EFTA Document EFTA01459028

Nino poktoos Fa kr) lout oia pout° initattinoit knisi-d paspxviias Ponta, High-conviction ideas key ()indicates gain indicates loss German housing klea initiated April 1, 2015 Reference measure MSCI 'PO OFIX Germany index vs. cash' Investment horizon 24 months Perfaarnance since iratiation 0 The MSCI IPD OFIX Germany Index rose again in October and the upwards trend in German home prices - now evident for several years - looks likely to continue. We believe that interest rates should remain very low and wage growth, adjusted for inflation, has reached the highest level since this quarterly series was introduced in 2008. Fiscal policy is not restrictive, either. At present, the housing market does not show the typical characteristics of a "bubble", with mortgage-financing growth remaining moderate. U.S. leisure and entertainment Idea m isted April 1, 2015 Refere nee II:ea:sure PowerShares Dynamic Leisure and Entertainment Portfolio vs. S&P 5:09 Indort• Investment horizon 3 - 12+ months Perfonnanc- since initiation O Rising U.S. consumer confidence has yet to translate into strong gains in overall retail sales - according to advance estimates from the U.S. Commerce Department. sales rose only 0.1% between September and October to a level just 1.2% higher than a year previously But leisure- related spending may be rising faster: sales at food services and drinking places were up 5.5% in October on a year earlier. Airline stocks, an important part of the PowerShares Dynamic Leisure and Entertainment Portfolio, have also risen recently although this rise could be reversed by recent terrorist incidents. High-yield debt idea initiated February 24, 2015 Reference measure Average of Barclays U S High 'trek) ern Barclays Euro High Vick! indices, weighted accenting to innikot size. in U.S dollars vs. cash' Investment horizon 3 12 months Performance sin,? initiation O We remain generally positive on the U.S. high-yield market. although aware of the potential impact volatility in the energy and metals-and- mining sectors could have:on the overall market. We believe that euro high-yield offers a good risk/return combination and is likely to benefit from further QE in Europe, as well as from not having much exposure to oil and gas. Overall, while U.S. high-yield has the higher upside potential due to higher spreads, euro high-yield should have less fundamental risk. ' Relative-return idea, based on the relative performance of the two measures in U.S. dollars. Stated performance is from given entry thlte to 11/12/2015. Total-return idea where performance is measured by the gain/loss in the performance measure in U.S. dollars. Stated performance is from given entry chits to 11/12/2015. High-conviction ideas may not be suitable for all investors. Investments coma with risk. The value of an investment can fall as wallas rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. Some investments may not be suitable for all investors and investors should seek professional advice before investing. The examples above are shown for illustrative purposes only and should not be considered to be an offer or solicitation, advice or recommendation. It is not possible to invest directly in an index. Sources: Deutsche Asset & Wealth Management Investment GmbH. Deutsche Bank Trust Company Americas; as of 11/12/2015 Past performance is not indicative of future returns. No assurance can be given that any forecast, Investment objectives and/or expected returns will be achieved CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL CC''ow I tia4aCasEcfrvon I 00Witor 2015 21=41‘.... 19 DB-SDNY-0119228 SDNY_GM_00265412 EFTA01459028