EFTA Document EFTA01459639

8 February 2016 US Equity Insights Foreign sovereign wealth funds own very little S&P 500 stocks Forced sovereign wealth funds selling has been a view out in the market. But sovereign wealth funds own very small interest in S&P 500 stocks. The foreign ownership is mostly by Asia sovereign wealth and oil related sovereign wealth. Also the biggest of oil related sovereign wealth is Norway (not Middle East) and we don't see those non- Middle East funds as forced sellers. 1.1% of S&P 500 market cap is owned by major Asian countries (China, Singapore) and oil related countries (Norway. UAE. Saudi Arabia, Kuwait, Qatar. Russia). Therefore the sovereign wealth funds of these countries should own no more than 1% of S&P 500 market cap. foreign ownership by major Asian counties & oil related countries lick.. Company Name Sector Industry Market Cap (Srn) China Singapore Hong tong Norway Kuwatt Saudi VAL Arabia Qatar Russia Total Foreign VAT level 3 Communications I Teiecoro munication Dweesited Telecomm unit; 17,411 0.0% 43.2% 0.0% 0.6% 438% HMO Nasdaq Inc (Manias Diversified I Mandel Sent 10,140 0.0% 1.0% 17.8% 18.8% nr Tiffany& Co Consumer Discretio Spec/any Retail 8,299 0.0% 0.0% 0.0% 0.7% 11.9% 126% Aft 6(lx Inc financial, Insurance 24,115 0.0% 0.0% 9.2% 9.2% Btx IbackRock Inc FinanCialS Captal Markets 51,707 0.0% 0.0% 0.0% 1.2% 7.2% DG Dollar General Cap Consumer DiscretlorMultiline Retail 22,213 0.0% 4.6% 0.0% 1.2% 5.8% GGP General Growth Propert Financials Reel Estate Investment Trs 24.780 0.0% 0.0% 0.1% 2.3% 3.3% 5.7% AM Apartment Investment & financial, Real Estate Investment Irk 6,326 0.0% 4.8% 0.1% 0.7% 5.5% C Co group Inc Financials Banks 126,547 0.0% 4.1% 0.0% 1.3% 0.0% 5.4% AMP Amenprise financial Inc financial, Cariti Markets 15,285 0.0% 0.1% 4.9% 5.0% PRU Prudential Finarxol Inc Financials Insurance 31.515 0.0% 0.0% 0.0% 4.5% 4.5% MSN teeisertmotents PLC Industrials Professional Services 17.486 0.0% 4.1% 0.0% 0.4% 4.4% RCE Royal Caribbean Cruises I. Consumer Diuretics Hoses Restaurants & limo 18.590 0.0% 0.1% 0.0% 4.3% 4.4% MAC Macerkh Co/The Financials Real Estate Investment Its 12.440 0.0% 0.0% 0.2% 3.2% 3.4% F RT Federal Realty Inststmerr Financials Real Estate Investment Trl, 10.551 0.0% 3.3% 3.3% Mn MyIanNV HealthCare Pharmaceuticals 25,747 0.0% 0.0% 0.0% 1.2% 1.8% 3.0% CMI Cummins Inc Industrials Machinery 16.194 0.014 0.0% 2.7% 2.7% SYF Synchrony Financial financial, Consumer Finance 23.739 0.0% 0.0% 2.7% 2.7% GILD Gilead Sc !eases Inc Health Care BoteChnOlogy 121.131 0.0% 1.6% 0.0% 1.0% 0.0% 0.0% 2.6% Indersoll.Rand PLC Industrials Machinery 13.290 0.0% 0.0% 2.6% 2.6% VIAB Viacom Inc Consumer DoxPetioi Med a 18.376 0.0% 0.0% 0.0% 2.2% 2.2% VAR Varian medical Systems Ir Health Cart Health Care Equipment & ! 