EFTA01459027.pdf

Mee real:ens rce. 1So tna PCUlt. knee/owleeriebeets Atlitnittt pimp:taloa: Porte,* High-conviction ideas Selected investment ideas to complement wealth-management clients' portfolios European Long U.S. dollar Global financials Indian equities automotive sector idea iretataa Wet initiated idea initiated idea initiated November 1, 2015 September 1, 2015 July 1, 2015 May 1, 2015 Refe;renCe IlleaW Reference measure Reference measure Reference measure Martel i&oxx EUR Corporates lLi,pioLworkk9 091 CNX Nifty Index vs. cash'. Autometklesand Parts inci.ex vs cast? "IlirtrrI'. n I - vo....ispiA1,3mi Lr11,,• it ll I III "77111r Investment horizon Investment horizon Investment horizon Investmeht horizon - 6 12 months 3 - 12 months 3 - 124 months 3 12. Months Performance since initiation Performance since initiation Perionsiame since initiation Performance since initiation 0 When we launched this idea, The Bloomberg Dollar Spot Global financials are likely The Nifty Index has fallen we cautioned that there could Index has been moving to gain from an upwards recently, in part due be several more uncertain upwards since the middle of turn in the U.S. interest-rate to concerns about the months before the sector October, with the U.S. dollar cycle Rising dividends and implications of a December eventually stabilized. This gaining ground against both share buybacks, as wallas Fed rate hike. But, over the has moved to be the case: developed and emerging. valuations, are also likely to be longer term, we remain Volkswagen's problems have market currencies. In part, positives. Possible negatives positive on Indian equities. deepened in recent weeks, this was the result of market include the impact of banking- The government is keen to with Increasing numbers of expectations of further activity regulation although push on with reforms. In early autos likely to be recalled. monetary stimulus from banks are taking action to November it eased restrictions However, we believe that both the EC B and the BOJ. offset such headwinds, on foreign direct investment corporate investment-grade The strengthening of many for example through cost- in 15 major sectors including bonds in this sector appear to emerging-market currencies in cutting. Emerging-market defense, civil aviation and offer a lower-risk alternative early October after major falls opportunities may also exist mining and also increased to equities for investors with a earlier in 2015 - also appears although selectivity will be the ability of the Foreign longer-term horizon. to have run out of steam. critical. investment Promotion Board to give one-off approvals. High-conviction ideas may not be suitable for all investors. Investments come with risk. The value of an investment can fall as well as rise and your capital may be at risk You might not get back the amount originally invested Many 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 ancl should not be considered to be an offer or solicitation, advice or recommendation. It is not possible to invest directly in an index. is 0 C.deien I emeicceScreid Omelet+ 20IS CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119227 CONFIDENTIAL SDNY_GM_00265411 EFTA01459027