EFTA Document EFTA01458551

2 October 2015 US Equity Insights Figure 39: VTD total returns of thematic plays 3% 0% -3% -6% -8% -12% -15% -18% -21% -24% newiniminniq ew er kiccfP,P4se ot cy j etl ec, 44, 451 t ie / Ar t 4 411 Sans S&P. Daesete St Mann! Roan Plintberg Anne LP Man nivanon Figure 40: YTD total returns of thematic plays and underlying sectors and baskets VW Total Returns Cyclicals -7.9% Credit vs. Commodity Play Consumer Discretionary 4.1% Financials -7.1% Energy -21.3% Energy -21.3% Financials -7.1% Capex -5.9% Industrials -9.8% Industrials -9.8% Materials -16.5% Energy Equipment & Services -19.1% Defensives -2.3% Information Technology -3.0% Utilities -5.9% DBUSBRTE (Reasonable PE Tech) • -17.1% Telecommunication Services -3.9% Consumer 1.8% Consumer Staples -1.0% Consumer Discretionary 4.1% Health Care -2.1% Consumer Staples -1.0% Information Technology -3.0% Dividend Growth -4.8% Domestic Cyclicals -2.4% Financials -7.1% Consumer Discretionary 4.1% Information Technology -3.0% Financials -7.1% Dividend Yield (Bond Substitutes) -2.7% DBUSDMST (US Domestic Strength) • -2.8% Utilities -5.9% Global Cyclicals -9.4% Telecommunication Services -3.9% Energy -21.3% REITs -3.6% Industrials -9.8% Consumer Staples -1.0% DBUSCICG (Challenged Cap Goods) • -17.3% Share Buybacks -2.5% Materials -16.5% Consumer Discretionary 4.1% FFFithion Technology -3.0% Information Technology -3.0% Value -11.8% Industrials -9.8% Energy -21.3% Health Care -2.1% Financials -7.1% Repatriation Holiday Beneficiaries Cyclical Growth -2.3% DBUSHIFC (High Foreign Cash) * -6.2% Consumer Discretionary 4.1% Strong Dollar Industrials -9.8% High foreign sales (139 Cos) I" -9.9% Secular Growth -2.6% No foreign sales (139 Cos) " -4.0% Health Care -2.1% Small Cap vs. Large Cap Information Technology -3.0% Russell 2000 -7.7% S&P 500 ex. Secular Growth -6.7% S&P 500 -5.3% Returns of stock baskets ore price returns " Equal-weighted total return San* S&P, Dein:ft Snk Thamsan Roan Skeentrep femme* LP Moe as a' 9,3nots Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118516 SDNY_GM_00264700 EFTA01458551