EFTA Document EFTA01459648

8 February 2016 US Equity Insights [Figure 68: Thematic plays - YTD total returns 2% 0% -4% etc -8% -10% -12% 4yetet eis, 447 ked e ci a tie de Ger e. "0",<1' 6 Sane seA Onion likrat Manson Often Weenstrep nen Figure a91 Thematic plays. underlyin0 sectors and baskets - YTD total returns* YTD Total Returns Cyclicals -7.5% Credit vs. Commodity Play Consumer Discretionary -7.3% Financials -10.9% Energy -4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% -7.3% Health Care -8.8% Consumer Staples -1.5% -6.7% Dividend Growth -8.6% Domestic Cyclicals -OA% Financials -10.9% -7.3% -6.7% Financials -10.9% Dividend Yield (Bond Substitutes) 0.8% DBUSDMST (US Domestic Strength) • -6.0% Utilities 7.3% Global Cyclicals -5.8% Telecommunication Services 8.1% Energy -4.3% REITs -4.6% Industrials -4.9% Consumer Staples -1.5% DBUSCICG (Challenged Cap Goods) -15.0% Share Buybacks -7.1% Materials -5.3% --- -6.7% -7.3% -6.7% Value -9.0% Industrials -4.9% Energy -4.3% Health Care -8,8% Financials -10.9% Repatriation Holiday Beneficiaries Cyclical Growth -6.3% DBUSHIFC (High Foreign Cash) -2.1% -7.3% Strong Dollar Industrials -4.9% High foreign sales (139 Cos) -8.1% Secular Growth -7.6% No foreign sales (139 Cos) •' -4.5% Health Care -8.8% Small Cap vs. Large Cap -6.7% Russell 2000 -10.6% S&P 500 ex. Secular Growth -5.3% S&P 500 -6.1% " Returns of stock baskets are price returns " Equal-weighted total return Sans SM Deane &eft Moessees Man Elesennep An LP Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120224 PROT1 PROT0