EFTA Document EFTA01459091

co co 'Oui SeqpnGog 4ueg apSinag Figure 801 List of DB US Equity Strategy It:search inxyg, Research Title S&P should finish the year in black but more red ahead for Energy Amazing margins, but mind the GAAP A structural slowing of industrials: Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory: Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut Cut S&P 2015 end target to 2050 Debt certify showdowns: A new twist to the election cycle? Fed delays Less S&P upsde for 2015 Stocks will leave hike decision to the Fed, but doter likely gains either way First back to school assignment Stress test 2016 S&P EPS estimates Post correction: Better without the froth, but still real risks to monitor Further downside for global cycicals Stretching to hit numbers? GAAP vs non-GAAP S&P EPS spread widens Secular growth shines as acceleration hopes fade A chance to go away until Labor Day Another 'fish hook' earnings season The Hulk vs the Amazing Euro Hero: Has the Euro found bottom at $1.10? Got your 2H sector strategy ready> Consider Utilities over regional Banks Yellen keeps equities on bullish path Bullish d dollar and yields settle here Dear Fed, avoid 1994 by hiking in Sep IC themes to watch this summer S&P Ms record high on 18 trailing PE, PE will be sensitive to Treasury yields What if Fed relents on hikes for 2015) A little EPS upside, but more PE risk Ascent of S&P margins continues: 10%+ net margin survives Energy dip Jobs suggest Fed hikes, stronger S. low inflation. flatter curve still ahead Midway 10 earnings season update. Barely clearing a low bar Meet & Maintain is new Beat & Raise Resultaudes support $118 S&P EPS What to expect for 10 and guidance, Burden on 2H for up 2015 S&P EPS The many measures of S&P EPS Banks are the last cheap stocks left: But what if the yield curve goes flat> 2015's S&P 500 tug-of-war intensifies: Dimmer EPS vs brghter PE outlook The Hulk flexes, S&P EPS shrinks Is S&P ready for Fed hikes) 10 FAOs Reaching for small caps. selecuvehn Prefer small Retailers vs. small Banks Tech Titans can overcome the Hulk Why should investors look through it? Repatriation holiday Good step to a territorial system, but not a substitute Finding Domestic S&P 500 stocks: Both Domestic Cyckeels & Defensives US equity strategy 2016 Outlook chmamkamverau Yce Deurscne Sold, Date 8-Nov-IS 8-Nov-15 1-Nov-15 23-Oct-15 16,0ct-I5 12-Oct-15 2-Oct-15 28-Sep-15 18-Sep-I5 1I-Sep-I5 4-Sep 15 25-Aug-15 21-Aug-15 14-Aug-15 6-Aug-15 19-Jul-15 12-Jul-15 2-Jul-15 25-Jund 5 21-Jun-15 12-Jun-15 5-Jun15 29-May-I5 22-May-15 15-May-15 10-May-15 1.May-15 26-Apr-15 17-Apr-15 12-Apr-I5 2-Apr-15 27-Mar-15 22-Mar-15 13-Mar-15 9-Mar-15 27-Feb-15 18-Feb-.15 6-Feb-15 3-Feb-15 30-Jan-15 Research Title 2015 S&P gains now PE expansion dependent S&P 500 Industrial Capital Goods: High risk low reward - we prefer Tech Seven Signs 2 Red, 4 Yellow, 1 Green The PE tug-of-war continues in 2015. Slow EPS growth vs low bond yields 2015 S&P Outlook. Better time for consumers, but tougher for producers What's a profit recession> Happy Thanksgiving US GDP vs S&P Macro trends favor Retailers over Industrial Capital Goods, so do we Dollar and oil snip S&P 40 EPS Slow growth, but strong payouts: Definitive dividend vs blurry buybacks Trick or treat? Skip the dark houses Post-bounce strategy into yearend Better time for consumers ahead. tougher time for producers Dollar Hulk? A somewhat stronger greenback ok but beware the beast Midterm elections matter, but no reason for correction Catching a falling knife? PE expansion is rare as the Fed hikes S&P EPS growth after the super-cycle The Seven Signs Interest Rates. Oil Prices & the Dollar • 20 EPS finishes with S&P at its top Good reasons to return to the top Dog days of August: Heat from interest rate and geopolitical anxiety Lo and behold. Participation rate licks up. mitigating interest rate risk The pressure release valve gets stuck Treasury yields climb as stools sea off The Seven Signs: Has the cl rnb in yields begun> ' 20 growth better, as expected, but leaves market PE dnven Thematic sector strategy update OW Secular Growth sectors & financials The hunt for sales growth Help wanted A particoation spurt with reliable productivity needed 20 EPS: A moment of truth for EN acceleration The Golden Ratio. Real GDP / Inflation Summer Flip-book • S&P 500 Valuation. Sum of Sectors S&P Valuation Chartbook Snapshot at another record high ' Chasing in the summer: Is it worth it> Standing on the shoulders of bonds GOP is a deceptive denominator Several po lar charts improved Bank those Energy gains Yields are key to S&P PE & Styles: Watch Partobation & Productive": Signature Charts * 2015 MP Outlook Better time for consumers, but tougher for producers Date 25-Jan-15 18-Jan-15 13-Jan-I5 11-Jan-15 15-Dec-14 5-Dec-14 26-Nov-14 21-Nov-14 14-Nov-14 7-Nov-14 31-Oct-14 26-Oct-14 19-Oct-14 10-Oct-14 9-Oct-14 26-Sep-14 19-Sep-14 12-Sep-14 11-Sep-14 24-Aug..14 15-Aug-14 8Aug- 4 1-Aug-14 1-Aug-14 31-Jul-14 25-Jul-14 18-Jul-14 13-Jul-14 2-Jul-14 30-Jun-14 20-Jun.14 le-Jun.14 13-Jun-14 13-Jun-14 5-Jun-14 30-May-14 22-May-14 16-May-14 11.May-14 9-May-14 '5-Dec-14 C cn m Z 0 c. -":2 3 C N, = 0 ✓T CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119315 SDNY_GM_00265499 EFTA01459091