EFTA01459641

CO CO Deutsche Bank Securities Inc. Figure 49: S&P 500 Advised Sector and Industry Allocation (201546 PE be sod on OS US Equity Strategy top down sector and industry EPS estimates) Market Weight1%1 Advised Weight1%1 Sector 2016 PE 2016 PE Creenveight 1016 PE 2016 PE Equals%Ight 2016 PE 7016 PE U-deraecht aces 1. 140 octet. I I II. Heats Can Equcment & SuP1160, 19 I IS 0 147% 200% Health Cans I5.7 14.7 Heath Can Technology 273 254 Life Stoves Toot & Serrces 208 199 Pharmaceuticals 16.1 15.3 Technology Hardware. Stone & Pent:herds 101 9 8 Intemet Software & Semites 292 25 1 20 , a 2 - 0 . Inaormo ben 16 0 15 I IT Services Semconductors 176 146 16 7 M4 hnol Tec ogy Seinen 20 I 189 Corrnwnceoan Ecnormant 108 106 Seetrono Eilularent 158 151 - nc Utiles 166 161 Over- 38% that*. 170 16 5 Gas Utiles 22.1 206 weight Independent Poona Produces* 107 98 Mulolltiftel 180 174 119k> 102 107 DrvervIesd PnencolSenates 194 175 Caput' Markets 123 12.7 Insurance II I 101 166% 180% Fevered, 12 2 12 2 Consumer Fmance 9.3 9A Reel Esuce Mgmt St Development 127 I17 RE1Ts 183 176 Thrfts & Mortgage France 147 107 Ate* Components 106 97 Dostntutors 188 17.5 Aseanobole a 61 6.0 Myer'died Consumer Servs:es 187 Kt 8 AWRIIII• PAS 150 140 Household theatres 140 125 t77% 140% Consumer 190 17.5 Specialty Read 200 184 Hotels Restaurants & Lersure 240 220 Oneraonay totem el& Catalog Reuel 6115 621 leisure Products 24 6 23 I Mode 172 162 'rental's Apparel & Loamy Goods 225 208 Equal t wech 2 8% 2.7% Telecom 132 132 Mon kon% IDEW Telectiovnasemron SleVaG 132 132 Food & Staples Retereng 18.1 17.3 Beverages 213 116 Food Products 212 192 105x, 208 197 Household Products 223 113 Personal Products 284 249 Tobacco 205 199 *taws 63 53 Fluniong Polito 210 196 IndosualConglomemeos 216 201 Arr Freight 8. Legates 166 166 Artiosgeot & Defense 166 160 Coarneecoal Saucers & Supple; 18 7 179 Construcoon & Engnearing 118 118 - 114 148 Under- Prohnstonel Seances 19 1 178 ENetreal Ereapment 146 15 1 wetg t 1 Road & Rad 134 132 Mechnent 146 159 Dodo% Compare's & Dstrototors 163 170 Chancels 152 15.3 Constructon Mach* 386 32.1 C.51110a411 & Rotkigng 140 134 2 8% 168 16 8 Metals& Mang 273 273 Paper & Font Products 94 94 Energy Equprnent &Sentszes 182 NM 6 6% 3 0% Et'egSlr 7t Gas & Consumable Fees 26 7 NM Aggregate PE of 08 Industry agocaeont Ownntieht 13.6 132 Ectualoyeght 16.7 16.8 Uncle rwenr t 199 24.2 2016 & 2018 DB Strategy EPS 11130 119.0 2016 & 2016 DB Strategy PE 16.2 16.2 S&P 600 Index 111146 Bottoms* COWL EPS 117.7 123.3 Bottom.* Cons. PE 18.3 11.1 Salle. Dahl* Qua MelPoil &wen, C CO Cr/ -n de C c co '0 ha ot... O r 9, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120210 SDNY_GM_00266394 EFTA01459641