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ome Constriction 0 45% 2.053 82 7 Media PBS Power Shares Dyn. Media 0.83% 134 1.9 Specialty Ret

.15% 7.608 285.5 Food Products PBJ PowerShares Dyn. Food 8. Bev. 0.63% 271 1.3 Energy XLE Energy Select Sector 0.15% 13,747 1.037.1 _ Energy Equipment & Services 0IH XES IEZ Market Vectors Oil Service SPUR Oil & Gas Equip & Sery Shares US Oil Equip & Seco 0.35% 0.35% 0.45% 1,145 280 375 293.2 11.

Utilities Gas Utilities 15.4 14.9 Independent Power Producers Multi-Utilities 2.3% 2.5% Telecom 12.

to PE of DB Indus t ry a lloca t ions S&P 500 Index Source: Deutsche Bank Research, IBES Overweight 15.6 14.8 2049.62 Equa lweight 17.6 16.6 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 2015 & 2016 DB St ra tegy EPS 119.0 125.0 2015 & 2016 DB St ra tegy PE Bot tom-up Cons . EPS 118.4 128.1

% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Tel

ce: Deutsche Bank Markets Research 24.6 Overweight 15.6 2081.24 14.9 Equalweight 2015 & 2016 DB Strategy EPS Bottom-up Cons. EPS 18.5 17.4 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 119.0 125.0 2015 & 2016 DB Strategy PE 118.8 128.5 Bottom-up Cons. PE 23.1 22.9 21.3 20.4 20.6 20.0 2