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and future communications will reflect this change. Your account will continue to be serviced by and securities will continue to be offered through Deutsche Bank Securities Inc., a registered broker-dealer and investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank

a specific recommendation or view in this report. Ross Seymore Page 8 Deutsche Bank Securities Inc. C

affiliate(s) has received non-investment banking related compensation from this company within the past year. 15. This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities-related services. Important Disclosures Required by Non-U.S.

a specific recommendation or view in this report. Ross Seymore Page 8 Deutsche Bank Securities Inc. C

affiliate(s) has received non-investment banking related compensation from this company within the past year. 15. This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities-related services. Important Disclosures Required by Non-U.S.

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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

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inue to pay particular attention to apparel inflation as digital penetration increases, arid retailers are increasingly forced to compete on price. Deutsche Bank Securities Inc. Page 165 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL SDNY_GM_00232908 DB-SDNY-0086724 EFTA01385439

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Deutsche Bank Wealth Management 345 Park Avenue. 10154-0004 New York, NY, USA Tel. Fax Email Pagc-107,-ta Peeler-on Securities offered through Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00233421 DB-SDNY-0087237 EFTA01385855

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

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

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

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

1% Gregg Gilbert Gregg Gilbert Alan Hellawell Ross Sandler Bryan Keane 21% Ashish Sabadra 95% 15

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