EFTA01459677

Equity Sectors An "Appreciation" for Innovation and Demographics Record Orphan Drug Approvals Genome Costs Decreasing 6. 50. 40 30 10 a_..i g §§ §E §§§ili R RRR RRRRRR eFDA Orphan Drug Approvals by Year Footnotes Data as of Dirember 31. 2014. Source: FDASlog, Deutsche Bank Wealth Management Six Year Challenge?* 45 40 35 30 25 20 15 10 5 s- o 41 - T 1 2011 2012 2013 • Heaftncare • S&P 500 2014 2015 Footnotes: Data as of December 31. 2015. 'Annual total return, Healthcare is S&P 500 healthcare. Source: FactSet. Deutsche Bank Wealth Manngelywnt Deutsche Bank Wealth Management -395;S:ion $100,000,000 $10,000,003 $1,000,003 $100,000 $10,000 $1,000 41 Thousand 2001 2003 2004 2005 2007 2008 2009 2011 2012 2013 2015 Cost per Genome Despite positive fundamentals, because of the uncertainty surrounding the political landscape and the volatility that may arise in many healthcare names, we would favor tech, financials and consumer discretionary over healthcare. If political rhetoric intensifies, so could volatility. This may result in attractive buying opportunities as we remain constructive long term on healthcare due to visible earnings growth, continued innovation and favorable demographics. Footnoies. Data is as i)f November 2U 15. Source. Deutsche Bank Wealth Management 27 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266472 DB-SDNY-0 120288 EFTA01459677