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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

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

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

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

EFTA01476303_sub_002 - EFTA01476303_200

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below 100 bps below 100 bps EFTA01476463 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc Page 35 Figure 64: 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