9 Equity Sectors An "Appreciation" for Innovation and Demographics Tech Valuations Attractive 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 01 02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 — S&P 500 Info Tech FIE (LTM) Relative to S&P 500 P/E (LTM) - (AVG) S&P 500 Info Tech PIE (LTM) Relative to S&P 500 P/E (LTM) — Technology is one of our favorite sectors due to attractive valuations and fundamentals. — In fact, valuations are well below average versus the S&P 500. Solid Earnings Growth Expected 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% g pd 1 I O NN 2016 Earnings Estimate II I I I I I 2 ,... co co in t V t co .. N 2 U .5. Y 9. 41 t 5 t 1 0 5 4) co i a, ro c E g v) c o 11 0 i- - From an earnings perspective, consumer discretionary, info tech and financials are expected to be the leaders in earnings growth. Footnotes: Data is as of December 31, 2015 Footnotes: Data as of December 2016. Source: FectSet, Deutsche Sank Wealth Management Source FactSet. Deutsche Bank Wealth Management Deutsche Bens Wealth Mormqement 24 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 120285 CONFIDENTIAL SDNY_GM_00266469 EFTA01459676