EFTA01458005.pdf

We. pc,uton ftcx 11, 2 tcej pcluba irnosvowt ti 'Mc hght, 4sse...I as pwspactwos PrAioho High-conviction ideas Selected investment ideas to complement wealth-management clients' portfolios Global financials Indian equities German housing U.S. leisure and entertainment Idea initiated Idea initiated idea initiated idea initiated July 1, 2015 May 1, 2015 April 1, 2015 April 1, 2015 Reference measure Reference measure Reference measure Reference measure MSC! AC World Financials CMX Nilty vs cash" x'n Dallas Fed International PowerShares Dynamic Index vs. MSCI AC World House Price Index Databint, Leisure and Entortainmenl Iride's • for Germany vs. cash" Portfolio vs. S&P 500 Indox inw?stment horizon investment hon.•ciri Int,tstment horizon Investment hoi izon 3 12 months 3 - 12+ n-enths 24 months-, 3 - 12 months Performance vince frefft+nnance since initiation Pinforrnance since initiation Performance since initiation O 0 0 Financials have Atter a difficult few months, Recently published estimates According to advance tmderperformed the overall Indian equities started to pick by the Dallas Fed suggest estimates, U.S. restaurant and equity market over the last up steam in mid-June and that German housing prices bar sales were down 0.2% month, due in part to concerns have continued to perform continued to increase in month-on-month in June but over Greece. But we are still well since then. Recent gains the first quarter after steady were up 7.7% from a year positive on financials over a may have been helped by the gains in 2009-14. Continuing earlier. This compares with 3-12 months time horizon. redeployment of funds by support for prices is likely to a rise of 1.4% for retail sales Valuations remain attractive, international investors from come from Eurozone monetary overall. Trends in U.S. airline with the MSCI AC World a tattering Chinese equity policy, which probably travel and hotels have been Financials Index now trading market. At a domestic level, remains too expansionary less clear-cut. But as the labor at around a 20% price-to- there is also evidence that for the German economy. market continues to improve, earnings (PIE) discount to spending on infrastructure Despite the sustained rise in wage growth accelerates and the MSCI AC World Index is starting to Increase. Other German housing prices, we home and equity prices edge (according to Standard & medium-term positives are do not appear to be entering higher, spending on leisure Poor's). This discount is likely likely to be accommodative into an unsustainable real- and entertainment should pick to narrow over time, if financial monetary policy and estate bubble, with German up further later this year. firms' balance-sheet quality expectations of further reform. mortgage debt increasing only continues to Improve. modestly. High-conviction ideas may not be suitable for all investors. Investments come with risk. The value of an investment can tall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. Some investments may not be suitable for all investors and investors should seek professional advice before investing. The examples above are shown for illustrative purposes only and should not be considered to be an offer or solicitation, advice or recommendation. It is not possible to invest directly in an index. la t1==..in CCAtzt-es I Wroica.Eckr-cd•I AAJW*1 201S CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 8(e) DB-SDNY-0117755 CONFIDENTIAL SDNY_GM_00263939 EFTA01458005