S&P MidCap 400 · 14/9/2016 · Table 3: STRG/STEG/LTEG Sorted on LTEG 12 Table 4: Earnings Growth Sorted on 2017E 13 Table 5: Earnings Growth Sorted on 2016E 14 Table 6: Earnings

Performance Derby:S&P MidCap 400

Sectors & IndustriesYardeni Research, Inc.

September 14, 2016

Dr. Ed Yardeni516-972-7683

[email protected]

Joe Abbott732-497-5306

[email protected]

Please visit our sites atwww.yardeni.comblog.yardeni.com

thinking outside the box

Table Of Contents Table Of ContentsTable Of Contents

September 14, 2016 / S&P MidCap 400 www.yardeni.com

Yardeni Research, Inc.

S&P 400 Index Price and Growth Path 1S&P 400 Revenues, Earnings, & Margins Squiggles 2S&P 400 Sectors Forward Earnings 3S&P 400 Sectors Forward Revenues 4S&P 400 Sectors Forward Profit Margin 5S&P 400 Sectors Forward P/Es 6S&P 400 Sectors Forward P/Sales 7S&P 400 Sectors Net Earnings Revisions Index 8S&P 400 Sectors Net Revenue Revisions Index 9Table 1: STRG/STEG/LTEG Sorted on STRG 10Table 2: STRG/STEG/LTEG Sorted on STEG 11Table 3: STRG/STEG/LTEG Sorted on LTEG 12Table 4: Earnings Growth Sorted on 2017E 13Table 5: Earnings Growth Sorted on 2016E 14Table 6: Earnings Growth Sorted on 2015A 15Table 7: Revenues Growth Sorted on 2017E 16Table 8: Revenues Growth Sorted on 2016E 17Table 9: Revenues Growth Sorted on 2015A 18Table 10: Year-Over-Year % Change in MidCap Forward Earnings 19Table 11: Year-Over-Year % Change in MidCap Forward Revenues 20Table 12: Year-To-Date % Change in MidCap Forward Earnings 21Table 13: Year-To-Date % Change in MidCap Forward Revenues 22Table 14: 26-Week % Change in MidCap Forward Earnings 23Table 15: 26-Week % Change in MidCap Forward Revenues 24Table 16: 13-Week % Change in MidCap Forward Earnings 25Table 17: 13-Week % Change in MidCap Forward Revenues 26Table 18: 4-Week % Change in MidCap Forward Earnings 27Table 19: 4-Week % Change in MidCap Forward Revenues 28Table 20: 1-Week % Change in MidCap Forward Earnings 29Table 21: 1-Week % Change in MidCap Forward Revenues 30Table 22: Current P/E And Year-Ago P/E 31Table 23: YOY P/E % Change and Current P/E 32Table 24: 2-Year P/E % Change and Current P/E 33Table 25: 4-Week Change in P/E 34Table 26: 13-Week Change in P/E 35Table 27: 26-Week Change in P/E 36Table 28: 52-Week Change in P/E 37Table 29: S&P 1500/500/400/600 Sector Index Price % Changes 38

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017150

400

650

900

1150

1400

1650

150

400

650

900

1150

1400

16509/13

yardeni.com

200-day moving average.* Ratio scale.

Source: Standard & Poor’s and Haver Analytics.

S&P MIDCAP 400 STOCK PRICE INDEX*

Figure 1.

80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 2030

1530

3030

4530

603075309030

30

1530

3030

4530

603075309030

Aug

S&P MIDCAP 400 STOCK PRICE INDEX WITH 9%- 15% CAGR GROWTH PATHS(base period Dec 1981 = 35.95, ratio scale)

9%

11%

13%

15%

S&P MidCap 400 (1564.76)

Source: Standard & Poor’s.

Figure 2.

S&P 400 Index Price and Growth Path

Page 1 / September 14, 2016 / S&P MidCap 400 www.yardeni.com


Figure 3.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017600

800

1000

1200

1400

1600

600

800

1000

1200

1400

1600

9/1

15

16

17

S&P 400 REVENUES PER SHARE(consensus analysts estimates in dollars, weekly, ratio scale)

Consensus ForecastsAnnual Revenues

Forward Revenues*

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201730

50

70

90

110

30

50

70

90

110

9/815

16 17S&P 400 OPERATING EARNINGS PER SHARE(consensus analysts estimates in dollars, weekly, ratio scale)

Consensus ForecastsAnnual Earnings

Forward Earnings*

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20174

5

6

7

8

4

5

6

7

8

9/1

1516

17

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S&P 400 PROFIT MARGIN(using analysts average earnings and sales forecasts, percent)

Consensus Forecasts

Forward Margins* (6.2)

Annual Margins

* Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor’s.

S&P 400 Revenues, Earnings, & Margins Squiggles



Figure 4.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20179

19

29

394959

17 9/115

16CONSUMER DISCRETIONARY(S&P 400 forward earningsby sector)

Annual consensusestimatesForward earnings

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201715

25

35

45

5565

179/115

16INDUSTRIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201725

40

55

70

85100

17 9/115

16CONSUMER STAPLES

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201730

50

70

90

11017 9/1

1516INFORMATION TECHNOLOGY

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-20

0

20

40

60

80

100

17

9/1

1516

ENERGY

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20179

14

19

24

2934

17

9/115

16MATERIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201715

25

35

45

5565

17 9/115

16

FINANCIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-20

-10

0

10

20

30

17 9/115 16

TELECOMMUNICATIONS SERVICES

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201715

35

55

75

95

17 9/1

1516

HEALTH CARE

Source: Thomson Reuters I/B/E/S.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201713

16

19

22

25

2817

9/11516UTILITIES

yardeni.com

S&P 400 Sectors Forward Earnings



Figure 5.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017250

400

550

700

8501000

17 9/1

1516

CONSUMER DISCRETIONARY(S&P 400 forward revenuesby sector)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017300

400

500

600

700

80017 9/1

15 16INDUSTRIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017600

1200

1800

2400

3000

179/1

15

16

CONSUMER STAPLES

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017500

900

1300

1700

2100

17 9/1

15 16

INFORMATI0N TECHNOLOGY

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017250

500

750

1000

12501500

17

9/1

15 16ENERGY

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017200

250

300

350

400

450500

179/1

15

16MATERIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017200

225

250

275

300

325

350

9/1

15 1617

FINANCIALS

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017100

300

500

7009001100

17 9/1

15 16

TELECOMMUNICATION SERVICES

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017200

600

1000

14001800

179/1

1516

HEALTH CARE

* Time-weighted average (in red) of the current year’s and next year’s consensus revenues estimates (in blue).Source: Thomson Reuters I/B/E/S.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017225

250

275

300

325

17

9/115

16

UTILITIES

yardeni.com

S&P 400 Sectors Forward Revenues



Figure 6.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20171

3

5

7

9

179/1

15 16

CONSUMER DISCRETIONARY(S&P 400 profit marginby sector)

Annual margins

Forward margins* (5.2)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20173

4

5

6

7

8

17

9/1

1516INDUSTRIALS

(6.0)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20172

3

4

5

6

7

179/1

1516

CONSUMER STAPLES

(3.6)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20173

4

5

6

7

8

17 9/1

15 16

INFORMATION TECHNOLOGY

(5.6)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-5

0

5

10

15

20

25

179/1

15 16

ENERGY

(-0.7)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20174

5

6

7

8

9

17

9/1

15

16

MATERIALS

(6.0)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20176

9

12

15

18

9/11516 17

FINANCIALS

(14.0)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-4

0

4

8

12

17 9/115 16


(0.8)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20174

5

6

7

8

179/1

1516

HEALTH CARE

(5.6)

* Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175

6

7

8

9

10

17 9/11516

UTILITIES

(8.8) yardeni.com

S&P 400 Sectors Forward Profit Margin



Figure 7.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201710

15

20

25

9/1

CONSUMER DISCRETIONARY(S&P 400 forward P/Es by sector)

(15.3)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175

10

15

20

25

9/1

INDUSTRIALS(17.1)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201710

15

20

25

9/1

CONSUMER STAPLES(21.1)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175

10

15

20

25

9/1

INFORMATION TECHNOLOGY(17.5)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20170

20

40

60

80

1/14

ENERGY(NA)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175

10

15

20

25

9/1

MATERIALS(17.0)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201710

15

20

25

9/1

FINANCIALS(19.7)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175101520253035404550

9/1

TELECOMMUNICATION SERVICES(40.0)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175

10

15

20

25

30

9/1

HEALTH CARE

Source: Thomson Reuters I/B/E/S and Standard & Poor’s Corporation.

