20 November 2015 US Equity Insights [Figure 23: S&P Sales growth lags US GDP growth... Figure 24: ... even though GDP particularly strong r5% Oa Y% Cara 0 Pt o%. at to .6% V 450./11 SOO 21471•341 NOW 70414 GOP 1111 OOP 4n GOP in OOP On 40% 4771 Sam 0 it S" OM ean >PS Inn IA 30% i ; ; I i i i i I i i RablroOn Soria> GOP —SOP 5 Solos Ong 111.1•1000 An 111.14vow GOP ill 7% COO 43% Pas PM tan •1% 75,5 rot 15% Rantibin Red GOP -Rest Pasts a Casa San. SSA. MA Dash* BA Savor SEA Dab** Ant iFigure 25: Capex growth is key for healthier S&P Sales growth 25% 110 IOW 00547 FV2015 25% Sipat GIS wallµ 20% ti 140.410441 20% 5 15% 10% 5% r i 4. 5% S Os 0% 4% .5% 11420 1µ2a Dassac 1970-70 Oi was ProalaY4Y awn rf 20020? Pea OA 45% nfraGructur• GOP 4 3S. twat bows .15% 00P 4 7% Cam 114% GOP 40% 00P a Coca :I 7% Coo 103% C40•1 iq g l i f Erni linnSIOn -clew (EOUP • IPP) W %a21 Are WHIPS Coe 7% Caper 50% Sant IVA 044a41 lent 1111400 OOP. 311 Cans 57% Figure 26 Spenders of capex (S&P 500 capex by sectors) Haim., Tanen 4% 6% Finnan 5% Toth 1M Can. Sales 6% Cam 004. 13% latin 12% San Corp.* nalet>. - 0 Be InallOW5 10% ^54% S&P heat, ow:fusing/ Deutsche Bank Securities Inc. Avg 11114014 GDP 26% Cann 53% 5% Figure 27: Receivers of capex (GDP accounts - US capex by type) 27% Energyson sem: 2014 Metal &pp 5% a 7% Cain WOAperopt 6% Cant Ea. Mut& Eno? 13% Trereponeon E1510 16% Source SEA Parts Bark COW PP 1 9% RBD 17% OM. 31% of "pox. 7•"' Tech & Telecom n% Intl op ties Page II CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00265464 DB-SONY-0119280 EFTA01459067