Deutsche Bank Table of Contents ■ The Equity View Overview ■ Consumer - Page 5 - Page 6 Page 7 - Page 8 ■ Financials - Page 10 - Page 11 - Page 12 - Page 13 - Page 14 ■ Healthcare - Page 16 - Page 17 - Page 18 B&M BAT Bovis Homes Carrefour - SELL Aroundtown Properties AXA Banco Santander Credit Suisse Group Prudential AstraZeneca Fresenius Shire ■ Energy, Materials & Industrials - Page 20 ABB Page 21 ArcelorMittal Page 22 BAE Page 23 Continental ■ Energy, Materials & Industrials cont'd Page 24 - Page 25 Page 26 Page 27 - Page 28 Page 29 - Page 30 ■ TMT Page 32 Page 33 - Page 34 Page 35 - Page 36 - Page 37 DSM Glencore Kingspan Linde Renault Royal Dutch Shell RWE Eutelsat - SELL Infineon Informa KPN Sophos Vodafone ■ Business Services, Leisure & Transport - Page 39 Deutsche Lufthansa Page 40 Royal Mail - SELL Page 41 SGS Page 42 Vinci ■ Risk Statements ■ DB Forecasts Editors: Mark Braley, Vivek.G Midha and Mairead Smith "s Equity Focus —January 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086787 SDNY_GM_00232971 EFTA01385501