EFTA01459641.pdf

C CO Cr/ -n Figure 49: S&P 500 Advised Sector and Industry Allocation (201546 PE be sod on OS US Equity Strategy top down sector and industry EPS estimates) de CO Market Advised 2016 2016 1016 2016 2016 7016 C c CO Sector Creenveight Equals%Ight U-deraecht co Weight1%1 Weight1%1 PE PE PE PE PE PE octet. I I II. aces 1. 140 '0 ha Heats Can Equcment & SuP1160, 19 I IS 0 ot... O 147% 200% Health Cans I5.7 14.7 Heath Can Technology 273 254 r Life Stoves Toot & Serrces 208 199 9, Pharmaceuticals 16.1 15.3 Technology Hardware. Stone & Pent:herds 101 98 Intemet Software & Semites 292 25 1 IT Services 176 16 7 20 , 2 - 0 a. hnolben Inaormo 16 0 15 I Semconductors 146 M4 Tec ogy Seinen 20 I 189 Corrnwnceoan Ecnormant 108 106 Seetrono Eilularent 158 151 - nc Utiles 166 161 Over- Gas Utiles 22.1 206 38% that*. 170 16 5 weight Independent Poona Produces* 107 98 Mulolltiftel 180 174 119k> 102 107 DrvervIesd PnencolSenates 194 175 Caput' Markets 123 12.7 Insurance II I 101 166% 180% Fevered, 12 2 12 2 Consumer Fmance 9.3 9A Reel Esuce Mgmt St Development 127 I17 RE1Ts 183 176 Thrfts & Mortgage France 147 107 Ate* Components 106 97 Dostntutors 188 17.5 Aseanobole a 61 6.0 Myer'died Consumer Servs:es 187 Kt 8 AWRIIII• PAS 150 140 Household theatres 140 125 Consumer Specialty Read 200 184 Hotels Restaurants & Lersure 240 220 t77% 140% 190 17.5 Oneraonay totem el& Catalog Reuel 6115 621 leisure Products 24 6 23 I Mode 172 162 'rental's Apparel & Loamy Goods 225 208 Equal Mon 2 8% 2.7% Telecom 132 132 Telectiovnasemron SleVaG 132 132 wecht IDEW kon% Food & Staples Retereng 18.1 17.3 Beverages 213 116 Food Products 212 192 105x, 208 197 Household Products 223 113 Personal Products 284 249 Tobacco 205 199 *taws 63 53 Fluniong Polito 210 196 IndosualConglomemeos 216 201 Arr Freight 8. Legates 166 166 Artiosgeot & Defense 166 160 Coarneecoal Saucers & Supple; 18 7 179 Construcoon & Engnearing 118 118 - 114 148 Under- Prohnstonel Seances 19 1 178 ENetreal Ereapment 146 15 1 wetg t 1 Road & Rad 134 132 Mechnent 146 159 Dodo% Compare's & Dstrototors 163 170 Chancels 152 15.3 Constructon Mach* 386 32.1 C.51110a411 & Rotkigng 140 134 Deutsche Bank Securities Inc. 2 8% 168 16 8 Metals& Mang 273 273 Paper & Font Products 94 94 Energy Equprnent &Sentszes 182 NM 6 6% 3 0% Et'egSlr 7t Gas & Consumable Fees 26 7 NM Aggregate PE of 08 Industry agocaeont Ownntieht 13.6 132 Ectualoyeght 16.7 16.8 Uncle rwenr t 199 24.2 2016 & 2018 DB Strategy EPS 11130 119.0 2016 & 2016 DB Strategy PE 16.2 16.2 S&P 600 Index 111146 Bottoms* COWL EPS 117.7 123.3 Bottom.* Cons. PE 18.3 11.1 Salle. Dahl* Qua MelPoil &wen, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120210 CONFIDENTIAL SDNY_GM_00266394 EFTA01459641