EFTA01458549

2 October 2016 US Equity Insights iFigure 33: S&P 500 sector performance (total returns) Skim 11/25/W15 Cuwett Price 12 month YTD 3 month 1 Month 1 Week Mid Trough vs. Syr Slikb Sector 1015 Wt. by PC Mkt Cab S&P SOO Consumer thsvetionaly Consumer Staples freaky Financials Health Cars Industrials Inrcemation Technology Materials TelecommunkationSenrices Ullldes 5.2% 4.6% .9.8% 2.1% 40% .7.9% 4.9% 6.6% V, a.4°, 09% 3.0% 90.1% 3 r r. 49% 92.6% 911% 6L2% 817% 819% 86.7% 917% 76.8% 83.6% 87.4% 11.5% -5.71. .7.3% -1.8% 42% 4 4.0% 49% 4.3% as% 0.0% NOW: Two beete &aperients:se lunderperIcemato sectors art hrehheMeri w earn tree AU sectors within 5%4 Owe Swat hiCh are &189411444 in aaka Scan oeurecite ant Manson Swan Mai as 9,Y20.5 4.1% 4.6a'. 2 3', 2.9% 1.3% 4.0% 'Figure 34. S&P 500 sector 12m vs. 3m performance 5% E -5% Telecom • V - 3 -10% -stnals 6 5 x -15% Lazing and stitleXt • Energi • klatertats -20% -35% -25% -15% -5% 12 Month Total Return $PIV/ Marts Oral Mama Vann that sa or fl an:5 Tech ex MPL Cow Disc. •Tech • *Uhl i [es S&P MO 15.9 1.8.9 LIS% 19.2 9.9% 210 6S% 12.6 161% 15.6 14.7% 15.4 141% 15.6 20.4% 14.5 2.2% 12.0 2.4% MO 3.1% Finarcials • Health Cent 5% 15% Leading but skpcing 25% 'Figure 35: S&P 500 sector ytd vs. mtd performance 4% 3% 2% 1% 0% -1% -2% MTD Total Return Loggoil but gaining • Uttibee Tecn ex 1API. ** Tech • Inisintits lsgpseig -3% • Fir aic•ls T o -4% Lagging and I -5% slows -6% -7% • Energy • Materiels -Mb -25% -20% -15% -10% YTD Total Return Saran Matra ant nen,. Deutsche Bank Securities inc. -5% Loading and gaining Les:lng but slipping 5% 1 Page 19 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118514 CONFIDENTIAL SDNY_GM_00264698 EFTA01458549