EFTA01459064

out SORpl1GOS *Ma 0143S11100 Figure 12: S&P ()PS Mode by sector Cratend5 %we°, P493 i.A1 P6 VS EQURY $902121 Payout (%) DMelends 2005 2006 2007 2008 2009 2010 20'' 201 20'3 20'4 2037 2006 2039 20'0 20— 20'2 20'3 20'4 2015 or 20'6 9A. 2015 2016 S&P 503 DPS (historical index) $2221 $2493 527.73 428.38 22241 $22.73 62643 $3'24 $3499 $39.14 33% 43% 37% 27% 27% 30% 32% 33% S&P 500 DPS Icurram constituents) 52'324 $2624 $2940 $1283' 12248 $2386 827.13 $T 44 53578 538.31 3'% 39% 35% 27% 27% 30% 32% 33% $41 7% $44 7% 34% 35% Seca (2 Oillorti) Consumer 04cre9345.., 99 '22 134 139 128 '6.1 190 225 264 315 26% 34% 26% 22% 23% 26% 27% 3'% 349 70% 38,1 7O% 30% 31% Consumer Stages 21 6 24.6 31' 308 29.9 32.6 354 37.7 4' 2 44.0 54% 46% 43% 44% 46% 48% 49% 5' % 463 3% 47.3 4% 53% 64% Engraft '59 'as 206 223 22.6 24.4 277 314 35.8 346 17% 16% 38% 26% 2'% 26% 31% 3'% 203 45% 234 40,4 65% 48% Fnerci514 480 54.2 612 546 204 207 299 367 446 619 43% -274% 36% 18% 23% 23% 24% 27% eel 13% 66.7 )3I' 27% 29% Health Care '97 22.0 24' 280 24.1 300 301 374 383 377 29% 30% 27% 30% 27% 33% 31% 28% 441 I9% 40.6 IC.* 29% 30% Indust...51s 227 254 29.0 29.5 24.0 217 274 30.5 33.6 379 33% 39% 46% 32% 31% 32% 33% 33% 30,1 3% 409 5% 34% 35% Inlomunon Tech14400v ' 0 3 122 149 166 176 20.4 251 335 490 503 '2% 14% '7% 13% 14% 18% 25% 24% 033 27% 89.3 74* 27% 29% Materials 65 7.8 7.8 8.' 6.1 7.3 91 10.4 12.5 '2.1 32% 39% 47% 29% 29% 36% 41% 37% 11.0 -3% 12.0 2* 30% 97% Telecommunicetion Semen ' 0 1 11.3 159 36.9 17.7 18.7 201 20.1 19.1 215 60% 63% 81% 9% 90% 80% 76% 70% 23.5 9% 23.7 '% 70% 73% UtAbes '16 12.5 130 135 142 '51 162 1$l 191 '96 93% 50% 53% 53% 56% 61% 83% 59% 20.7 6% 217 5'Y.. 62% 63% '5&500 1783 200.7 732 1 2322 '994 203 9 2399 278 4 316 6 311 2 3%):. 39% 35% 27% 2744 30% 32% 339 3687 9% 302.7 Ali 34% 35% SW 500 ex Finencels 1283 148,6 1709 177.7 '690 1882 210.0 241.6 272.0 2893 28% 38% 39% 30% 30% 32% 34% 55', 309.9 'Y, 326.0 (.', 37% 37% Fnancels and Tech 583 665 76' 7'.' 38.0 41.1 561 70.3 926 102 3 29% 70% 23% 15% 18% 20% :'.: 119.6 136.0 27% 29% 58/P500 ex Finance's 040 Tech 318.0 134.3 '56.0 '6"' '5' A 167.8 1849 208.1 224.0 2390 3'% 47% 46% 36% 35% 37% .. 249 1 2%7 41% 40% .S4P 500 Banks 31.7 35.3 938 32.9 53 3.7 134 13.3 162 190 12% NM NM 7% 24% 20% - 23.3 274 26% 28% Mow Agate 6.* des !Figure 13: S&P fair valuation by sector -- we still see 5% downside to Energy 11wAt1 V . firte4 X'S PE 2315E Eno Estin; /1447.4 ;tab: Hama 20-^.E Exeongs 444r.linent 1%11, Pams44) Esting4 Rea, CaE Strw. spa- Wk.* Premur 2215 Stn 'ifi VII. i351: ;c1-t- Ofl$,N , 1 4e,1 ;,:15 Eld EarVaue 130(1 26,5 Er41 Far 4%ise PE 7.15 trd Ursa. % COI,I=01nr:t. 010.'ar, 7415 21 ice% 115i 19'31. 525% 1,91? I9% 2 177 t I 794 211 .5% Crisman Swiss 1.762 20.6 651 ICC% 855 .10% 770 5.00% 1,539 5% 1 616 26% Len 19.7 .4% Eftegy 1241 715 450 172% 000 -10% 720 425% 1.152 0% 1.152 2.3% 1223 77.1 4% Fromm. 3,044 140 2180 103% 22110 40% 1962 625% 3,139 2902 1.5% 3.171 143 4% Bank 1127 97.1 932 100% 102 40% 4119 8.50% 2290 4% 3226 27% 1.305 71.0 INs H4.4111C4n 2.624 17.0 1545 93% 1515 .10% 1364 525% 2.597 IC% 1257 1.7% 3115 115 15% Inlanab 1.930 16.2 115 0 1122 -10% 101 0 525% 1,756 0% 1.756 2.0% 1157 14.1 .4% kfcanakon744714049 3939 17.5 2250 100% 2250 .10% 2025 550% 3.032 5% 3,866 I 5% 4106 242 4% Malwa 543 17.9 303 101% 31 4 40% 223 425% 453 0% .63 22% 400 151 47% leIxem 423 12.6 335 200% 335 .10% 302 540% 603 .15% 513 55% 520 150 23% UMees 526 15.7 335 101% 335 .10% 30.1 500% 602 0% 602 3.96 620 123 it% SSP 500 0 On) 1150$ 1055.7 1029% 1006.0 40% 977 4 548% 17,5(2 3% 17.974 20% 11972 15% SSP 507 Iran 0/01 208124 17.6 1190 203% 1220 40% 1094 650% 19904 0% 1996 4 20% 2106$ 177 1.2% Swim Arad* Bart /one C m 0 m z .0 co • g • g 15. = 0 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119277 SDNY_GM_00265461 EFTA01459064