13.4% -66.3% 35.7% 16.4% 7.8% 0.0% 0.0% 22.4% 0.9% -8.0% -4.3 10.0% 7.6% .5.6% 1.4% 13.2% .4.8% 1.1% 19.1% -38.8% -12.2% -34.1% 7.1% 179% 1.3% 41.S? 25 3% 10 1% '4.6% 19.0( 18.3% 11.5% 3.0% 6.1% 0.3% 26.6% 8.8% 22.5% 16.3% 12.3% -10.0% 23.7% 10.8% .8.3% 3.5% 14.3% 19.0% -14.7% -26.5% 37.2% 23.9% -7.2% 6.6% 18.6% 32.5% .4.9% 21.5% 22.6% 6.3% 31.7% 18.7% 5.3% 16.6% 31.7% 30.5% 7.6% 10.1% 1.3% 37.6% 23.0% 33.4% 28.6% 21.0% -9.1% -11.9% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0% 32.4% 13.7% 4.1% 3.9% 4.1% 3.9% 1.6% 3.7% 0.7% 5.0% -3.2% 2.2% .5.5% 18.4% 11.1% 2.3% 3.3% 3.9% 5.4% 15.2% 0.4% -0.9% 1.8% •1.6% 4.8% 39.1% 2.0% 14.6% 29.6% 21.3% -2.8% 6.8% 17.7% 18.8% 7.1% 12.9% .7.3% 25.4% 0.0% 11.9% 14.6% .7.9% 17.2% 5.4% 15.4% 0.2% 4.5% 3.0% 2.2% 10.4% 20.5% -10.2% 7.9% 16.1% 2.7% -8.5% 10.6% -0.1% Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059429 CONFIDENTIAL SDNY_GM_00205613 EFTA01367815