EFTA01458544.pdf

Figure 26: Advised S&P 500 Sector and Industry A.1 at ion (2014.:15 PE based on DB US Equity Strategy top dov: :otor and Industry EPS esti! 'wales 63 4881 Aavrved All b :91 5 2016 O' 5 SEC1C4 PE Oregwecht 1-f Pc 66666666M Ff 0,-.2.' • Id A.!.stt ilbi 7”.:,, ir'CIC.j., '14I.J.... ..J. ..:-..,o.,. °A; wiles.. . lower°, Software & Senn:es IT Inionnlon 1 :10 5% it 0 116 546969063446:44 Tech-PIXY Sertw410 1 Corrrtuncocce Equvrent 1 Elea:arc Equomert 4 5totechnolooll '4. Hearth Core Proadv, & Scrams 167 '4' I, 4”,t)C114 EauC464110 %COWS NAPO Care 4 - 5I,66.953 Toch5O1O3v 261 Om- •'• 7.,ences Tads & 176 166 weight • •••...,,uocals 160 151 1I 0 104 10rwocPla] • ,-..n.: -. I ; ' 11 /.1.V.ots 127 116 nmaw°, • - .ref Form 106 102 REIT, Elul EWA, Mort &C... ' 4 -, IhOlts & moitosOli En's, 243 106 164 150 G43551183 102 1612 =.0 I^5 inosondent PO86489O.14441 100 99 /448411011.4 173 IE6 120 12.0 Telecorrenuntabon Senicee .19 104 1L>verstito Consurnv bervoes 77 7 4 Ho638.8503t4•4461.9 61.165.6) I ' 7.. 9 Textfes. /VOWS & U.cos y Good; i ' - •-,:tii eatables 133% ,4 17 7 • PP:NM — P418I 155 137 ,. , Pets 134 171 664 62, '+0 170 ITT 8ever0844 21 7 21 5 of EtcOucts 178 171 - : .netield Products 192 166 260 225 1138 190 Arlres • ' 7 1lockicts ' —owe& Dona 163 158 • Vie 13491b= . tr..coon& E11O114411-13 113 110 .., 341Sences b Sumba, • . t.r., 0 Equynenl 137 137 -.. Cooping/4S 'ire', 146 151 we on; , NIS Serv8.516 ' •113COTIIParrn 1113.4Ob4lors 148 131 1 i T, 1 392 327 167 146 145 145 IC 7 139 102 102 195 195 a 290 195 279 195 Aare014 PE 0108 I6:1610Ty 6boatbr* Overa.814 142 114 Equilw6616 166 159 urcer.. ti SSP 60D index 1920.03 2016& 2016 DO Watson EPS 1209 1260 2015 & 2016 DO Saats6y PE 169 ISO A- Elottanw Can, EPS 119.0 13119 Bottom.up Cow. PE 1S1 I17 S.v.rce Oraxne Sert .4ftees ReSalte Thces sloe 9 3.11:015 5' co CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118507 CONFIDENTIAL SDNY_GM_00264691 EFTA01458544