Converting accounting data into real economic data Economic P/E correlations are much higher than for accounting PIE Accounting inputs Price-to-book value (P/BV) Return on equity (E/BV) 0 Accounting P/E: P/BV vs. ROE' 40 35 30 25 20 15 10 5 0 -200% -100% 0% • • • R2 = 0.3295) • 100% Economic inputs Enterprise value / net capital invested (EV/NCI) Cash Return On Capital Invested (CROCI) Economic PIE: EV/NCI vs. CROCI' 25 20 15 10 • 5 0 200% 300% R' = 0.7517 • -40% -20% 0%o 20% 40% 60% 80% 100% 120% 'P/BV vs. ROE and EV/NCI vs. CROCI is for CROCI global universe during 2012, using average share price where necessary. Companies with negative P/BVs have been removed from both, along with three extreme outliers in the accounting chart. Source: Deutsche Bank Deutsche Asset & Wealth Management For institultonal use only I Not for public viewing or distribution Investment products: No bank guarantee I Not FDIC Insured I May lose value 4 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00247839 DB-SDNY-0101655 EFTA01447126