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EFTA01367807

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O I . co Figure 33: Advised S&P 500 Sector and Industry Allocation (2014115 PE based on DB US Equity Strategy top do. Market Weight MI Advised Weight 1%1 Sector 2011 PE 2016 PE Orem.VA 2016 PE 2016 PE

23.6 11 .3 Beane Utast 156 151 Gas Utilises 150 150 30% 3 5% Nate 16 4 15.9 Independent Power Prod.., 14 7 14 7 Mut-Udine/ 178 174 Auto Components 147 133 Diversified COMIUTOr SOW.> 199 146 Automobiles 104 9.3 Hotels. 'tonsures; & Leisure 238 218 Intemet &Catalog Retail Distrtaton 1

EFTA01475956_sub_002 - EFTA01475956_200

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age 55 EFTA01476124 World Outlook 2016: Managing with less liquidity 8 December 2015 Page 56 Deutsche Bank AG/London Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%)Weight (%) Sector 2015 2016 PE

vices Insurance REITs Real Estate Mgmt. & Development Thrifts & 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 & Staple

EFTA01476303_sub_001 - EFTA01476303_100

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476316 Source: Deutsche Bank EFTA01476317 US Equity Insights 20 November 2015 Page 4 Deutsche Bank Securities Inc. Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P

0 13.9 Insurance 11.7 11.2 REITs Real Estate Mgmt. & Development Thrifts & Mortgage Finance 15.0 14.7 21.2 19.8 10.8 9.8 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 Sp