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8.3 10.6 10.6 20.5 29.3 29.5 22.9 21.3 20.0 17.2 16.4 17.3 16.0 18.4 16.8 24.5 22.4 23.8 21.7 Equa lweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.3 15.5 David Bianco,(1) 212 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015
s & Mortgage Finance Equa lweight Consumer 13.1% 13.0% Discretionary 20.9 19.3 Auto Components Automobiles Distributors Household Durables Leisure Products Multiline Retail Specialty Retail Internet & Catalog Retail Media Food & Staples Retailing 9.7% 7.0% Consumer Staples 21.0 20.5 Airlines
3 16.7 25.0 22.8 23.6 21.5 EFTA01476321 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476322 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 5 Figure 9: S&P EPS Model by
17.1 16.5 12.6 13.0 Auto Components Automobiles Distributors Equalweight 13.0% 13.2% Consumer Discretionary 21.1 19.5 Household Durables Leisure Products Multiline Retail Specialty Retail Internet & Catalog Retail Media Food & Staples Retailing 9.6% 8.5% Consumer Staples 20.6 20.1 Airlines
3 16.7 25.0 22.8 23.6 21.5 EFTA01476467 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476468 20 November 2015 US Equity Insights Figure 65: Sector and Industry ETFs Note: Please see DB note "Eq
17.1 16.5 12.6 13.0 Auto Components Automobiles Distributors Equalweight 13.0% 13.2% Consumer Discretionary 21.1 19.5 Household Durables Leisure Products Multiline Retail Specialty Retail Internet & Catalog Retail Media Food & Staples Retailing 9.6% 8.5% Consumer Staples 20.6 20.1 Airlines
Entities connected to both Health Care Providers & Services and Leisure Products

Samantha Power
PERSONUtilities
ORGANIZATIONMulti-Utilities
ORGANIZATIONDiversified Financial Services
ORGANIZATIONReal Estate Mgmt.
ORGANIZATIONCommercial Services & Supplies
ORGANIZATIONRoad & Rail
ORGANIZATIONDiversified Consumer Services
ORGANIZATIONHotels, Restaurants & Leisure
ORGANIZATIONElectric Utilities
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONInternet Software & Services
ORGANIZATIONAir Freight & Logistics
ORGANIZATION
Deutsche Bank
ORGANIZATIONSector and Industry Allocation
ORGANIZATIONAuto Components
ORGANIZATIONTextiles, Apparel & Luxury Goods
ORGANIZATIONIndependent Power Producers
ORGANIZATIONEnergy Equipment & Services
ORGANIZATIONTrading Companies & Distributors
ORGANIZATION