EFTA Document EFTA01459090

20 November 2015 US Equity Insights [Figure 79: Historical sector performance Beta > 1 US Value Global Value Credit Play! Commodity Plays Financials Energy Materials Financials 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Energy Materials 2.4% .4.4% 25,10 14 415 14.6% 2 CI, 22 1i; 26 1.5% 1.4% 7.1% 2 0, z, 17.9% 50 .25 22 0' ;. -10.8% 24.1% 6.4% 17.5' 10.1% 4.8% 22.2% 1 -35.1% 23.7D% 19.3% 27.0% 3,) -8.9% -3.4% 5.9% 9.2% 18.29 14.7% 62.2% 11 4-, 20.2 - 70.4%, 6 8% 14.8% 30.3% 8 S% 19 8% 41.7% 27.3E 8.2 750% -16.19 10.6% 18.0% 18S 32.5% 39.7h 20.13->. 2 .9% 6.9% 49 1 - 21 2.3% -3.5 3.7% '94 1 , 31.0% 3S 7s 75.9% 48 25.3% 11.4% 0.6% 4.1% 18.7% Bet =1 Global Growth Capes Plays Industrials Tech Industrials Ted, 6.496 10.5% 20.8% 22 S': 12.85Q •16.9% -208% 23.6% 6.6% 15.3% .78.8% -10.2% 18.7% -15.9% 25.6% 13 2% 38.1% 11.0`, 0.7* 14.1% 41.1, 19.0% -27.7% 3.8% 50.4 23 S% 2.3% 19' 33.0% -169% 72.3% 19.3%. 46.5% 21.0% 193% 22.4% -10.7% 25.5% 10.3% 13.5% 420% 16 8i'; 172%, 13.0% 30.3% 2789% 40.7% 33.2 31.3% 30.9% Consumer Growth Consumer Plays Con Disc Staples Cons. Cons. Disc. Staples 10.1% 70 2.4 31.9% 9.6% /3.8% .0.1% 10.3% 16.6% 1671_. 305'5 5.3 -29.5% 33% . -26.9% 25.4% 24.9% -9.8% -1.5% 313. . 6376 9.9% 2 2% 1779. 0% 27.5% 17 7% 15.7% 9.0% 104 31.0% 10.9% 6.5% 19.2% -18.6% -55.3% 17.2% 12.1% -17.1% 35.6% 15.2% 1.1% 31.5% 31.4% 24.2% 34.4 ' 34.99., 45.7% -39.9% -43.1% 20.0% 15.8% 8.4% -6.2% 3.5% 5.5% 38 15: 13.2% 4.4% 18.6% 17.4% 18.4% -7.6% 29.5% 9.6% 2 6 -36.5% 39.1% 19.3% -13.2% 134': • g 24.1% -21.1% 54 19- 40 3i: 15.9% .9.7% 7 Tv: 1.76 -1 3% 11.5% -71.9% -42.3% 65.6h 290'. .14.5% -9.4% 0.2% .6.7% Beta < 1 Low Beta Defensives Growth Domestic (Bond Subst.) Healthcare Utilities Telecom Health Care Utilities Telecom 0.0% 29.0% 0.0% /90 30.0- , 1 24.4 70.7 4.1 3/ 12.4 12.25. 41 19 14.66-. .8.3% 20.3% 12.4% 34.4% -2.4% 39.1% 25.1% 27.0% 10.9% 21.5% 3 9.1 19.9:0 39,4% 4i 13.5% -40.9% -70.0% -26.3% -37.4% .73.8% 2.6% 1.0% 8.4% 4.7% 4.6% 25.1% -7.8% -13.1% -9.8% 15.0% 25.6% 6.9% -4.5% Source Dudsche (UM He v Angt‘ts, Ingvnicn Raters Deutsche Bank Securities Inc. 10.2% 2.4% 14.8% 28.4% 176% 13.6% 14.4% 3.2% 10 4 10 lS 14 6% 70 20 2% 26.1% -18.6% 20.9% 16.5% 25.1% 8.6% 23 6,, 7.790 19 8' 32 1 -177% 28.8% 38.29; 5.0% 10.9% .4 0% .5.4% -9 2% 7.2% 12 0%. -0.3% 16.0% 11.6% 24.0% 41.2% 18.5% 1' 9.5% 13.5% 15.3% 446% 43.5% 31.9% 38 1% 13.8% 11 0', 78.7% 12.4% 49.4% 44 15.3% 1/3 41 7% 53 -3.9% 7% .6 25.996 32 9% 158% 15 1% 16.8% 6.4% 4 3'. 11.6% 8.2% 3.6% 14 4% 14.7% 15.4% 149% 14 1% 108% 26.1% 16.0% 3.7% 13 580% 710 43./% 43-9% 10 74 37.1% 11 9% 188% 15.1% 1.7% 6.5% 75% 7% 12.2% 15.6% 4.7% -0.6% 5.5% 11.3% 7.5% -17.7% 21.4 30 2'- 8 .3.7% 13.0% 14.0% u,2, 24.5% 1 19.2% 22.4% 0.9% -8.0% -4.3% 10.0% 5,9% 3.1% 21.6 37 3% 1.99.: 6% -5.6% 14% 31.7% 17.8% 13.4% -66.3% 35.7% 16.4% 7.8% -0.6% 1 23.9% 6.6% 13.7% -11.8% 32.7% 5.7% 24.7% 14.8% -9.2% -30.4% -30.0% 26.3% 8.9% 19 7% 11.9% 2.9% 5.5% 13.2% -4.8% 19.1% -38.8% -12.2% -34.1% 7.1% 5.6% 18.3% 11.5% 3.0% 4.8% -6.1% 2.0% S&P 500 10yr Tsy TR 0.3% 3.9% 26.6% 4.1% -8.8% 3.9% 22.5% 1.6% 16.3% 3.7% 12.3% 0.7% -10.0% 5.0% 23.7% -3.2% 10.8% 2.2% -8.3% -5.5% 3.5% 18.4% 14.3% 11.1% 19.0% 2.3% -14.7% 3.3% -26.5% 3.9% 37.2% 5.4% 23.9% 15.2% -7.2% 0.4% 6.6% -0.9% 18.6% 1.8% 32.5% -1.6% -4.9% 4.8% 21.5% 39.1% 22.6% 2.0% 6.3% 14.6% 31.7% 29.6% 18.7% 21.3% 5.3% -2.8% 16.6% 6.8% 31.7% 17.7% 3.1% 30.5% 18.8% 7.6% 7.1% 10.1% 12.9% 1.3% -7.3% 37.6% 25.4% 23.0% 0.0% 33.4% 11.9% 28.6% 14.6% 21.0% -7.9% -9.1% 17.2% -11.9% 5.4% -22.1% 15.4% 28.7% 0.2% 10.9% 4.5% 4.9% 3.0% 15.8% 2.2% 5.5% 10.4% -37.0% 20.5% 26.5% -10.2% 15.1% 7.9% 2.1% 16.1% 16.0% 2.7% 32.4% -8.5% 13.7% 10.6% 3.0% 1.1% Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119314 SDNY_GM_00265498 EFTA01459090