Cul SawinOog 4ueg apSinaa Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based o )O8 US Equity Suatt70y top down soctot and Industry EPS astinotesi Wren N..,..)It .10 Afreed \Neght..k.! S.?. . _0, 5 I£ -003 FE Oanvoloht 2015 FE 2016 FE Equatwolont 20:5 IT :015 Fl ..fr',.rn. ;", : 2.;,hnelaev - -. th Care Equernent a Sem ," , . -1- :re Technology ./. ,0tware Stomp, '. - • • , st•Ino & Sown .:,ncluctets uo 0,... nx JP: • • •Argabom Egucattea - - ;cc Eaugelett . ,ii Markers ' ' 2°• - . • -er Cr-sr..-xt 34% :Atte, -re ndent Paget Producers .0-..thate 13D cecommuwaeon Swan 126 :30 Ain Consonwits 13/ 127 fl arsth91Ceraornor Sevoss 183 it N../ om51:4011 96 92 Hetet Flostatraola /1 Inure 260 7: - I .,a>01 126 182 74448. ADD** 6 Lamy Cx)04N 236 21 r Est 'cid end i 3os Da41:44 , Poblel 166 21.2 14.6 147 200 138 r - , naiad 21.1 194 €0 7 646 na UO 176 tearer, 231 229 7.,c'd Products 21 3 204 :..9 5 .O'1. .nc.."313 PrOduCt$ 206 200 , `nal ROdUCtS 27 7 24 2 203 206 Aahree 177 167 -. 6 9 137 137 . , . , . • . . 163 163 16.8 166 . L::03,,,Tor.te: 230 165 ISO w". tot :oat Sinices 201 • • • •9 Garvin's & De0bAoes 167 169 159 , r.:45 17.3 155 1Consut.cden Merin 458 320 17.9 167 Ceetenete & Package0 181 164 Metals & MiIng 263 166 ref &Forest Protium II 0 I1.0 - -0,07EqJpmerr & Senncet :02 229 of pea & COna id- -.0.. raps ?O6 236 0020regate PE or DB Industry • ocatom Oarenaylabi 166 140 Egualwel0ht 18.5 17.4 Jr-CArAfp j ^l S&P 5C0 Index 2521.24 20158 2016 De Strategy EPS 119.0 1250 2015 & 3018 De Strategy PE 17.5 166 Bottctryset CM!. EPS 1198 1265 Bottonwo Cons. PE 17.6 162 Sant. DOUTI,1•• &Ili Ma-lets Rearm. C cn 0 m Z .0 0 • 3 • g a = 0 • — CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119273 SDNY_GM_00265457 EFTA01459060