Jan 20t5 2015: Slow EPS growth vs. low bond yields US Equity Si:stagy baskets High Foreign Cash (Repatriation Beneficiaries) Big-Cap Reasonable PE Tech Challenged Industrial Capital Goods US Domestic Strength Bloomberg Ticker DBUSHIFC DBUSBRTE DBUSCICG DBUSDMST Deutsche Bank Securities Inc.

als 1.3% Materials 5.3% Energy Equipment & Services 3.8% Defensives 5.6% Information Technology 5.4% Utilities -4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consumer Staples 2.3% Consumer Discretionary 6.8% Health Care 10.1% Consumer Staples

0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary 12.5% Health Care 4.8% Consumer Stap

-4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -7.3% Health Care -8.8% Consumer S

-4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -7.3% Health Care -8.8% Consumer S

late cycle risk Don't pull the plug on Health Care US Equity Strategy Baskets High Foreign Cash (Repatriation Beneficiaries) Big-Cap Reasonable PE Tech Challenged Industrial Capital Goods US Domestic Strength 2015E 20502100 $119 17.4x 17.6x $41 2016E 22502300 $125 18.2x 16.7x $44 Date

% 1.0% Credit vs. Commodity Play Financials Energy Capex Industrials Energy Equipment & Services Information Technology DBUSBRTE (Reasonable PE Tech) * Consumer Consumer Discretionary Consumer Staples Dividend Growth Financials Information Technology Dividend Yield (Bond Substitutes) Utili