EFTA Document EFTA01459031

The MSC€ AC World Financials €ndex captures large- and mid- cap financial companies across 46 developed- and emerging- market countries. The MSCI AC World Index captures large- and mid-cap companies across 23 developed- and 23 emerging-market countries. The MSCI IPD °FIX Germany measures the total return of selected open-ended German property funds after leverage, liquidity holdings and fund costs. The MSC! World index captures large and mid-cap representation across 23 developed-market countries. A multiple is a ratio that is used to measure aspects of a company's well-being by setting various of the company's metrics against each other and thereby building indicative ratios. Net asset value (NAVI is the value of an entity's assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value. Net-exposure equity strategy describes the degree to which long positions (benefiting from rising share prices) outweigh short positions (benefiting from falling share prices). The People's Bank of China (PEoC) is the central bank of the People's Republic of China. In economics, the Phillips curve is a historical inverse relationship between rates of unemployment and corresponding rates of inflation. The pound ster lino IGSP}, or simply the pound, is the official currency of the United Kingdom and its territories. The PowerShares Dynamic Leisure and Entertainment Portfolio is an ETF focused on the U.S. leisure, travel and entertainment sector. The price-to-earnings (PIE) ratio or multiple measures a company's current share price relative to its per-share earnings. Prisfee equity is a direct or indirect investment by a financial investor in operating companies that are not publicly traded on a stock exchange. 0uantitativi..7 eas€ng is an unconventional monetary policy in which a central bank purchases securities in order to lower interest rates and increase the money supply to promote increased lending and liquidity. A recession is, technically, when an economy contracts for two successive quarters but is often used in a looser way to indicate declining output. A Real Estate Investment Trust !REIT) is a company that owns, and in most cases. operates income-producing real estate. RE IT): sell like a stock on the major exchanges and invest in real estate directly, either through properties or mortgages. The S&P F.)00 IndeA includes 500 leading U.S. companies capturing approximately 80% coverage of available U.S. market capitalization, A share bi.rvback or repurchase is a program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. Soft catalysts are announcements by the company which has yet to take place, prompting a hedge-fund manager to take a position in anticipation. The, eproao is the difference between the quoted rates of return on two different investments, usually of different credit quality. Trade buyers, in the context of a corporate takeover, refers to buyers from within the same industry as the firm being taken over. Treasuries are fixed-interest U.S. government debt securities with different maturities: Treasury bills (1 year maximum), Treasury notes C. to 10 years), Treasury bonds (20 to 30 years), and Treasury Inflation Protected Securities (TIPS) (5, 10 and 30 years). Turtle cycle is a term used by Asoka Woehrmann and Deutsche AWM to describe the slow recovery of many economic cycles worldwide. The U.S. Commerce Department is the Cabinet department of the U.S. government concerned with promoting economic growth. Valuation attempts to quantify the attractiveness of an asset, for example through looking at a firm's stock price in relation to its earnings. 22 0 itireone 12..) VA* Amet* &IN& I On.",:ato tols CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119231 SDNY_GM_00265415 EFTA01459031