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EFTA01459765

DOJ Epstein Files
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8 February 2016 US Equity Insights [Figure 70: Historical sector performance Beta > 1 Beta :7. 1 Beta < 1 ys Value Global Value Global Growth Consumer Growth tow Beta Defensives Credit Pla Commodity Plays Capex Plays Consumer Plays Growth Domestic (Bond Subst. Financials Energy Materials Industrials Tech Con Disc Staples Healthcare Utilities Telecom 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YT0 Financials Energy -14.4% 14.6% 2.6% -5.6% 2.0% 77.1% 20.8% 26 7 • 1.5% -7.1% 17.9% Industrials -10.2% 18.7% -10.5% -15.9% 25.6% 13.2% Tech 10.8% 6.4% 10.1% -74.1% 17.5. 11.0% 4.8% 0.7% 12.8% -16.9% 23.6% 6.6% -15.3% -78.8% 22.22. 14.1% -35.1% -23.7% 19.3% 27.0% 365 • 3.4% 9.2% -8.9% 5.9% 18 213 14.8% 8.8% 41.71; 8 1,5 -16.1% 18.0% 32.5% -20.8% -3.5% 11.4% 4.1% 31.0% 10.9% 6.5% 19.2% -18.6% -55.3% 17.2% 12.1% -17.1% 9.896 4.6% 15.0% 25.1% 25.6% 15.2% -7.8% 6.9% •1.5% -21.1% -8.4% -10.9% -4.3% -5.3% <3 1 lb , -10.1% Cons. Staple Health Care Utilities Telecom 0.0% 26.1% 29.0% 00% -33.2% -7.0% -17.6% -18.6% 13.6% 20.9% 2.4% 4 14.4% 16.5% 5.3% 3.2% -29.5% -0.1% 10.3% - al= 77 8 5.7% 237. 22 3., -26.9% 41.1% 25.4% 19.0% 24.9% -27.7% -9.8% 3.8% -1.5% 73 5% 30.3% 33.0% 19.8% 22 3% 25.0% 10.6% 46.5% 710% 18.833 1b.9% 22 15) 19.3).: -36.5% 39.1% 19.3% -13.2% 6811 1 -2.2% 19.0% 24.1% -21.1% 54 . 79 03 41 23 11.5% -21.9% -42.3% -14.5% .9.4% 0.2% .6.7% 20.2% -17.2% -28.8% 38.2% 10.9% -5.4% 7.2% -0.3% 11.6% 27.2'% 40.3% 300% 5.0% 275`% 12 7% 19.3% 12.4% 22.4% 18.4% 2 4-, 0 7% 6.9% 2.3% 25.5% 10.3% 13.5% -74% 29.5% 9.6% b 3.7% 5.8':, 2.4% 31.0% 20.0% 39.1% 25.9% 15.8% 25.1% 25.3% 8.4% 27.0% 0.6% -6.2% 10.9% 18.7% 21.5% 15 7 .35 -11.1% -5.5: 38 1 4.4% 18 6% 31.5% 31.4% 24.2% 34.4 28.8% 20.5% 22.2 Sane Dash* Sint IlawAnSca the, AvANn AM Ma MOW, in:ISM Mier curpoireibem•OSIP SW by Al. ttliAitaatitypirp orsiong mace wraVeperIcemai SSP 500 by^. 7.9% 15.9% -9.2% 7.7% 1.7% • 1.3% 9.1 2.93: 39.4% 1 (114., 28.5% 40.9% -25.9% -37.4% 24.4% 10.77. 4.1% 12.4% 12.2% 41.5% 19.735 8.3% 20.3% 12.4% 34.433 25.1% 8.6% -2.7% : 18 2 5.0% -4.0% -9.2% 1? 0,, 160% 74.0% 12.2% 15.6% 4.7% -0.6% 5.5% -11.3% .2% 7.5% -17 7t, •21.4% 42.9% 30.2% 8.1% 130- 14.0% 4.5. 119'? 22.4% 09% -8.0% .4.3% 10.0% .3.1% 23.9% 0.5% -4.5% 32.3% 19 7.6% 5.6% 14% 18.5% 24.5% 10.3% 14.7% 9.5% 19.2% 13.4% 13.5% -66.3% 31.7% 35.7% 16.4% 13.8% -2.5% 7.8% 78.7% 49.4% 153% 44.6% 31.9% 153% 435% 38.191 11.0% 12.4% 17.8% 44.9% 17.3% 53.7% • 1S 1 -39% -81% 938% 13.7% 39 6% 25.9% 329'1: 15 8% 15.1% 58.0% 43 7% 43 9% 0.7% .0.6% 23.9% 6.693 13.7% 11.8% 32.7% 5.7% 24.7% 14.8% -9.2) -119% -30.4% .18.8% -30.0% 11.6% 15.1% 26.3% 2.6% 1 8.2% 1.7% 2.3% 1.0% -6.4% 3.6% 6.5% 13 3% 8.4% 18.6% 14.4% 7.5% 13 2% 7.2% .399% -03.1% -33.5% 20.9% 10.2% 2.4% 14.8% 9.8% -2.5% -4.9% -6.7% -7.3% lr 1 1 14.1% 2.9% 5.5% 1 26.1% 9.7% 16.0% 23 3% 61.8% 13.9T 13.29E 4.8% 4? 4 1.1% 191 -38.8% -12.2% -34.1% 7.1% -5.6% 19.0% 11.5% 3.0% 3.4% 10yr Tsy S&P SOO TR 0.3% 3.9% 26.6% 4.1% -8.8% 3.9% 22.5% 1.6% 16.3% 17% 12.3% 0.7% -10.0% 5.0% 23.7% .3.2% 10.8% 2.2% -8.3% .5.5% 3.5% 18.4% 14.3% 11.1% 19.0% 2.3% -14.7% 3.3% -26.5% 3.9% 37.2% 5.4% 23.9% 15.2% -7.2% 0.4% 6.6% -0.9% 18.6% 1.8% 32.5% -1.6% -4.9% 4.8% 21.5% 39.1% 22.6% 2.0% 6.3% 14.6% 31.7% 29.6% 18.7% 21.3% 5.3% -2.8% 16.6% 6.8% 31.7% 17.7% -3.1% 7.6% 30.5% 18.8% 7.6% 7.1% 10.1% 12.9% 1.3% -7.3% 37.6% 25.4% 23.0% 0.0% 33.4% 11.9% 28.6% 14.6% 21.0% -7.9% -9.1% 17.2% -11.9% 5.4% -22.1% 15.4% 28.7% 0.2% 10.9% 4.5% 4.9% 3.0% 15.8% 2.2% 5.5% 10.4% -37.0% 20.5% 26.5% -10.2% 15.1% 7.9% 2.1% 16.1% 16.0% 2.7% 32.4% -8.5% 13.7% 10.6% 1.4% 1.1% -6.1% 3.9% Dnut::e::: Bank Secuntio9 Inc Page 43 CONFIDENTIAL - PURSUANT TO FED. R. CRIAl. P. 6(e) CONFIDENTIAL DB-SDNY-0120437 SDNY_GM_00266621 EFTA01459765