(19.6)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20178

12

16

20

24

9/1

yardeni.com

UTILITIES(19.3)

S&P 400 Sectors Forward P/Es



Figure 8.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.25

.50

.75

1.00

1.25

1.50

9/1

CONSUMER DISCRETIONARY(S&P 400 forward P/S ratio by sector)

(0.80)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.25

.50

.75

1.00

1.25

9/1

INDUSTRIALS(1.03)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.25

.50

.75

1.00

1.25

9/1

CONSUMER STAPLES(0.75)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.25

.50

.75

1.00

1.25

1.50

9/1

INFORMATION TECHNOLOGY(0.98)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.0

.5

1.0

1.5

2.0

2.5

3.0

3.5

9/1

ENERGY(0.75)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.25

.50

.75

1.00

1.25

9/1

MATERIALS(1.01)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20171.0

1.5

2.0

2.5

3.0

9/1FINANCIALS(2.75)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.0

.5

1.0

1.5

2.0

2.5

9/1

TELECOMMUNICATION SERVICES(0.55)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.50

.75

1.00

1.25

1.50

1.75

2.00

9/1

HEALTH CARE

Source: Thomson Reuters I/B/E/S and Standard & Poor’s Corporation.

(1.10)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017.50

.75

1.00

1.25

1.50

1.75

2.00

9/1

yardeni.com

UTILITIES(1.70)

S&P 400 Sectors Forward P/Sales



Figure 9.

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

30

45

Aug

CONSUMER DISCRETIONARY

Net Earnings Revisions Index*NERI (-1.8)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

30

Aug

INDUSTRIALS

(-10.4)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

30

Aug

CONSUMER STAPLES

(1.2)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-40

-30

-20

-10

0

10

20

30

Aug


(0.3)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-60

-45

-30

-15

0

15

30

45

Aug

ENERGY

(1.5)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-50

-40

-30

-20

-10

0

10

20

30

Aug

MATERIALS

(4.1)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

Aug

FINANCIALS

(-6.4)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-75

-60

-45

-30

-15

0

15

30

45

Aug


(6.7)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

Aug

HEALTH CARE

* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: Thomson Reuters I/B/E/S.

(5.8)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

Aug

UTILITIES

(-1.4)

S&P 400 Sectors Net Earnings Revisions Index



Figure 10.

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

30

Aug

CONSUMER DISCRETIONARY

Net Revenue Revisions Index*NERI (-10.4)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

30

Aug

INDUSTRIALS

(-13.7)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-15

0

15

30

45

Aug

CONSUMER STAPLES

(-4.9)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-45

-30

-15

0

15

30

Aug


(-1.7)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-60

-45

-30

-15

0

15

30

45

Aug

ENERGY

(-1.1)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-60

-40

-20

0

20

40

Aug

MATERIALS

(-10.1)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

Aug

FINANCIALS

(-6.7)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-60

-40

-20

0

20

40

60

Aug


(26.7)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

Aug

HEALTH CARE

* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: Thomson Reuters I/B/E/S.

(5.3)

04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-30

-20

-10

0

10

20

Aug

UTILITIES

(-9.0)

S&P 400 Sectors Net Revenue Revisions Index



S&P 400 Industry STRG STEG LTEG

Table 1: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on STRG-Forward Revenue Growth (Thursday data as of September 01, 2016)



400 Thrifts & Mortgage Finance 31.7 5.3 10.0400 Automobile Manufacturers 31.4 18.6 8.7400 Gold 24.8 62.7 29.5400 Consumer Finance 23.6 18.0 13.3400 IT Consulting & Other Services 17.1 9.6 10.3400 Systems Software 16.0 24.1 20.0400 Homebuilding 13.6 19.1 18.2400 Forest Products 13.5 145.0 5.0400 Commodity Chemicals 13.4 15.4 13.9400 Health Care Services 11.8 8.4 15.0400 Oil & Gas Refining & Marketing 11.6 -0.4 0.5400 Health Care Technology 11.0 21.2 15.5400 Food Distributors 10.5 7.4 5.0400 Oil & Gas Exploration & Production 9.8 NA 10.2400 Automotive Retail 9.8 10.1 10.1400 Internet Software & Services 9.0 17.1 14.4400 Investment Banking & Brokerage 9.0 14.7 10.9400 Data Processing & Outsourced Services 8.9 12.8 12.4400 Health Care Equipment 8.6 12.8 14.7400 Communications Equipment 8.5 10.3 15.0400 Regional Banks 8.4 9.0 8.7400 Footwear 8.4 12.4 5.5400 Construction Materials 8.1 20.3 8.0400 Managed Health Care 7.8 24.6 18.2400 Specialized Finance 7.7 14.4 12.6400 Health Care Supplies 7.6 16.3 16.6400 Distributors 6.8 13.4 15.0400 Leisure Products 6.5 11.1 16.2400 Real Estate Services 6.5 5.7 11.0400 Packaged Foods 6.5 12.4 12.5400 Multi-Utilities 6.4 12.6 6.7400 Application Software 6.2 11.9 11.6400 Diversified Support Services 6.2 12.0 19.7400 Building Products 6.1 14.0 14.1400 Household Products 6.0 16.0 -1.2400 Life Sciences Tools & Services 6.0 11.6 13.4400 Airlines 5.9 -2.9 3.4400 Movies & Entertainment 5.9 38.0 12.8400 Consumer Staples Sector 5.8 12.4 24.3400 Gas Utilities 5.8 6.8 6.7400 Food Retail 5.8 4.9 13.0400 Water Utilities 5.4 5.4 6.0400 Pharmaceuticals 5.3 9.6 8.9400 Insurance Brokers 5.3 6.2 9.0400 Fertilizers & Agricultural Chemicals 5.3 13.1 13.0400 Consumer Discretionary Sector 5.3 15.1 13.5400 Health Care REIT’s 5.1 13.5 3.2400 Biotechnology 5.1 -5.3 NA400 Industrial Conglomerates 4.9 9.2 16.0400 Financials Sector 4.9 4.1 7.9400 Utilities Sector 4.8 5.9 5.7400 Health Care Sector 4.8 11.1 13.9400 Apparel & Accessories 4.7 8.7 14.5400 Cable & Satellite 4.7 11.5 6.7400 Home Furnishing Retail 4.6 6.9 10.3400 Energy Sector 4.5 -219.4 -3.7400 Retail REITs 4.4 -1.9 9.7400 Office REITs 4.3 -15.1 11.2400 Semiconductors 4.2 37.5 19.0400 COMPOSITE 4.2 8.4 10.7400 Research & Consulting Services 4.2 9.4 10.7400 Information Technology Sector 4.1 12.7 13.1400 Construction & Engineering 4.0 8.5 8.6400 Residential REITs 4.0 -24.7 -2.9400 Restaurants 3.9 13.2 15.0400 Materials Sector 3.9 24.2 11.9400 Reinsurance 3.9 2.7 8.6400 Specialized REITs 3.8 5.7 -1.2400 Home Furnishings 3.7 22.2 22.3400 Office Services & Supplies 3.6 9.1 9.0

400 Electric Utilities 3.6 7.8 4.8400 Trading Companies & Distributors 3.5 10.5 9.8400 Multi-Line Insurance 3.4 9.6 8.5400 Trucking 3.4 6.7 10.8400 Leisure Facilities 3.3 9.4 5.0400 Steel 3.2 85.9 24.7400 Semiconductor Equipment 3.2 8.9 NA400 Agricultural Products 3.1 10.0 NA400 Household Appliances 3.1 4.7 15.0400 Paper Products 3.0 6.7 3.0400 Hotel & Resort REIT’s 2.9 15.1 -21.4400 Industrial REITs 2.9 -46.3 NA400 Electronic Equipment & Instruments 2.9 10.6 12.3400 Property & Casualty Insurance 2.7 6.6 5.6400 Speciality Chemicals 2.7 8.5 7.1400 Department Stores 2.6 NA NA400 Railroads 2.5 5.1 5.1400 Asset Management & Custody Banks 2.4 6.5 8.6400 Auto Parts & Equipment 2.3 9.1 9.2400 Housewares & Specialities 2.3 5.6 12.0400 Health Care Facilities 2.2 12.8 10.0400 Diversified Metals & Mining 2.2 4.5 NA400 Brewers 2.2 3.3 NA400 Metal & Glass Containers 2.0 10.1 8.5400 Electronic Components 1.9 13.6 16.6400 Specialized Consumer Services 1.9 8.4 12.8400 Electronic Manufacturing Services 1.9 12.3 12.2400 Industrials Sector 1.9 5.4 9.2400 Industrial Machinery 1.8 7.6 8.2400 Catalog Retail 1.8 2.7 15.0400 Electrical Components & Equipment 1.8 6.6 10.0400 Paper Packaging 1.6 6.6 6.2400 Life & Health Insurance 1.5 14.0 12.1400 Apparel Retail 1.4 11.2 14.7400 Human Resource & Employment Services1.3 7.4 10.2400 Commercial Printing 1.3 6.6 7.5400 Aerospace & Defense 1.3 4.9 9.8400 Technology Distributors 1.3 5.1 12.1400 General Merchandise Stores 1.2 13.4 12.9400 Publishing & Printing 1.1 12.7 8.4400 Personal Products 1.0 36.0 112.4400 Computer & Electronics Retail 1.0 5.1 6.4400 Speciality Stores 0.8 12.0 13.5400 Education Services 0.8 6.1 6.4400 Telecommunications Services Sector 0.7 -52.1 -7.0400 Wireless Telecommunication Services 0.7 -52.1 -7.0400 Environmental & Facilities Services 0.4 21.6 2.0400 Agricultural & Farm Machinery 0.4 4.8 12.5400 Technology Hardware, Storage & Peripherals0.2 11.8 10.0400 Health Care Distributors -1.1 -0.9 3.6400 Coal & Consumable Fuels -1.6 NA 35.7400 Construction & Farm Machinery -4.1 -7.1 4.9400 Marine -4.5 -9.0 -8.0400 Diversified REITs -4.6 -11.4 NA400 Independent Power Producers & Energy Tr.-5.8 -79.2 -20.7400 Diversified Real Estate Activites -9.1 30.3 20.0400 Oil & Gas Equipment & Services -9.7 NA -25.4400 Oil & Gas Drilling -19.2 -205.4 -32.0

