EFTA Document EFTA01377499

tbre: pc"ktoos raw Inv ors pciuto invattincnt Assaf-d prcpx.Nas Pont*, High-yield debt February 24, 2015 Reference measure Average of Barclays U S € ugh a ad Barclays Curti Yiuld indices, weighted erxxoding to market on::, U.S. dollars vs casit•• Investment horizon 3 -12 months Performance since initiation O Both U.S. and euro high- yield markets suffered in early July from increasing concerns around Greece and the Chinese equities market. There were outflows from U.S. high-yield bonds and low liquidity in the European market led to sharp daily price and sentiment swings. But these high-yield sectors strengthened after signs of progress on Greece and we remain positive here on a 3- to 12-month horizon. In the United States default rates are expected to remain low as issuers have largely refinanced maturities into 2017 and beyond. U.S. consumer discretionary rasa inaratea September 19, 2014 Reference measure S&I' 500 Consumer Discretionary Index vs. cash" Investment horizon 3 - 12+ rimthe Pertonnancx since initiation 0 Overall U.S. retail-sales growth has been relative€y modest in recent months with, for example, 1.0% year-on-year growth in May followed by a 1.4% gain in June. Part of this has been due to a tall in gasoline-station sales due to lower gasoline prices, year-on-year. But some areas of consumer-discretionary (as distinct from consumer- staples) spending have continued to perform strongly, including auto sales. This has been reflected in resilient performance by the S&P 500 Consumer Discretionary Index, which reached a year- to-date high in mid-July. We expect a continued pickup in consumer-discretionary spending as 2015 progresses, encouraged by further labor- market improvement, wage growth and higher household net worth. Opportunities in cloud computing Idea November 26, 2013 Reference measure ilia Investment horizon 3 - 12. months Performance sinim initiation rva Recent news has focused on cloud-based consumer- oriented music storage systems, but there is also considerable activity related to business applications, for example on order management and fulfillment processes The further evolution of cloud-computing software technologies will continue to offer opportunities, in both analytical software Ito allow firms to make better data-driven decisions) and also security applications. Cloud computing may boost software spending at the expense of services spending. High-conviction ideas key indicates gain *indicates loss Relative-return idea, based on the relative performance of the two measures In U.S. dollars. Stated performance is from given entry date to 7/9/15. • Total-return idea where performance is measured by the gain/loss in the performance measure in U.S. dollars. Stated performance is trom given entry date to 7/9/15. High-conviction ideas may not be suitable for all investors. Investments come with risk. The value of an investment can tall as well as rise and your eapitai may be at risk. You might Midget 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 7/9/15 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. CerviivilAreenciriEnuunlAueustons 01e CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0074388 CONFIDENTIAL SDNY_GM_00220572 EFTA01377499