EFTA01377070

CIO Insights —August 2016 Glossary 18 Glossary Brexit Brexit is a combination of the words "Britain" and "Exit" and describes the planned exit of the United Kingdom of the European Union. CTA (Commodity Trading Advisor) CTA (Commodity Trading Advisor) strategies involve trading futures contracts traded on exchanges. Contrarian Contrarian investing is an investment strategy that is characterized by going against prevailing sentiment. Corporate Sector Purchase Programme (CSPP) The Corporate Sector Purchase Programme (CSPP) is the European Central Bank scheme for purchasing corporate bonds. Correlation Correlation is a statistical measure of how markets or securities move in relation to each other. Discretionary macro strategies Discretionary macro strategies attempt to gain from macroeconomic, policy or political changes. Diversification Diversification refers to the dispersal of investments across asset types, geographies and so on with the aim of reducing risk or boosting risk-adjusted returns. Earnings per share (EPS) Earnings per share (EPS) are calculated as a companies' net income minus dividends of preferred stock all divided by the total number of shares outstanding. Efficient frontier The efficient frontier is determined by the set of portfolios that offer the highest level of expected return for a given level of risk or the lowest level of risk for a given level of expected return. Past performance is not indicative of future returns. Readers should refer to the explanatory notes at the end of this document. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073611 CONFIDENTIAL SONY GM_00219795 EFTA01377070