Table 1: STRG/STEG/LTEG Sorted on STRG




Table 2: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on STEG-Forward Earnings Growth (Thursday data as of September 01, 2016)



400 Forest Products 13.5 145.0 5.0400 Steel 3.2 85.9 24.7400 Gold 24.8 62.7 29.5400 Movies & Entertainment 5.9 38.0 12.8400 Semiconductors 4.2 37.5 19.0400 Personal Products 1.0 36.0 112.4400 Diversified Real Estate Activites -9.1 30.3 20.0400 Managed Health Care 7.8 24.6 18.2400 Materials Sector 3.9 24.2 11.9400 Systems Software 16.0 24.1 20.0400 Home Furnishings 3.7 22.2 22.3400 Environmental & Facilities Services 0.4 21.6 2.0400 Health Care Technology 11.0 21.2 15.5400 Construction Materials 8.1 20.3 8.0400 Homebuilding 13.6 19.1 18.2400 Automobile Manufacturers 31.4 18.6 8.7400 Consumer Finance 23.6 18.0 13.3400 Internet Software & Services 9.0 17.1 14.4400 Health Care Supplies 7.6 16.3 16.6400 Household Products 6.0 16.0 -1.2400 Commodity Chemicals 13.4 15.4 13.9400 Hotel & Resort REIT’s 2.9 15.1 -21.4400 Consumer Discretionary Sector 5.3 15.1 13.5400 Investment Banking & Brokerage 9.0 14.7 10.9400 Specialized Finance 7.7 14.4 12.6400 Life & Health Insurance 1.5 14.0 12.1400 Building Products 6.1 14.0 14.1400 Electronic Components 1.9 13.6 16.6400 Health Care REIT’s 5.1 13.5 3.2400 Distributors 6.8 13.4 15.0400 General Merchandise Stores 1.2 13.4 12.9400 Restaurants 3.9 13.2 15.0400 Fertilizers & Agricultural Chemicals 5.3 13.1 13.0400 Data Processing & Outsourced Services 8.9 12.8 12.4400 Health Care Equipment 8.6 12.8 14.7400 Health Care Facilities 2.2 12.8 10.0400 Information Technology Sector 4.1 12.7 13.1400 Publishing & Printing 1.1 12.7 8.4400 Multi-Utilities 6.4 12.6 6.7400 Packaged Foods 6.5 12.4 12.5400 Footwear 8.4 12.4 5.5400 Consumer Staples Sector 5.8 12.4 24.3400 Electronic Manufacturing Services 1.9 12.3 12.2400 Speciality Stores 0.8 12.0 13.5400 Diversified Support Services 6.2 12.0 19.7400 Application Software 6.2 11.9 11.6400 Technology Hardware, Storage & Peripherals0.2 11.8 10.0400 Life Sciences Tools & Services 6.0 11.6 13.4400 Cable & Satellite 4.7 11.5 6.7400 Apparel Retail 1.4 11.2 14.7400 Leisure Products 6.5 11.1 16.2400 Health Care Sector 4.8 11.1 13.9400 Electronic Equipment & Instruments 2.9 10.6 12.3400 Trading Companies & Distributors 3.5 10.5 9.8400 Communications Equipment 8.5 10.3 15.0400 Metal & Glass Containers 2.0 10.1 8.5400 Automotive Retail 9.8 10.1 10.1400 Agricultural Products 3.1 10.0 NA400 Pharmaceuticals 5.3 9.6 8.9400 IT Consulting & Other Services 17.1 9.6 10.3400 Multi-Line Insurance 3.4 9.6 8.5400 Leisure Facilities 3.3 9.4 5.0400 Research & Consulting Services 4.2 9.4 10.7400 Industrial Conglomerates 4.9 9.2 16.0400 Auto Parts & Equipment 2.3 9.1 9.2400 Office Services & Supplies 3.6 9.1 9.0400 Regional Banks 8.4 9.0 8.7400 Semiconductor Equipment 3.2 8.9 NA400 Apparel & Accessories 4.7 8.7 14.5400 Construction & Engineering 4.0 8.5 8.6

400 Speciality Chemicals 2.7 8.5 7.1400 Health Care Services 11.8 8.4 15.0400 COMPOSITE 4.2 8.4 10.7400 Specialized Consumer Services 1.9 8.4 12.8400 Electric Utilities 3.6 7.8 4.8400 Industrial Machinery 1.8 7.6 8.2400 Food Distributors 10.5 7.4 5.0400 Human Resource & Employment Services1.3 7.4 10.2400 Home Furnishing Retail 4.6 6.9 10.3400 Gas Utilities 5.8 6.8 6.7400 Trucking 3.4 6.7 10.8400 Paper Products 3.0 6.7 3.0400 Property & Casualty Insurance 2.7 6.6 5.6400 Electrical Components & Equipment 1.8 6.6 10.0400 Commercial Printing 1.3 6.6 7.5400 Paper Packaging 1.6 6.6 6.2400 Asset Management & Custody Banks 2.4 6.5 8.6400 Insurance Brokers 5.3 6.2 9.0400 Education Services 0.8 6.1 6.4400 Utilities Sector 4.8 5.9 5.7400 Real Estate Services 6.5 5.7 11.0400 Specialized REITs 3.8 5.7 -1.2400 Housewares & Specialities 2.3 5.6 12.0400 Water Utilities 5.4 5.4 6.0400 Industrials Sector 1.9 5.4 9.2400 Thrifts & Mortgage Finance 31.7 5.3 10.0400 Technology Distributors 1.3 5.1 12.1400 Computer & Electronics Retail 1.0 5.1 6.4400 Railroads 2.5 5.1 5.1400 Aerospace & Defense 1.3 4.9 9.8400 Food Retail 5.8 4.9 13.0400 Agricultural & Farm Machinery 0.4 4.8 12.5400 Household Appliances 3.1 4.7 15.0400 Diversified Metals & Mining 2.2 4.5 NA400 Financials Sector 4.9 4.1 7.9400 Brewers 2.2 3.3 NA400 Catalog Retail 1.8 2.7 15.0400 Reinsurance 3.9 2.7 8.6400 Oil & Gas Refining & Marketing 11.6 -0.4 0.5400 Health Care Distributors -1.1 -0.9 3.6400 Retail REITs 4.4 -1.9 9.7400 Airlines 5.9 -2.9 3.4400 Biotechnology 5.1 -5.3 NA400 Construction & Farm Machinery -4.1 -7.1 4.9400 Marine -4.5 -9.0 -8.0400 Diversified REITs -4.6 -11.4 NA400 Office REITs 4.3 -15.1 11.2400 Residential REITs 4.0 -24.7 -2.9400 Industrial REITs 2.9 -46.3 NA400 Telecommunications Services Sector 0.7 -52.1 -7.0400 Wireless Telecommunication Services 0.7 -52.1 -7.0400 Independent Power Producers & Energy Tr.-5.8 -79.2 -20.7400 Oil & Gas Drilling -19.2 -205.4 -32.0400 Energy Sector 4.5 -219.4 -3.7400 Oil & Gas Exploration & Production 9.8 NA 10.2400 Department Stores 2.6 NA NA400 Coal & Consumable Fuels -1.6 NA 35.7400 Oil & Gas Equipment & Services -9.7 NA -25.4

Table 2: STRG/STEG/LTEG Sorted on STEG




Table 3: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on LTEG-LongTerm Earnings Growth (Thursday data as of September 01, 2016)



400 Personal Products 1.0 36.0 112.4400 Coal & Consumable Fuels -1.6 NA 35.7400 Gold 24.8 62.7 29.5400 Steel 3.2 85.9 24.7400 Consumer Staples Sector 5.8 12.4 24.3400 Home Furnishings 3.7 22.2 22.3400 Diversified Real Estate Activites -9.1 30.3 20.0400 Systems Software 16.0 24.1 20.0400 Diversified Support Services 6.2 12.0 19.7400 Semiconductors 4.2 37.5 19.0400 Homebuilding 13.6 19.1 18.2400 Managed Health Care 7.8 24.6 18.2400 Health Care Supplies 7.6 16.3 16.6400 Electronic Components 1.9 13.6 16.6400 Leisure Products 6.5 11.1 16.2400 Industrial Conglomerates 4.9 9.2 16.0400 Health Care Technology 11.0 21.2 15.5400 Communications Equipment 8.5 10.3 15.0400 Distributors 6.8 13.4 15.0400 Health Care Services 11.8 8.4 15.0400 Household Appliances 3.1 4.7 15.0400 Catalog Retail 1.8 2.7 15.0400 Restaurants 3.9 13.2 15.0400 Apparel Retail 1.4 11.2 14.7400 Health Care Equipment 8.6 12.8 14.7400 Apparel & Accessories 4.7 8.7 14.5400 Internet Software & Services 9.0 17.1 14.4400 Building Products 6.1 14.0 14.1400 Health Care Sector 4.8 11.1 13.9400 Commodity Chemicals 13.4 15.4 13.9400 Consumer Discretionary Sector 5.3 15.1 13.5400 Speciality Stores 0.8 12.0 13.5400 Life Sciences Tools & Services 6.0 11.6 13.4400 Consumer Finance 23.6 18.0 13.3400 Information Technology Sector 4.1 12.7 13.1400 Fertilizers & Agricultural Chemicals 5.3 13.1 13.0400 Food Retail 5.8 4.9 13.0400 General Merchandise Stores 1.2 13.4 12.9400 Specialized Consumer Services 1.9 8.4 12.8400 Movies & Entertainment 5.9 38.0 12.8400 Specialized Finance 7.7 14.4 12.6400 Agricultural & Farm Machinery 0.4 4.8 12.5400 Packaged Foods 6.5 12.4 12.5400 Data Processing & Outsourced Services 8.9 12.8 12.4400 Electronic Equipment & Instruments 2.9 10.6 12.3400 Electronic Manufacturing Services 1.9 12.3 12.2400 Technology Distributors 1.3 5.1 12.1400 Life & Health Insurance 1.5 14.0 12.1400 Housewares & Specialities 2.3 5.6 12.0400 Materials Sector 3.9 24.2 11.9400 Application Software 6.2 11.9 11.6400 Office REITs 4.3 -15.1 11.2400 Real Estate Services 6.5 5.7 11.0400 Investment Banking & Brokerage 9.0 14.7 10.9400 Trucking 3.4 6.7 10.8400 COMPOSITE 4.2 8.4 10.7400 Research & Consulting Services 4.2 9.4 10.7400 IT Consulting & Other Services 17.1 9.6 10.3400 Home Furnishing Retail 4.6 6.9 10.3400 Oil & Gas Exploration & Production 9.8 NA 10.2400 Human Resource & Employment Services1.3 7.4 10.2400 Automotive Retail 9.8 10.1 10.1400 Technology Hardware, Storage & Peripherals0.2 11.8 10.0400 Electrical Components & Equipment 1.8 6.6 10.0400 Thrifts & Mortgage Finance 31.7 5.3 10.0400 Health Care Facilities 2.2 12.8 10.0400 Aerospace & Defense 1.3 4.9 9.8400 Trading Companies & Distributors 3.5 10.5 9.8400 Retail REITs 4.4 -1.9 9.7400 Auto Parts & Equipment 2.3 9.1 9.2

400 Industrials Sector 1.9 5.4 9.2400 Office Services & Supplies 3.6 9.1 9.0400 Insurance Brokers 5.3 6.2 9.0400 Pharmaceuticals 5.3 9.6 8.9400 Regional Banks 8.4 9.0 8.7400 Automobile Manufacturers 31.4 18.6 8.7400 Construction & Engineering 4.0 8.5 8.6400 Reinsurance 3.9 2.7 8.6400 Asset Management & Custody Banks 2.4 6.5 8.6400 Multi-Line Insurance 3.4 9.6 8.5400 Metal & Glass Containers 2.0 10.1 8.5400 Publishing & Printing 1.1 12.7 8.4400 Industrial Machinery 1.8 7.6 8.2400 Construction Materials 8.1 20.3 8.0400 Financials Sector 4.9 4.1 7.9400 Commercial Printing 1.3 6.6 7.5400 Speciality Chemicals 2.7 8.5 7.1400 Multi-Utilities 6.4 12.6 6.7400 Cable & Satellite 4.7 11.5 6.7400 Gas Utilities 5.8 6.8 6.7400 Education Services 0.8 6.1 6.4400 Computer & Electronics Retail 1.0 5.1 6.4400 Paper Packaging 1.6 6.6 6.2400 Water Utilities 5.4 5.4 6.0400 Utilities Sector 4.8 5.9 5.7400 Property & Casualty Insurance 2.7 6.6 5.6400 Footwear 8.4 12.4 5.5400 Railroads 2.5 5.1 5.1400 Forest Products 13.5 145.0 5.0400 Leisure Facilities 3.3 9.4 5.0400 Food Distributors 10.5 7.4 5.0400 Construction & Farm Machinery -4.1 -7.1 4.9400 Electric Utilities 3.6 7.8 4.8400 Health Care Distributors -1.1 -0.9 3.6400 Airlines 5.9 -2.9 3.4400 Health Care REIT’s 5.1 13.5 3.2400 Paper Products 3.0 6.7 3.0400 Environmental & Facilities Services 0.4 21.6 2.0400 Oil & Gas Refining & Marketing 11.6 -0.4 0.5400 Household Products 6.0 16.0 -1.2400 Specialized REITs 3.8 5.7 -1.2400 Residential REITs 4.0 -24.7 -2.9400 Energy Sector 4.5 -219.4 -3.7400 Telecommunications Services Sector 0.7 -52.1 -7.0400 Wireless Telecommunication Services 0.7 -52.1 -7.0400 Marine -4.5 -9.0 -8.0400 Independent Power Producers & Energy Tr.-5.8 -79.2 -20.7400 Hotel & Resort REIT’s 2.9 15.1 -21.4400 Oil & Gas Equipment & Services -9.7 NA -25.4400 Oil & Gas Drilling -19.2 -205.4 -32.0400 Agricultural Products 3.1 10.0 NA400 Semiconductor Equipment 3.2 8.9 NA400 Diversified Metals & Mining 2.2 4.5 NA400 Brewers 2.2 3.3 NA400 Biotechnology 5.1 -5.3 NA400 Diversified REITs -4.6 -11.4 NA400 Industrial REITs 2.9 -46.3 NA400 Department Stores 2.6 NA NA

Table 3: STRG/STEG/LTEG Sorted on LTEG



S&P 400 Industry 2015A 2016E 2017E

Table 4: Earnings Growth Rate 2017E / 2016E / 2015A, Sorted on 2017E (Thursday data as of September 01, 2016)

S&P 400 Industry 2015A 2016E 2017E


400 Department Stores NA NA 397.7400 Gold -15.8 17.6 89.8400 Forest Products NA NA 80.2400 Steel -72.8 103.9 77.6400 Oil & Gas Refining & Marketing 30.3 -69.8 76.1400 Environmental & Facilities Services -4.8 -26.1 43.1400 Movies & Entertainment -20.8 27.1 40.9400 Personal Products -77.6 56.3 36.8400 Diversified Real Estate Activites -32.8 15.5 34.5400 Semiconductors -36.7 47.1 32.8400 Diversified Metals & Mining -2.1 -40.5 29.7400 Consumer Finance 40.5 -11.8 29.3400 Materials Sector -19.5 15.8 25.6400 Health Care Facilities 18.1 -18.4 25.5400 Systems Software -12.4 26.7 24.7400 Managed Health Care 98.6 25.7 24.3400 Commodity Chemicals -9.5 -5.3 22.2400 Automobile Manufacturers 8.5 31.5 21.0400 Trading Companies & Distributors -23.1 -18.2 20.9400 Health Care Technology 51.6 24.6 20.3400 Home Furnishings 20.4 31.1 19.9400 Homebuilding 24.5 17.5 19.9400 Technology Hardware, Storage & Peripherals-7.6 -9.2 19.5400 Construction Materials 2.9 21.9 19.0400 Apparel Retail -4.1 -2.8 18.3400 Publishing & Printing -4.7 2.9 17.7400 Apparel & Accessories -7.2 -13.6 17.3400 Health Care Supplies -10.2 13.9 16.8400 Consumer Discretionary Sector 12.4 11.7 16.4400 Household Products NA -19.4 16.0400 Investment Banking & Brokerage -1.0 2.4 15.5400 Speciality Stores 18.6 3.5 15.5400 Footwear 27.3 10.9 14.8400 Leisure Products 6.0 1.7 14.7400 Specialized Finance 13.8 15.2 14.4400 Electronic Manufacturing Services 39.3 -3.6 14.1400 Multi-Utilities -2.8 9.0 13.8400 Consumer Staples Sector -8.0 12.5 13.7400 Packaged Foods 28.7 21.2 13.3400 Information Technology Sector -1.0 8.1 13.2400 Fertilizers & Agricultural Chemicals 7.3 7.4 13.1400 Home Furnishing Retail 12.4 -4.8 13.0400 Hotel & Resort REIT’s -20.9 23.3 12.9400 Diversified Support Services 7.9 25.9 12.9400 Paper Products -7.8 -10.0 12.8400 Health Care Equipment 9.9 12.1 12.8400 Electronic Equipment & Instruments 4.2 0.8 12.8400 Multi-Line Insurance 5.3 0.5 12.6400 Electronic Components -8.9 17.3 12.6400 Data Processing & Outsourced Services 5.0 13.3 12.5400 Restaurants 11.3 16.3 12.4400 Metal & Glass Containers -1.1 2.4 12.4400 Application Software 7.5 6.2 12.3400 Trucking 15.0 -8.5 12.3400 Health Care Sector 18.8 6.2 12.2400 Semiconductor Equipment 3.3 -0.7 12.1400 Distributors 18.9 18.4 12.0400 Life Sciences Tools & Services 8.6 11.3 11.8400 Building Products 23.9 22.5 11.7400 Internet Software & Services 27.8 39.9 11.6400 COMPOSITE -0.9 -1.9 11.5400 Reinsurance -3.6 -18.9 11.5400 Asset Management & Custody Banks -3.5 -7.5 11.4400 Automotive Retail -26.4 6.6 11.2400 Office Services & Supplies 19.2 7.0 11.1400 General Merchandise Stores 20.7 18.8 11.1400 Communications Equipment 2.2 5.8 11.0400 Health Care REIT’s -9.0 22.8 11.0400 Health Care Services 28.0 1.8 10.6400 Leisure Facilities 1.4 3.5 10.6

400 Auto Parts & Equipment -0.9 4.6 10.6400 Cable & Satellite 38.0 14.9 10.5400 Aerospace & Defense 3.6 -2.7 10.5400 Agricultural & Farm Machinery -14.9 -9.5 10.2400 IT Consulting & Other Services -29.6 11.1 10.1400 Property & Casualty Insurance 11.7 -2.8 9.9400 Pharmaceuticals 46.0 -5.6 9.9400 Real Estate Services 15.2 -5.5 9.7400 Specialized Consumer Services 4.9 4.1 9.7400 Life & Health Insurance NA 31.6 9.6400 Speciality Chemicals 9.3 3.5 9.6400 Regional Banks 10.0 7.2 9.5400 Household Appliances 6.8 -1.8 9.5400 Food Retail 15.6 -1.0 9.5400 Industrial Machinery -6.0 -3.0 9.1400 Construction & Engineering 68.7 11.9 9.0400 Industrials Sector 6.5 -5.0 8.8400 Electrical Components & Equipment 1.1 -0.9 8.5400 Agricultural Products 13.1 15.7 8.3400 Brewers 8.4 -9.6 8.1400 Railroads -10.2 -3.2 8.0400 Housewares & Specialities -18.8 -1.2 7.9400 Research & Consulting Services 7.5 14.9 7.8400 Specialized REITs 8.4 -0.4 7.8400 Thrifts & Mortgage Finance 3.1 -1.4 7.6400 Food Distributors 12.6 -12.1 7.4400 Commercial Printing -1.5 4.6 7.2400 Human Resource & Employment Services1.9 9.2 6.9400 Gas Utilities -0.5 2.2 6.7400 Paper Packaging 0.9 6.6 6.6400 Computer & Electronics Retail 12.4 2.4 6.5400 Insurance Brokers 4.9 6.4 6.1400 Industrial Conglomerates 25.8 20.1 6.1400 Electric Utilities -12.4 14.6 5.9400 Construction & Farm Machinery -3.0 -41.2 5.7400 Utilities Sector -5.0 4.6 5.5400 Marine -16.6 -36.6 5.5400 Water Utilities 5.0 5.4 5.4400 Technology Distributors 5.4 0.5 5.1400 Catalog Retail 1.5 -4.3 5.1400 Financials Sector 8.4 0.8 5.1400 Education Services -22.7 -3.2 4.9400 Health Care Distributors 14.3 2.4 -1.9400 Diversified REITs 8.8 -29.5 -2.9400 Retail REITs -48.9 2.7 -3.3400 Airlines 182.9 9.0 -6.5400 Biotechnology 96.3 24.4 -13.2400 Telecommunications Services Sector NA -77.8 -13.7400 Wireless Telecommunication Services NA -77.8 -13.7400 Office REITs 62.6 38.8 -28.0400 Residential REITs 67.2 23.4 -37.7400 Industrial REITs 154.0 -54.9 -40.0400 Independent Power Producers & Energy Tr.NA -59.0 -95.6400 Oil & Gas Drilling -35.8 -101.2 NA400 Energy Sector -47.6 -117.8 NA400 Oil & Gas Equipment & Services -73.3 -175.1 NA400 Oil & Gas Exploration & Production -98.6-3704.5 NA400 Coal & Consumable Fuels -141.5 NA NA

Table 4: Earnings Growth Sorted on 2017E



S&P 400 Industry 2015A 2016E 2017E

Table 5: Earnings Growth Rate 2017E / 2016E / 2015A, Sorted on 2016E (Thursday data as of September 01, 2016)

S&P 400 Industry 2015A 2016E 2017E


400 Steel -72.8 103.9 77.6400 Personal Products -77.6 56.3 36.8400 Semiconductors -36.7 47.1 32.8400 Internet Software & Services 27.8 39.9 11.6400 Office REITs 62.6 38.8 -28.0400 Life & Health Insurance NA 31.6 9.6400 Automobile Manufacturers 8.5 31.5 21.0400 Home Furnishings 20.4 31.1 19.9400 Movies & Entertainment -20.8 27.1 40.9400 Systems Software -12.4 26.7 24.7400 Diversified Support Services 7.9 25.9 12.9400 Managed Health Care 98.6 25.7 24.3400 Health Care Technology 51.6 24.6 20.3400 Biotechnology 96.3 24.4 -13.2400 Residential REITs 67.2 23.4 -37.7400 Hotel & Resort REIT’s -20.9 23.3 12.9400 Health Care REIT’s -9.0 22.8 11.0400 Building Products 23.9 22.5 11.7400 Construction Materials 2.9 21.9 19.0400 Packaged Foods 28.7 21.2 13.3400 Industrial Conglomerates 25.8 20.1 6.1400 General Merchandise Stores 20.7 18.8 11.1400 Distributors 18.9 18.4 12.0400 Gold -15.8 17.6 89.8400 Homebuilding 24.5 17.5 19.9400 Electronic Components -8.9 17.3 12.6400 Restaurants 11.3 16.3 12.4400 Materials Sector -19.5 15.8 25.6400 Agricultural Products 13.1 15.7 8.3400 Diversified Real Estate Activites -32.8 15.5 34.5400 Specialized Finance 13.8 15.2 14.4400 Cable & Satellite 38.0 14.9 10.5400 Research & Consulting Services 7.5 14.9 7.8400 Electric Utilities -12.4 14.6 5.9400 Health Care Supplies -10.2 13.9 16.8400 Data Processing & Outsourced Services 5.0 13.3 12.5400 Consumer Staples Sector -8.0 12.5 13.7400 Health Care Equipment 9.9 12.1 12.8400 Construction & Engineering 68.7 11.9 9.0400 Consumer Discretionary Sector 12.4 11.7 16.4400 Life Sciences Tools & Services 8.6 11.3 11.8400 IT Consulting & Other Services -29.6 11.1 10.1400 Footwear 27.3 10.9 14.8400 Human Resource & Employment Services1.9 9.2 6.9400 Airlines 182.9 9.0 -6.5400 Multi-Utilities -2.8 9.0 13.8400 Information Technology Sector -1.0 8.1 13.2400 Fertilizers & Agricultural Chemicals 7.3 7.4 13.1400 Regional Banks 10.0 7.2 9.5400 Office Services & Supplies 19.2 7.0 11.1400 Paper Packaging 0.9 6.6 6.6400 Automotive Retail -26.4 6.6 11.2400 Insurance Brokers 4.9 6.4 6.1400 Application Software 7.5 6.2 12.3400 Health Care Sector 18.8 6.2 12.2400 Communications Equipment 2.2 5.8 11.0400 Water Utilities 5.0 5.4 5.4400 Utilities Sector -5.0 4.6 5.5400 Auto Parts & Equipment -0.9 4.6 10.6400 Commercial Printing -1.5 4.6 7.2400 Specialized Consumer Services 4.9 4.1 9.7400 Leisure Facilities 1.4 3.5 10.6400 Speciality Stores 18.6 3.5 15.5400 Speciality Chemicals 9.3 3.5 9.6400 Publishing & Printing -4.7 2.9 17.7400 Retail REITs -48.9 2.7 -3.3400 Investment Banking & Brokerage -1.0 2.4 15.5400 Computer & Electronics Retail 12.4 2.4 6.5400 Metal & Glass Containers -1.1 2.4 12.4400 Health Care Distributors 14.3 2.4 -1.9

400 Gas Utilities -0.5 2.2 6.7400 Health Care Services 28.0 1.8 10.6400 Leisure Products 6.0 1.7 14.7400 Electronic Equipment & Instruments 4.2 0.8 12.8400 Financials Sector 8.4 0.8 5.1400 Technology Distributors 5.4 0.5 5.1400 Multi-Line Insurance 5.3 0.5 12.6400 Specialized REITs 8.4 -0.4 7.8400 Semiconductor Equipment 3.3 -0.7 12.1400 Electrical Components & Equipment 1.1 -0.9 8.5400 Food Retail 15.6 -1.0 9.5400 Housewares & Specialities -18.8 -1.2 7.9400 Thrifts & Mortgage Finance 3.1 -1.4 7.6400 Household Appliances 6.8 -1.8 9.5400 COMPOSITE -0.9 -1.9 11.5400 Aerospace & Defense 3.6 -2.7 10.5400 Apparel Retail -4.1 -2.8 18.3400 Property & Casualty Insurance 11.7 -2.8 9.9400 Industrial Machinery -6.0 -3.0 9.1400 Railroads -10.2 -3.2 8.0400 Education Services -22.7 -3.2 4.9400 Electronic Manufacturing Services 39.3 -3.6 14.1400 Catalog Retail 1.5 -4.3 5.1400 Home Furnishing Retail 12.4 -4.8 13.0400 Industrials Sector 6.5 -5.0 8.8400 Commodity Chemicals -9.5 -5.3 22.2400 Real Estate Services 15.2 -5.5 9.7400 Pharmaceuticals 46.0 -5.6 9.9400 Asset Management & Custody Banks -3.5 -7.5 11.4400 Trucking 15.0 -8.5 12.3400 Technology Hardware, Storage & Peripherals-7.6 -9.2 19.5400 Agricultural & Farm Machinery -14.9 -9.5 10.2400 Brewers 8.4 -9.6 8.1400 Paper Products -7.8 -10.0 12.8400 Consumer Finance 40.5 -11.8 29.3400 Food Distributors 12.6 -12.1 7.4400 Apparel & Accessories -7.2 -13.6 17.3400 Trading Companies & Distributors -23.1 -18.2 20.9400 Health Care Facilities 18.1 -18.4 25.5400 Reinsurance -3.6 -18.9 11.5400 Household Products NA -19.4 16.0400 Environmental & Facilities Services -4.8 -26.1 43.1400 Diversified REITs 8.8 -29.5 -2.9400 Marine -16.6 -36.6 5.5400 Diversified Metals & Mining -2.1 -40.5 29.7400 Construction & Farm Machinery -3.0 -41.2 5.7400 Industrial REITs 154.0 -54.9 -40.0400 Independent Power Producers & Energy Tr.NA -59.0 -95.6400 Oil & Gas Refining & Marketing 30.3 -69.8 76.1400 Telecommunications Services Sector NA -77.8 -13.7400 Wireless Telecommunication Services NA -77.8 -13.7400 Oil & Gas Drilling -35.8 -101.2 NA400 Energy Sector -47.6 -117.8 NA400 Oil & Gas Equipment & Services -73.3 -175.1 NA400 Oil & Gas Exploration & Production -98.6-3704.5 NA400 Coal & Consumable Fuels -141.5 NA NA400 Department Stores NA NA 397.7400 Forest Products NA NA 80.2

Table 5: Earnings Growth Sorted on 2016E



S&P 400 Industry 2015A 2016E 2017E

Table 6: Earnings Growth Rate 2017E / 2016E / 2015A, Sorted on 2015A (Thursday data as of September 01, 2016)

S&P 400 Industry 2015A 2016E 2017E


400 Airlines 182.9 9.0 -6.5400 Industrial REITs 154.0 -54.9 -40.0400 Managed Health Care 98.6 25.7 24.3400 Biotechnology 96.3 24.4 -13.2400 Construction & Engineering 68.7 11.9 9.0400 Residential REITs 67.2 23.4 -37.7400 Office REITs 62.6 38.8 -28.0400 Health Care Technology 51.6 24.6 20.3400 Pharmaceuticals 46.0 -5.6 9.9400 Consumer Finance 40.5 -11.8 29.3400 Electronic Manufacturing Services 39.3 -3.6 14.1400 Cable & Satellite 38.0 14.9 10.5400 Oil & Gas Refining & Marketing 30.3 -69.8 76.1400 Packaged Foods 28.7 21.2 13.3400 Health Care Services 28.0 1.8 10.6400 Internet Software & Services 27.8 39.9 11.6400 Footwear 27.3 10.9 14.8400 Industrial Conglomerates 25.8 20.1 6.1400 Homebuilding 24.5 17.5 19.9400 Building Products 23.9 22.5 11.7400 General Merchandise Stores 20.7 18.8 11.1400 Home Furnishings 20.4 31.1 19.9400 Office Services & Supplies 19.2 7.0 11.1400 Distributors 18.9 18.4 12.0400 Health Care Sector 18.8 6.2 12.2400 Speciality Stores 18.6 3.5 15.5400 Health Care Facilities 18.1 -18.4 25.5400 Food Retail 15.6 -1.0 9.5400 Real Estate Services 15.2 -5.5 9.7400 Trucking 15.0 -8.5 12.3400 Health Care Distributors 14.3 2.4 -1.9400 Specialized Finance 13.8 15.2 14.4400 Agricultural Products 13.1 15.7 8.3400 Food Distributors 12.6 -12.1 7.4400 Home Furnishing Retail 12.4 -4.8 13.0400 Computer & Electronics Retail 12.4 2.4 6.5400 Consumer Discretionary Sector 12.4 11.7 16.4400 Property & Casualty Insurance 11.7 -2.8 9.9400 Restaurants 11.3 16.3 12.4400 Regional Banks 10.0 7.2 9.5400 Health Care Equipment 9.9 12.1 12.8400 Speciality Chemicals 9.3 3.5 9.6400 Diversified REITs 8.8 -29.5 -2.9400 Life Sciences Tools & Services 8.6 11.3 11.8400 Automobile Manufacturers 8.5 31.5 21.0400 Financials Sector 8.4 0.8 5.1400 Brewers 8.4 -9.6 8.1400 Specialized REITs 8.4 -0.4 7.8400 Diversified Support Services 7.9 25.9 12.9400 Application Software 7.5 6.2 12.3400 Research & Consulting Services 7.5 14.9 7.8400 Fertilizers & Agricultural Chemicals 7.3 7.4 13.1400 Household Appliances 6.8 -1.8 9.5400 Industrials Sector 6.5 -5.0 8.8400 Leisure Products 6.0 1.7 14.7400 Technology Distributors 5.4 0.5 5.1400 Multi-Line Insurance 5.3 0.5 12.6400 Data Processing & Outsourced Services 5.0 13.3 12.5400 Water Utilities 5.0 5.4 5.4400 Insurance Brokers 4.9 6.4 6.1400 Specialized Consumer Services 4.9 4.1 9.7400 Electronic Equipment & Instruments 4.2 0.8 12.8400 Aerospace & Defense 3.6 -2.7 10.5400 Semiconductor Equipment 3.3 -0.7 12.1400 Thrifts & Mortgage Finance 3.1 -1.4 7.6400 Construction Materials 2.9 21.9 19.0400 Communications Equipment 2.2 5.8 11.0400 Human Resource & Employment Services1.9 9.2 6.9400 Catalog Retail 1.5 -4.3 5.1400 Leisure Facilities 1.4 3.5 10.6

400 Electrical Components & Equipment 1.1 -0.9 8.5400 Paper Packaging 0.9 6.6 6.6400 Gas Utilities -0.5 2.2 6.7400 COMPOSITE -0.9 -1.9 11.5400 Auto Parts & Equipment -0.9 4.6 10.6400 Information Technology Sector -1.0 8.1 13.2400 Investment Banking & Brokerage -1.0 2.4 15.5400 Metal & Glass Containers -1.1 2.4 12.4400 Commercial Printing -1.5 4.6 7.2400 Diversified Metals & Mining -2.1 -40.5 29.7400 Multi-Utilities -2.8 9.0 13.8400 Construction & Farm Machinery -3.0 -41.2 5.7400 Asset Management & Custody Banks -3.5 -7.5 11.4400 Reinsurance -3.6 -18.9 11.5400 Apparel Retail -4.1 -2.8 18.3400 Publishing & Printing -4.7 2.9 17.7400 Environmental & Facilities Services -4.8 -26.1 43.1400 Utilities Sector -5.0 4.6 5.5400 Industrial Machinery -6.0 -3.0 9.1400 Apparel & Accessories -7.2 -13.6 17.3400 Technology Hardware, Storage & Peripherals-7.6 -9.2 19.5400 Paper Products -7.8 -10.0 12.8400 Consumer Staples Sector -8.0 12.5 13.7400 Electronic Components -8.9 17.3 12.6400 Health Care REIT’s -9.0 22.8 11.0400 Commodity Chemicals -9.5 -5.3 22.2400 Railroads -10.2 -3.2 8.0400 Health Care Supplies -10.2 13.9 16.8400 Systems Software -12.4 26.7 24.7400 Electric Utilities -12.4 14.6 5.9400 Agricultural & Farm Machinery -14.9 -9.5 10.2400 Gold -15.8 17.6 89.8400 Marine -16.6 -36.6 5.5400 Housewares & Specialities -18.8 -1.2 7.9400 Materials Sector -19.5 15.8 25.6400 Movies & Entertainment -20.8 27.1 40.9400 Hotel & Resort REIT’s -20.9 23.3 12.9400 Education Services -22.7 -3.2 4.9400 Trading Companies & Distributors -23.1 -18.2 20.9400 Automotive Retail -26.4 6.6 11.2400 IT Consulting & Other Services -29.6 11.1 10.1400 Diversified Real Estate Activites -32.8 15.5 34.5400 Oil & Gas Drilling -35.8 -101.2 NA400 Semiconductors -36.7 47.1 32.8400 Energy Sector -47.6 -117.8 NA400 Retail REITs -48.9 2.7 -3.3400 Steel -72.8 103.9 77.6400 Oil & Gas Equipment & Services -73.3 -175.1 NA400 Personal Products -77.6 56.3 36.8400 Oil & Gas Exploration & Production -98.6-3704.5 NA400 Coal & Consumable Fuels -141.5 NA NA400 Department Stores NA NA 397.7400 Telecommunications Services Sector NA -77.8 -13.7400 Wireless Telecommunication Services NA -77.8 -13.7400 Independent Power Producers & Energy Tr.NA -59.0 -95.6400 Household Products NA -19.4 16.0400 Life & Health Insurance NA 31.6 9.6400 Forest Products NA NA 80.2

Table 6: Earnings Growth Sorted on 2015A



S&P 600 Industry 2015A 2016E 2017E

Table 6: Revenues Growth Rate 2017E / 2016E / 2015A, Sorted on 2017E (Thursday data as of September 01, 2016)

S&P 600 Industry 2015A 2016E 2017E


600 Precious Metals & Minerals -23.0 -11.1 41.2600 Oil & Gas Exploration & Production -35.5 -17.3 34.2600 Home Entertainment Software -6.5 5.1 23.3600 Construction Materials 24.5 15.3 18.3600 Pharmaceuticals 0.1 6.8 16.6600 Life Sciences Tools & Services 18.6 21.1 16.0600 Hotels 3.6 21.0 16.0600 Systems Software 10.3 -1.1 15.2600 Biotechnology 46.1 8.4 14.8600 Electronic Equipment & Instruments -1.3 1.7 13.0600 Household Appliances 10.8 4.0 12.5600 Semiconductor Equipment -0.7 12.1 11.3600 Homebuilding 20.8 18.7 11.0600 Oil & Gas Equipment & Services -32.7 -25.3 10.8600 Energy Sector -28.9 -20.5 10.3600 Thrifts & Mortgage Finance 12.9 12.5 10.2600 Semiconductors 5.6 12.1 10.2600 Apparel & Accessories 2.2 2.6 10.0600 Application Software 11.3 8.8 9.9600 Health Care Technology 7.7 20.5 9.8600 Managed Health Care 22.6 4.7 9.3600 Regional Banks 11.1 12.5 9.2600 Distributors 7.7 30.2 9.2600 Electronic Components 4.2 11.4 8.6600 IT Consulting & Other Services -5.8 9.5 8.4600 Oil & Gas Refining & Marketing -10.4 11.8 8.3600 Reinsurance 7.9 7.3 8.3600 Health Care Services 19.5 13.6 8.2600 Air Freight & Couriers 6.1 3.9 8.2600 Real Estate Services 13.4 2.3 8.1600 Forest Products 1.7 9.7 8.1600 Retail REITs 13.3 3.9 8.0600 Consumer Electronics 7.2 11.2 7.9600 Home Furnishing Retail 6.0 8.0 7.9600 Health Care REIT’s 15.6 17.0 7.8600 Technology Hardware, Storage & Peripherals26.5 6.9 7.8600 Personal Products -5.4 5.5 7.7600 Information Technology Sector 2.2 5.8 7.6600 Building Products 10.0 10.2 7.6600 Alternative Carriers 5.0 15.3 7.6600 Packaged Foods 8.4 2.4 7.5600 Internet Software & Services -3.8 3.8 7.5600 Communications Equipment -2.5 -8.3 7.4600 Health Care Sector 17.3 10.6 7.4600 Water Utilities -1.5 3.0 7.4600 Life & Health Insurance -22.0 11.6 7.4600 Health Care Supplies 4.7 4.8 7.0600 Health Care Equipment 4.0 14.8 6.8600 Construction & Engineering 9.1 3.9 6.5600 Casinos & Gaming 6.8 3.0 6.5600 Electronic Manufacturing Services 4.6 2.1 6.5600 Marine 10.0 3.0 6.3600 Health Care Distributors 7.1 4.4 6.3600 Industrial Conglomerates -31.7 3.6 5.9600 Automobile Manufacturers 3.3 -1.3 5.8600 Movies & Entertainment 21.4 10.4 5.8600 Aerospace & Defense 5.5 2.0 5.6600 Financials Sector 6.1 6.9 5.6600 Asset Management & Custody Banks -5.8 1.5 5.5600 Auto Parts & Equipment 5.8 5.1 5.4600 COMPOSITE 1.4 3.0 5.4600 Materials Sector -2.5 -1.8 5.3600 Property & Casualty Insurance 6.6 3.0 5.2600 Environmental & Facilities Services -2.2 5.9 5.2600 Gas Utilities 6.2 -13.8 5.1600 Mortgage REITs -4.7 1.4 5.1600 Speciality Chemicals -4.7 5.6 5.1600 Leisure Products -4.8 1.3 5.1600 Heavy Electrical Equipment 10.6 5.8 5.0600 Telecommunications Services Sector 3.9 5.0 4.9

600 Consumer Discretionary Sector 5.6 5.1 4.9600 Home Furnishings 5.1 2.0 4.8600 Consumer Finance -3.7 -0.1 4.7600 Steel -5.4 -11.5 4.5600 Data Processing & Outsourced Services 6.4 7.3 4.5600 Agricultural & Farm Machinery -21.5 -9.5 4.4600 Agricultural Products -14.1 -0.2 4.4600 Trucking 2.5 -0.5 4.4600 Commodity Chemicals 2.5 -8.4 4.3600 Diversified Support Services 10.7 5.0 4.3600 Utilities Sector 6.2 -1.9 4.2600 Internet Retail 29.2 0.6 4.1600 Industrial REITs 6.9 5.9 4.1600 Restaurants 5.0 2.1 4.0600 Consumer Staples Sector -2.7 1.6 3.9600 Automotive Retail 14.5 3.2 3.8600 Integrated Telecommunication Services 3.4 1.0 3.8600 Investment Banking & Brokerage 17.3 9.9 3.7600 General Merchandise Stores 7.8 1.9 3.7600 Home Improvement Retail -6.6 -4.2 3.5600 Industrials Sector -1.9 1.2 3.5600 Security & Alarm Services -13.7 -3.0 3.3600 Footwear -2.2 -3.2 3.3600 Human Resource & Employment Services8.7 6.3 3.3600 Paper Products 0.3 5.7 3.2600 Industrial Machinery -17.8 -3.4 3.2600 Household Products 1.7 9.2 3.1600 Research & Consulting Services -0.6 4.5 3.0600 Multi-Line Insurance 1.9 2.7 3.0600 Health Care Facilities 31.4 9.0 3.0600 Electric Utilities 20.0 9.4 3.0600 Airlines -0.7 2.9 2.9600 Technology Distributors 1.4 12.0 2.9600 Advertising -8.1 -2.9 2.6600 Apparel Retail 3.5 -1.6 2.6600 Diversified Chemicals -2.8 -7.9 2.5600 Multi-Utilities 0.8 10.1 2.5600 Insurance Brokers 5.5 3.6 2.3600 Commercial Printing -0.3 -0.2 2.2600 Aluminium 1.9 -16.8 1.9600 Food Distributors -4.8 0.5 1.7600 Coal & Consumable Fuels -15.1 -30.2 1.6600 Office REITs -1.4 -1.5 1.6600 Speciality Stores -10.9 2.0 1.6600 Office Services & Supplies 0.5 0.6 1.5600 Electrical Components & Equipment -20.5 -6.2 1.5600 Diversified REITs 3.7 -0.2 1.4600 Diversified Metals & Mining -9.0 -3.5 1.2600 Metal & Glass Containers -3.5 -7.4 1.2600 Textiles NA -6.3 0.9600 Publishing & Printing -5.7 3.3 0.4600 Hotel & Resort REIT’s 12.7 1.7 -0.3600 Trading Companies & Distributors -2.5 -5.6 -0.3600 Fertilizers & Agricultural Chemicals -17.5 -11.2 -1.0600 Computer & Electronics Retail 3.8 -7.3 -1.7600 Specialized Consumer Services -2.9 -2.5 -1.9600 Education Services 2.9 -7.8 -3.5600 Real Estate Development -14.5 -31.6 -5.4600 Broadcasting -17.7 39.3 -5.8600 Specialized REITs 10.8 21.8 -6.9600 Oil & Gas Drilling -28.0 -32.9 -7.6600 Construction & Farm Machinery 6.7 -0.6 -8.2600 Tobacco NA NA NA600 Wireless Telecommunication Services NA NA NA

Table 7: Revenues Growth Sorted on 2017E



S&P 600 Industry 2015A 2016E 2017E

Table 5: Revenues Growth Rate 2017E / 2016E / 2015A, Sorted on 2016E (Thursday data as of September 01, 2016)

S&P 600 Industry 2015A 2016E 2017E


600 Broadcasting -17.7 39.3 -5.8600 Distributors 7.7 30.2 9.2600 Specialized REITs 10.8 21.8 -6.9600 Life Sciences Tools & Services 18.6 21.1 16.0600 Hotels 3.6 21.0 16.0600 Health Care Technology 7.7 20.5 9.8600 Homebuilding 20.8 18.7 11.0600 Health Care REIT’s 15.6 17.0 7.8600 Alternative Carriers 5.0 15.3 7.6600 Construction Materials 24.5 15.3 18.3600 Health Care Equipment 4.0 14.8 6.8600 Health Care Services 19.5 13.6 8.2600 Thrifts & Mortgage Finance 12.9 12.5 10.2600 Regional Banks 11.1 12.5 9.2600 Semiconductor Equipment -0.7 12.1 11.3600 Semiconductors 5.6 12.1 10.2600 Technology Distributors 1.4 12.0 2.9600 Oil & Gas Refining & Marketing -10.4 11.8 8.3600 Life & Health Insurance -22.0 11.6 7.4600 Electronic Components 4.2 11.4 8.6600 Consumer Electronics 7.2 11.2 7.9600 Health Care Sector 17.3 10.6 7.4600 Movies & Entertainment 21.4 10.4 5.8600 Building Products 10.0 10.2 7.6600 Multi-Utilities 0.8 10.1 2.5600 Investment Banking & Brokerage 17.3 9.9 3.7600 Forest Products 1.7 9.7 8.1600 IT Consulting & Other Services -5.8 9.5 8.4600 Electric Utilities 20.0 9.4 3.0600 Household Products 1.7 9.2 3.1600 Health Care Facilities 31.4 9.0 3.0600 Application Software 11.3 8.8 9.9600 Biotechnology 46.1 8.4 14.8600 Home Furnishing Retail 6.0 8.0 7.9600 Data Processing & Outsourced Services 6.4 7.3 4.5600 Reinsurance 7.9 7.3 8.3600 Technology Hardware, Storage & Peripherals26.5 6.9 7.8600 Financials Sector 6.1 6.9 5.6600 Pharmaceuticals 0.1 6.8 16.6600 Human Resource & Employment Services8.7 6.3 3.3600 Industrial REITs 6.9 5.9 4.1600 Environmental & Facilities Services -2.2 5.9 5.2600 Information Technology Sector 2.2 5.8 7.6600 Heavy Electrical Equipment 10.6 5.8 5.0600 Paper Products 0.3 5.7 3.2600 Speciality Chemicals -4.7 5.6 5.1600 Personal Products -5.4 5.5 7.7600 Home Entertainment Software -6.5 5.1 23.3600 Auto Parts & Equipment 5.8 5.1 5.4600 Consumer Discretionary Sector 5.6 5.1 4.9600 Telecommunications Services Sector 3.9 5.0 4.9600 Diversified Support Services 10.7 5.0 4.3600 Health Care Supplies 4.7 4.8 7.0600 Managed Health Care 22.6 4.7 9.3600 Research & Consulting Services -0.6 4.5 3.0600 Health Care Distributors 7.1 4.4 6.3600 Household Appliances 10.8 4.0 12.5600 Retail REITs 13.3 3.9 8.0600 Construction & Engineering 9.1 3.9 6.5600 Air Freight & Couriers 6.1 3.9 8.2600 Internet Software & Services -3.8 3.8 7.5600 Insurance Brokers 5.5 3.6 2.3600 Industrial Conglomerates -31.7 3.6 5.9600 Publishing & Printing -5.7 3.3 0.4600 Automotive Retail 14.5 3.2 3.8600 COMPOSITE 1.4 3.0 5.4600 Property & Casualty Insurance 6.6 3.0 5.2600 Casinos & Gaming 6.8 3.0 6.5600 Marine 10.0 3.0 6.3600 Water Utilities -1.5 3.0 7.4

600 Airlines -0.7 2.9 2.9600 Multi-Line Insurance 1.9 2.7 3.0600 Apparel & Accessories 2.2 2.6 10.0600 Packaged Foods 8.4 2.4 7.5600 Real Estate Services 13.4 2.3 8.1600 Restaurants 5.0 2.1 4.0600 Electronic Manufacturing Services 4.6 2.1 6.5600 Speciality Stores -10.9 2.0 1.6600 Home Furnishings 5.1 2.0 4.8600 Aerospace & Defense 5.5 2.0 5.6600 General Merchandise Stores 7.8 1.9 3.7600 Electronic Equipment & Instruments -1.3 1.7 13.0600 Hotel & Resort REIT’s 12.7 1.7 -0.3600 Consumer Staples Sector -2.7 1.6 3.9600 Asset Management & Custody Banks -5.8 1.5 5.5600 Mortgage REITs -4.7 1.4 5.1600 Leisure Products -4.8 1.3 5.1600 Industrials Sector -1.9 1.2 3.5600 Integrated Telecommunication Services 3.4 1.0 3.8600 Office Services & Supplies 0.5 0.6 1.5600 Internet Retail 29.2 0.6 4.1600 Food Distributors -4.8 0.5 1.7600 Consumer Finance -3.7 -0.1 4.7600 Commercial Printing -0.3 -0.2 2.2600 Agricultural Products -14.1 -0.2 4.4600 Diversified REITs 3.7 -0.2 1.4600 Trucking 2.5 -0.5 4.4600 Construction & Farm Machinery 6.7 -0.6 -8.2600 Systems Software 10.3 -1.1 15.2600 Automobile Manufacturers 3.3 -1.3 5.8600 Office REITs -1.4 -1.5 1.6600 Apparel Retail 3.5 -1.6 2.6600 Materials Sector -2.5 -1.8 5.3600 Utilities Sector 6.2 -1.9 4.2600 Specialized Consumer Services -2.9 -2.5 -1.9600 Advertising -8.1 -2.9 2.6600 Security & Alarm Services -13.7 -3.0 3.3600 Footwear -2.2 -3.2 3.3600 Industrial Machinery -17.8 -3.4 3.2600 Diversified Metals & Mining -9.0 -3.5 1.2600 Home Improvement Retail -6.6 -4.2 3.5600 Trading Companies & Distributors -2.5 -5.6 -0.3600 Electrical Components & Equipment -20.5 -6.2 1.5600 Textiles NA -6.3 0.9600 Computer & Electronics Retail 3.8 -7.3 -1.7600 Metal & Glass Containers -3.5 -7.4 1.2600 Education Services 2.9 -7.8 -3.5600 Diversified Chemicals -2.8 -7.9 2.5600 Communications Equipment -2.5 -8.3 7.4600 Commodity Chemicals 2.5 -8.4 4.3600 Agricultural & Farm Machinery -21.5 -9.5 4.4600 Precious Metals & Minerals -23.0 -11.1 41.2600 Fertilizers & Agricultural Chemicals -17.5 -11.2 -1.0600 Steel -5.4 -11.5 4.5600 Gas Utilities 6.2 -13.8 5.1600 Aluminium 1.9 -16.8 1.9600 Oil & Gas Exploration & Production -35.5 -17.3 34.2600 Energy Sector -28.9 -20.5 10.3600 Oil & Gas Equipment & Services -32.7 -25.3 10.8600 Coal & Consumable Fuels -15.1 -30.2 1.6600 Real Estate Development -14.5 -31.6 -5.4600 Oil & Gas Drilling -28.0 -32.9 -7.6600 Tobacco NA NA NA600 Wireless Telecommunication Services NA NA NA

Table 8: Revenues Growth Sorted on 2016E



S&P 600 Industry 2015A 2016E 2017E

Table 4: Revenues Growth Rate 2017E / 2016E / 2017A, Sorted on 2015A (Thursday data as of September 01, 2016)

S&P 600 Industry 2015A 2016E 2017E


600 Biotechnology 46.1 8.4 14.8600 Health Care Facilities 31.4 9.0 3.0600 Internet Retail 29.2 0.6 4.1600 Technology Hardware, Storage & Peripherals26.5 6.9 7.8600 Construction Materials 24.5 15.3 18.3600 Managed Health Care 22.6 4.7 9.3600 Movies & Entertainment 21.4 10.4 5.8600 Homebuilding 20.8 18.7 11.0600 Electric Utilities 20.0 9.4 3.0600 Health Care Services 19.5 13.6 8.2600 Life Sciences Tools & Services 18.6 21.1 16.0600 Investment Banking & Brokerage 17.3 9.9 3.7600 Health Care Sector 17.3 10.6 7.4600 Health Care REIT’s 15.6 17.0 7.8600 Automotive Retail 14.5 3.2 3.8600 Real Estate Services 13.4 2.3 8.1600 Retail REITs 13.3 3.9 8.0600 Thrifts & Mortgage Finance 12.9 12.5 10.2600 Hotel & