1. Jon Misny, Shavkat Nasirov, Justin Oblak, Eric Zimmerman

2. Keep current weight of 13.1%

4. Composition of S&P 500

5. 4.2% Increase

6. 15.1% Increase

7. 3.4% Increase

8. By Market Cap: Billions of $

9. By Market Cap: Billions of $

16. Transportation & Capital Goods are components of the Industrials Sector. They typically perform best in the early and middle stages of economic expansion.

23. High: 20.7% Low: 12.4% Current: 15.5% Median: 16.7% Current: 15.5% Median: 16.7%

24. Current: 1.1 Median: 1.0

25. DIVERSIFIED TRADE & DISTRIBUTION AEROSPACE/DEFENSE Current: 49.1% Median: 36.6% Current: 17.5% Median: 15.9% Current: 19.6% Median: 18.4% Machinery Current: 19.7% Median: 19.5% Electrical Components Current: 24.9% Median: 17.2%

26. Current: 14.31 Median: 10.23

27. RAILROADS AEROSPACE/DEFENSE Current: 24.92 Median: 10.12 MachineryElectrical Components Current: 24.62 Median: 12.96 Current: 18.39 Median: 9.8 Current: 19.6 Median: 12.47

28. Current: -31.5% Median: 9.5%

29. Current: 228.64 Median: 148.31

30. Current: 6.3% Median: 6.3%

31. Current: 0.9 Median: 0.9

32. Current: 24.4 Median: 20.47

33. IndustryROE+/-EPS+/-PM+/- Aerospace & Defense24.9%+24.6+6.1%- Airfreight & Logistics15.7%+12.3+4.1%- Construction & Engineering14.3%-14.4-3.3%+ Electrical Components19.1%-18.4+8.0%- Heavy Electrical Equipment9.2%+14.6-10.5%+ Highways & Railtracks6.1%-3.1+1.8%- Inustrial Conglomerates12.5%-13.6-8.2%- Machinery19.6%-16.2+6.1%- Railroads11.4%-24.9+11.7%+ Trade and Distribution17.5%-7.9+6.1%- POWER RANKINGS 1. Aerospace/Defense 2. Railroads 3. Electrical Components 4. Machinery 5. Airfreight/Logistics

43. Currently: Overweight by 2.34% Overall weight of 13.1% Future Outlook: Cautiously optimistic Strong returns in some industries Stay away from Airfreight and Logistics & Diverse Trading Focus on Industrial Conglomerates and Machinery