4 3 3 SAP 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Tech

America as of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers. Source: General Motors, FactSet, DataStream, History News Network. www.kpcb.com USA Inc. | Consequences of Inaction 432 HOUSE_OVERSIGHT_021057 Comparing GM & USA, Inc... General

. deduct.-recur.impact -3.50 -5.00 -6.00 Recurring impact 7.00 1.50 -3.50 One-time repat. tax 8.50 -8.50 Source: BofAML US Equity & Quant Strategy, FactSet, Compustat, S&P “Assumes end to interest deductibility only applies to new debt, where we estimate 70-90% of debt is long-term. Note: For this exhib

et revisions, in %; MSCI Europe) 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% Jun.05 Jun.06 Jun.07 Jun.0&8 Jun.09 Jun.10 Jun.11 Jun.12 Source: FactSet, UBS CIO, as of 27 June 2012 Note: Past performance is no indication for future returns. 21 Please see important disclaimer and disclosures at the

ions (1925) 1991) transtfar union 1998 20000 anne 2004 2006 2008 anid Source: Carl-Ludwig Holtirerich, Hallelnstitute for Economic Research, Source: Factset, MSCL Zentrum fur Europaische Politik (Freiburg), J.P. Morgan Private Bank. Bottom line. At atime when European equities are trading close to 2009

tions (1929) 1991) transfer union 1998 2000 2002 9004 2006 2008 2010 Source: Carl-Ludwig Holtfrerich, Halle Institute for Economic Research, Source: Factset, MSC. Zentrum fur Europaische Politik (Freiburg), J.P. Morgan Private Bank. Bottom line. At a time when European equities are trading close to 2009

by quarter Index, 12/30/2011 = 100 101 4QE+1% 100 SQE -1% 99 FYI2-1% a8 2QE -2% of 1QE -3% O68 12/30/2011 OVSV2012 O2/2o/2012 OS282012 Source: FactSet The place that worries me the most: Spain. It ranks at or close to the bottom in a lot of categories (see table), and its growth outlook is poor. Hi

reland 96 Commercial RE exposure % of bank assets None 12/30/2011 01/31/2012 02/29/2012 03/28/2012 Encumbered banking system assets, % Greece Source: FactSet. World Bank labor rigidity, Europe None The place that worries me the most: Spain. It ranks at or |!ntra-European real effective exchange rate Italy

red with the 13.9% estimate of analysts polled by FactSet. </td> </tr> <tr> <td style="padding:0 10px

Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. This is a s

ex/depreciation - 2yma pushed 2y fwd (RS, %) Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Factset Margin upside, capex discipline and FX tailwind provide additional support. Third, profit margins in Europe are not elevated: in the bottom third of

9.80 28.7% -0.8% MSCI Asia ex Jpn 2.6% 70.89 7.6% -0.9% MSCI Japan 2.2% 41.65 12.8% -6.8% Canon! data as of August 17. 2016. Data source FactSet, negative numbers are in red. Deutsche Bank Wealth Management No assurance can be given that any forecast or target can be achieved. Forecasts are

chmark Bond 10 Year Yield — Spain Benchmark Bond 10 Year Yield - France Benchmark Bond 10 Year Yield Footnotes: Data as of March i C . Source. FactSet, Deutsche Bank Wealth Managemeni 10,000 • 9.000 8.000 al 7.000 6.000 5.000 4,000 According to the Department of Energy total oil production

ction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079378 CONFIDENT

1892 Label 27% 34.28 BS% 8.2% WO Asia ea En 25% 3200 99% 2" MSCI Japan 16% 71 21 15.4% 01% Current data as of July 29, 2015. Data source: FactSet, negative numbers are in red. Deutsche Asset L'Vealth Managerr*nt July 31. 2015 No assurance can be given that any forecast or target can be achi

chmark Bond 10 Year Yield — Spain Benchmark Bond 10 Year Yield - France Benchmark Bond 10 Year Yield Footnotes: Data as of March i C . Source. FactSet, Deutsche Bank Wealth Managemeni 10,000 • 9.000 8.000 al 7.000 6.000 5.000 4,000 According to the Department of Energy total oil production

emium collapsing. — As a result, the U.S. has been outperforming the emerging markets. Footnotes: Data as of 3Q15. Source: Bloomberg Finance LP, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data as of December 31, 2015. Source: FactSet, Deutsche Bank Wealth

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 —— Freddie Mac — Fannie Mae Note: HUD is Department of Housing and Urban Development. Source: FactSet. a USA Inc. | Income Statement Drilldown 196 HOUSE_OVERSIGHT_020939 Fannie Mae & Freddie Mac: Accounted for Majority of Total Residential Mortgage

ction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0045259 CONFIDENT