EFTA01459765.pdf

8 February 2016 US Equity Insights [Figure 70: Historical sector performance Beta > 1 Beta :7. 1 Beta < 1 ys Value Global Value Global Growth Consumer Growth tow Beta Defensives Credit Pla Commodity Plays Capex Plays Consumer Plays Growth Domestic (Bond Subst. Financials Energy Materials Industrials Tech Con Disc Staples Healthcare Utilities Telecom Cons. Health 10yr Tsy Financials Energy Industrials Tech Staple Care Utilities Telecom S&P SOO TR 1960 -10.2% -10.1% 0.0% 0.3% 3.9% 1961 18.7% 26.1% 29.0% 00% 26.6% 4.1% 1962 -14.4% -10.5% -15.9% -33.2% -7.0% -17.6% -18.6% -8.8% 3.9% 1963 14.6% 77.1% 20.8% 25.6% 13.6% 20.9% 12.2% 22.4% 22.5% 1.6% 1964 2.6% 26 7 • 13.2% 2.4% 4 14.4% 16.5% 15.6% 09% 16.3% 17% 1965 -5.6% 1.5% 12.8% <3 1 5.3% 3.2% 4.7% -8.0% 12.3% 0.7% 1966 -7.1% -16.9% -29.5% -10.0% 5.0% 1967 2.0% 17.9% 23.6% 25.1% -0.6% .4.3% 23.7% .3.2% 1968 6.6% lb , -0.1% 10.3% 8.6% 5.5% 10.0% 10.8% 2.2% 1969 10.8% -74.1% -15.3% -78.8% -11.3% -8.3% .5.5% 1970 6.4% 17.5. 11.0% - al= -2.7% 3.5% 18.4% 1971 10.1% 4.8% 0.7% .2% .3.1% 14.3% 11.1% 1972 22.22. 14.1% 77 8 11.5% 20.2% : 7.5% 23.9% 19.0% 2.3% 1973 5.7% 237. -21.9% -17.2% -17 7t, 0.5% -14.7% 3.3% 1974 -35.1% -23.7% 22 3., -26.9% -36.5% -42.3% -28.8% 18 2 •21.4% -4.5% -26.5% 3.9% 1975 19.3% 27.0% 41.1% 25.4% 39.1% 38.2% 5.0% 42.9% 37.2% 5.4% 1976 365 19.0% 24.9% 19.3% 10.9% -4.0% 30.2% 32.3% 23.9% 15.2% 1977 -8.9% • 3.4% -27.7% -9.8% -13.2% -14.5% -5.4% -9.2% 8.1% 19 -7.2% 0.4% 1978 5.9% 9.2% 3.8% -1.5% .9.4% 7.2% 1? 0,, 7.6% 6.6% -0.9% 1979 18 213 19.0% 0.2% -0.3% 160% 130- 5.6% 18.6% 1.8% 1980 73 5% 24.1% .6.7% 11.6% 74.0% 14.0% 14% 32.5% -1.6% 1981 -21.1% 4.5. 119'? -4.9% 4.8% 1982 6811 1 -2.2% 54 . 79 03 41 23 18.5% 24.5% 10.3% 21.5% 39.1% 1983 14.8% 30.3% 33.0% 27.2'% 40.3% 300% 14.7% 9.5% 19.2% 13.4% 22.6% 2.0% 1984 8.8% 19.8% 1b.9% 5.0% 7.9% 13.5% 153% -66.3% 6.3% 14.6% 1985 41.71; 22 3% 22 15) 275`% 15.9% 24.4% 44.6% 435% 31.7% 35.7% 31.7% 29.6% 1986 8 1,5 25.0% 19.3).: 12 7% -9.2% 10.77. 31.9% 38.191 1S 1 16.4% 18.7% 21.3% 1987 -16.1% 10.6% 46.5% 710% 7.7% 4.1% 13.8% 11.0% -2.5% 7.8% 5.3% -2.8% 1988 18.0% 18.833 19.3% 12.4% 1.7% 78.7% 12.4% 17.8% 23 3% 16.6% 6.8% 1989 32.5% 22.4% 18.4% • 1.3% 12.4% 49.4% 44.9% 61.8% 31.7% 17.7% 1990 -20.8% 2 4-, 0 7% -74% 12.2% 153% 17.3% .0.6% 13.9T -3.1% 7.6% 1991 6.9% 25.5% 29.5% 9.1 41.5% 53.7% 23.9% 13.29E 30.5% 18.8% 1992 2.3% 10.3% 9.6% 2.93: 19.735 • 6.693 7.6% 7.1% 1993 13.5% b -39% -81% 13.7% 10.1% 12.9% 1994 -3.5% 3.7% 5.8':, 2.4% 8.3% 938% 13.7% 11.8% 4.8% 1.3% -7.3% 1995 31.0% 20.0% 39.1% 39.4% 20.3% 39 6% 58.0% 32.7% 4? 4 37.6% 25.4% 1996 25.9% 15.8% 25.1% 1 (114., 12.4% 25.9% 5.7% 1.1% 23.0% 0.0% 1997 25.3% 8.4% 27.0% 28.5% 34.433 329'1: 43 7% 24.7% 33.4% 11.9% 1998 11.4% 0.6% -6.2% 10.9% 15 8% 43 9% 14.8% 28.6% 14.6% 1999 4.1% 18.7% 21.5% 15.1% 0.7% -9.2) 191 21.0% -7.9% 2000 15 7 40.9% -38.8% -9.1% 17.2% 2001 .35 -25.9% -119% -30.4% -12.2% -11.9% 5.4% 2002 -11.1% -5.5: -37.4% .18.8% -30.0% -34.1% -22.1% 15.4% 2003 31.0% 38 11.6% 15.1% 26.3% 7.1% 28.7% 0.2% 2004 10.9% 31.5% 1 2.6% 1 8.2% 1.7% 10.9% 4.5% 2005 6.5% 31.4% 4.4% 2.3% 1.0% -6.4% 3.6% 6.5% -5.6% 4.9% 3.0% 2006 19.2% 24.2% 18 6% 13 3% 8.4% 18.6% 14.4% 7.5% 15.8% 2.2% 2007 -18.6% 34.4 13 2% 7.2% 5.5% 10.4% 2008 -55.3% .399% -03.1% -33.5% -37.0% 20.5% 2009 17.2% 20.9% lr 1 1 26.5% -10.2% 2010 12.1% 20.5% 22.2 10.2% 14.1% 2.9% 5.5% 19.0% 15.1% 7.9% 2011 -17.1% 9.896 2.4% 2.1% 16.1% 2012 28.8% 4.6% 15.0% 14.8% 1 16.0% 2.7% 2013 25.1% 25.6% 26.1% 11.5% 32.4% -8.5% 2014 15.2% -7.8% 6.9% 9.8% 9.7% 16.0% 3.0% 13.7% 10.6% 2015 •1.5% -21.1% -8.4% -2.5% 3.4% 1.4% 1.1% 2016 YT0 -10.9% -4.3% -5.3% -4.9% -6.7% -7.3% -6.1% 3.9% Sane Dash* Sint IlawAnSca the, AvANn AM Ma MOW,in:ISM Mier curpoireibem•OSIP SW by Al. ttliAitaatitypirp orsiong mace wraVeperIcemai SSP 500by^. Dnut::e::: Bank Secuntio9 Inc Page 43 CONFIDENTIAL - PURSUANT TO FED. R. CRIAl. P. 6(e) DB-SDNY-0120437 CONFIDENTIAL SDNY_GM_00266621 EFTA01459765