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e. This compares to 7.3% in 3Q and double-digit growth in 3014.2015. Slow growth is likely to continue in 1H16, but we expect healthy growth in 2H. Consensus qtrly EPS y/y growth ex Energy is -1%, 2%, 7% and 13% for 2016. Figure 15: S&P ex. Energy EPS growth deteriorated in 4015. and likely won't reacce

sensus •8% • en fel eel 10 a a a • VN UN 9. 922222252249. 222 IA fel • • • MAP 500 MVP 500 es. Energy San lKS. Oft Sint Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120190 CONFIDENTIAL SDNY_GM_00266374 EFTA01459632

e. This compares to 7.3% in 3Q and double-digit growth in 3014.2015. Slow growth is likely to continue in 1H16, but we expect healthy growth in 2H. Consensus qtrly EPS y/y growth ex Energy is -1%, 2%, 7% and 13% for 2016. Figure 15: S&P ex. Energy EPS growth deteriorated in 4015. and likely won't reacce

sensus •8% • en fel eel 10 a a a • VN UN 9. 922222252249. 222 IA fel • • • MAP 500 MVP 500 es. Energy San lKS. Oft Sint Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120402 CONFIDENTIAL SDNY_GM_00266586 EFTA01459743

l GDP Growth (IMF data and forecasts) -1 0 1 2 EFTA01476160 3 4 5 6 7 % yoy 2011 forecast 2012 forecast 2013 forecast 2014 forecast Consensus 2015 forecast % yoy 2015 -1 0 1 2 3 4 5 6 7 Source: IMF, Deutsche Bank Research Page 67 1976 1979 1982 1985 1988 1991 1994 1997

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 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