EFTA01367815.pdf

22 May 2015 US Equity Insights [Figure 47: Historical sector performance Beta > 1 Beta x 1 Beta < 1 PS valueI Global Value Global Growth Consumer Growth Paw 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 Financial Energy Materials Industrials Tech Cons. Disc. Staples Care Utilities Telecom S&P 500 TR 1960 2.4% -4.4% -6.4% -10.2% -10.1% 0.0% 0.3% 3.9% 1961 25.4% 18.7% 26.1% 29.0% 0.0% 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% 20.8% 25.6% 13.6% 20.9% 12.2% 22.4% 22.5% 1.6% 1964 2.6% 13.2% 14.4% 16.5% 15.6% 0.9% 16.3% 3.7% 1965 -5.6% 1.5% 12.8% 5.3% 3.2% 4.7% -8.0% 12.3% 0.7% 1966 -7.1% -16.9% -20.8% -29.5% -10.0% 5.0% 1967 2.0% 17.9% 23.6% -0.6% -4.3 23.7% -3.2% 1968 2? .. 6.6% O.1% 10.3% 5.5% 10.0% 10.8% 2.2% 1969 -10.8% 24.1% 5.3% .288' 11.3% .8.3% .5.5% 1970 6.4% 172% 3.5% 18.4% 1971 10.1% 4.6% 0. 230":. 14.3% 11.1% 1972 22.2% 14.1% 27 8% 11.5% 20.2% 19.0% 2.3% 1973 57'. 23 -21.9% .17.2% -14.7% 3.3% 1974 -35.1% -23.7% •26.9% -36.5% -42.3% -28.8% -26.5% 3.9% 1975 19.3% 27.0% 25.4% 39.1% 38.2% 37.2% 5.4% 1976 19.034 24.9% 19.3% 10.9% -4.0% 23.9% 15.2% 1977 -8.9% -3.4% -27.7% -9.8% -13.2% -14.5% -5.4% -9.2% -7.2% 0.4% 1978 5.9% 9.2% 3.8% -1.5% -9.4% 7.2% 3.7% 7.6% 6.6% -0.9% 1979 18.2% 19.0% 0.2% -0.3% 13.0% .5.6% 18.6% 1.8% 1980 14.7% 23.5% 24.1% -6.7% 11.6% 14.0% 1.4% 32.5% •1.6% 1981 % -21.1% I I 0, 41 (7 .4.9% 4.8% 1982 6.8% 1.9% -2.2% I 0 10.3% 21.5% 39.1% 1983 14.8% 14.7% 9.5% 19.2% 13.4% 22.6% 2.0% 1984 8.8% -1 .1 135 15.31„ -66.3% 6.3% 14.6% 1985 22.3% 22.3% 27.5% 15.9% 24.4% .14.6% 43.5% 35.7% 31.7% 29.6% 1986 8.2% 19.3% 12.7% -9.2% 20.2 3L9% 38.1% 16.4% 18.7% 21.3% 1987 -16.1% 7.7% 4.1% 13.8% 11.0% 2.5% 7.8% 5.3% -2.8% 1988 18.0% 18.8% 19.3% 12.4% 1.7% 28.7% 17.8% 16.6% 6.8% 1989 32.5% 22.4% 18.4% -1.3% 124 49.4% 449% 31.7% 17.7% 15.3% 17.3% 1991 25.5% 29.5% 41.5% 41.7% 53.7% 23.9% 13.2% 30.5% 18.8% 1992 10.3% 9.6% 19.7% 6.6% 7.6% 7.1% 1993 13.5% 11.6% 13.7% 10.1% 12.9% 1994 -3.5 -8.35. 9 8' 13.7% 11.8% .4.8% 1.3% .7.3% 1995 31.0% 20.0% 39.1% % 20.3% 39.64. 58.0% 32.7% 37.6% 25.4% 1996 25.9% 15.8% 25.1% 12.4% 25.9% 21 0? 5.7% 1.1% 23.0% 0.0% 1997 25.3% 8.4% 27.0%a" 34.4% 32.9% 43 7% 14.7% 33.4% 11.9% 1998 11.4% 0.6% -6.2% 10.9% 15.8% 4391' 14.8% 28.6% 14.6% 1999 4.1% 18.7% 21.5% •15.1% - 10 7% -9.2% 19.1% 21.0% .7.9% 2000 -40.9% -20.0% -38.8% -9.1% 17.2% 2001 -9.0% -10.4% -25.9% -11.9% -30.4% -12.2% -11.9% 5.4% 20:0 -37.4% -18.8% -30.0% -34.1% -22.1% 15.4% 2003 31.0% 25.6% 11.6% 15.1% 26.316 7.1% 28.7% 0.2% 2004 10.9% 13.2% 2.6% 13.2% 82% 1.7% 24.3% 19 10.9% 4.5% 2035 6.5% 4.4% 1.0% -6.4% 3.6% 6.5% 16.8% 5. - 4.9% 3.0% 2006 19.2% 18.6% 13.3% 8.4% 18.6% 144", 7.5% 21.0% 36.88. 15.8% 2.2% 2007 18.6% 13.2`s 14.2% 7 2° 19.4% 11.9% 5.5% 10.4% 2008 -55.3% -34.9% -45.7% -39.9% -43.1% -33'; -29.0% -30.5% -37.0% 20.5% 2009 17.2% 13.8% 20.9% 41.3% 26.5% -10.2% 2010 12.1% 10.2% 27.7% 19.0( 15.1% 7.9% 2011 -17.1% 4.7% -9.8% 2.4% 6.1% 2.1% 16.1% 2012 4.6% 15.0% 14,8% 23.9% 10.8% 179% 1.3% 18.3% 16.0% 2.7% 2013 35.6% 25.1% 25.6% 28.4% 43.1% 26.1% 41.S? 11.5% 32.4% -8.5% 2014 15.2% -7.8% 6.9% 9.8% 9.776 16.0% 25 3% 3.0% 13.7% 10.6% 2015 YID 1.2% 0.3% 5.3% 13% 5.4% 6.8% 2.3% 10 1% '4.6% 6.1% 4.1% -0.1% San. Danes Lank tin AnaSeca TannSows Pagu 26 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059429 CONFIDENTIAL SDNY_GM_00205613 EFTA01367815