EFTA01458256.pdf

maw watees tx liw era pcieia leo:auntie tiler: Hone Assat-d paspac.v...a. Panful, ^ :5'4= U.S. leisure and High-yield debt U.S. consumer High-conviction ideas key entertainment discretionary 0 indicates gain 0 indicates loss Total-return idea where performance is measured klea initiated Idea initiated idea initiairri by the gain/loss in the April 1, 2015 February 24, 2015 September 19, 2014 performance measure in U.S. dollars. Stated performance is from given entry date to 5/18/15 P. err er;•; Reference measure. Hefeinor>) measure " • Relative-return idea, based on the relative performance PowerShares Dynamic Average of Barclays U.S. S&P 500 Consumer of the two measures in U.S. Leisure and Entertainment i !rah Yield and Barclays Euro Discretionary Index vs. cash' dollars. Stated pertormance is Ponta* vs. S&P 600 High Yield indices, wiaohrro from given entry date likreg" according to Market :aie. in to 8/18/15. U.S. Ogee: High-conviction ideas may not Investment horizon Investment horizon Investment horizon be suitable for all investors. 3 -12 months 3 - 12 months 3 -12. months Investments come with risk. Performance since initiation Performance since initiation Performance !arm initiation The value of an investment can fall as wallas rise and your O capital may be at risk. You might not get back the amount originally invested at any point in time. Some investments U.S. leisure-and-entertainment The performance of this U.S. consumer-discretionary may not be suitable for all stocks have started catching idea worsened in July and stocks should be supported investors and investors tip with the broader U.S. August. However, despite by the following three factors. should seek professional equity market over the last concerns about the impact First, lower commodity - and advice before investing. The few months and we believe of low oil prices on energy- in particular oil prices. The examples above are shown for that this trend may continue. sector borrowers, overall U.S. general rule of thumb is that illustrative purposes only and Overall U.S. retail sales high-yield default rates are still every 50.01 fall in gasoline should not be considered to be improved in July with, for expected by Moody's to rise prices adds around $t billion an offer or solicitation, advice example, sales at food services only modestly over the coming to consumer spending power. or recommendation. It Is not and drinking places up 9% on year.: Issuers appear to have Second, the U.S labor market possible to invest directly in an a year earlier. The apparent largely financed maturities into continues to improve and index preference for leisure-and- 2017 and beyond. European there are further signs of a entertainment spending - over high-yield - where energy- resumption of wage growth. Sources: Deutsche Asset that of goods- is reflected in sector borrowers are much Third, consumer confidence & Wealth Management higher consensus earnings less important - may be more remains strong. Overall U.S. Investment GmbH, Deutsche expectations for this sector. appealing over a medium-term retail sales were 2.4% higher in Bank Trust Company time horizon. July than a year earlier, in U.S. Americas, as of 8/18/15 dollar terms. Past performance is not indicative of future returns. ' On June 5, 2015, the Bundesbank predicted 1.5% GDP growth for the full year 20t5, after 1.4% No assurance can be given for the first half. that any forecast, investment " Source: Moody's Investors Service Inc.: July Detault Report, as of EV14/15 objectives and/or expected returns will be achieved. CC' V,cad Arraeas Ealeas 5o 4t 305 httati...... 0 i7 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118084 CONFIDENTIAL SDNY_GM_00264268 EFTA01458256