7,411 0.0% 0.0% 0.0% 2.2% 2.2% E1N Eaton Corp PIC Industrials Elect no'. Ectispment 13,242 0.0% 0.0% 0.0% 2.1% 2.2% EOM Tweilly.terf I Cent sty Fox Consumer DiscreliOrMala 53.223 0.0% 0.0% 0.0% 2.0% 0.0% 2.1% 'SIR First Solar Inc Informal on Techno Semconductat& Sem icoi 6,977 0.0% 0.0% 0.0% 2.0% 0.0% 2.0% AP Alcoa Inc Materials Metals ti Mining 9,480 0.0% 0.0% 2.0% 2.0% IMO Thermo Fisher Scientil ic lr Health cafe life Scences Tools & Sen.,. 52.158 0.0% 1.2% 0.0% 0.7% 20% toews Corp Financials Insurance 13,104 0.0% 1.9% 1.9% EMC EMC Cob/MA Information Techno Technology Hardware. Sto 41.540 0.0% 0.8% 0.0% 1.0% 0.0% 0.0% 18% (MN Eastman Chemical Co Materials Chemicals 8,985 0.0% 0.1% 0.0% 1.8% 1.8%. AON Aon PLC Pnanciais Insurance 23.990 0.0% 0.0% 1.8% 18% ES Eyersource Energy Electric WIRD* 17.309 0.0% 1.8% 1.814 SWN Scdthwestern Energy Co Energy Oii. Gas & Consumable Ix 3,268 0.1% 0.0% 1.6% 0.0% 1.8% TYC TYCO International PIC Industrials COm Martial StrylCIS& Sul 14.471 0.0% 0.0% 0.0% 1.7% 1.7% CMCSA Corneas! Corp Consumer Doodetia Med a 136.806 0.0% 0.0% 0.0% 1.6% 1.7% CMG OrnMCOM GIMP Inc Consumer [Marcia Media 17.915 0.0% 0.0% 0.0% 1.6% 1.6% PNR Pentad PIC Industrials Machinery 8.405 0.0% 0.0% 1.6% 1.6% ROM Exxon Mobil Corp Energy ea. Gas &Consumable rut 317.591 0.0% 0.0% 0.0% 1.6% 0.0% 0.0% 1.6% B1vn liorewarner Inc Consumer Nscretioi Auto Components 6,673 0.0% 0.2% 1.5% 1.6% CI Ora Corp HealthCare Health Care Provides's& Se 34,320 0.0% 0.0% 0.0% 1.6% 1.6% APC Anadarko Pet ro'eurn Gags Energy 0a. Gas 8. Consumable F Llf 19.436 0.1% 0.1% 00% 1.5% 0.0% 1.6% MAT Mattel Inc Consumer Docsetiodeisure Products 9,081 0.0% 1.6% 1.6% sq xylem Inc/NV Indus, cols Machinery 6.389 0.0% 0.0% 1.6% 1.6% IBM International Business M.:Information Tethno IT services 121.099 0.0% 0.0% 0.0% 1.5% 0.0% 1.6% RIG TrJt.00tin ltd Energy Energy Equipment & Minot 3.561 0.0% 0.0% 0.0% 1.5% 1.6% Nfl Newfield ExilitaatiOnC0 Energy 01. Gas & Consumable Fut 4,603 0.2% 1.3% 1.5% IH lobe/retali Corp of 7uneri Health Care Health Care Providers & Se 11.362 0.0% 0.0% 1.5% 1.5% CMS CMSEnergy Cap Utilities Multl.UNiues 10.890 0.0% 0.0% 1.5% 1.5% NFL He tEra Energy Inc tftiit.e$ EleCtnt Utlllues 52.618 0.0% 0.1% 1.5% 1.5% BUT Bed lath & Beyond Inc Consumer Diuretic Specialty Rea 7.142 0.0% 0.0% 0.0% 1.5% 1.5% SOWN:el Rotenevve Pew or l0 DeielbaW Serra Deutsche Bank Securities Inc. l'acP2 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266391 DB-SDNY-0 120207 EFTA01459639