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30 30.40 lm 3m 12m -6.6 3.6 23.1 3/15 Ross Sandler Research Analyst (+1) 415 262-2028 ross.sandle

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent

Amazon's (AMZN: DB Buy rated, USD822.96 by Ross Sandler) continued push into the grocery business, most

en repositioning and occupancy gains • Update on any new information from potential SEC investigation Sane Oeuvres &Int amp:myths. Moms. Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092955 CONFIDENTIAL SDNY_GM_00239139 EFTA01388950

Amazon's (AMZN: DB Buy rated, USD822.96 by Ross Sandler) continued push into the grocery business, most

en repositioning and occupancy gains • Update on any new information from potential SEC investigation Sane Oeuvres &Int amp:myths. Moms. Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093279 CONFIDENTIAL SDNY_GM_00239463 EFTA01389063

regg Gilbert Gregg Gilbert Alan Hellawell Ross Sandler Bryan Keane 21% Ashish Sabadra 95% 15% 23%

0% 0.0% 0.0% 2.2% 2.0% 4.2% 1.5% 2.9% 4.5% 4.0% -1.3% 2.7% 4.4% -0.6% 3.8% 3.1% -3.0% 0.1% EFTA01476509 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 41 Figure 70: What to buy now (mid and small caps)? DB Buy-rated non-S&P 500 stocks in our OW industries with market cap > $800m, PE on 2015