EFTA01459571

7 Global Equities All Eyes on Earnings Rolling Return: EAFE vs. U.S. 50.0% 30.0% 10.0% 149 IAEA • 11 -10.0% 1. -30.0% -50.0% 4---------- U.S. outperforming Intematbnat -70.0% Dec-72 Jan-80 Feb-87 Mar-94 Apr-01 May-06 Jun-15 4- International outperforming U.S. -----------------> MSCI EAFE (USD) vs SSP 500 (Rolling 3 YR Return Annualized) Historically, the performance of international equities relative to the U.S. has shifted in cycles. In fact, the past five cycles that international equities outperformed U.S. equities lasted, on average, 3.4 years. On a rolling three year basis, the U.S. has been outperforming international equities for -6 years. Historically, the U.S. has outperformed for, on average, four years. Footnotes: Data is monthly and as of December 2015. Price return only in USD. Source: FactSet, Deutsche Bank Wealth Management Deutsche Bank Wealth Mormgerneht International Post Fed Hike 2% 0% -2% -4% -6% -8% -10% -12% -14% -16% First rate hike c'atsteAPIQVS3P22SZVRAR&M8g-'38?§Arirn,,,, 500 Performance vs MSCI EAFE (USD) Following the onset of a Fed tightening cycle, the S&P 500 has historically underperformed the MSCI EAFE Index. Footnotes: Time period is considered a tightening cycle when the Fed raises rates three or more consecutive times. The tightening cycle is considered over at the last rate hike. # of clays is calendar days. Tightening cycles date back to 1970. Source PactSO, Detn,;:he Bank 9.1e'h Mana'aenient 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266253 DB-SDNY-0 120069 EFTA01459571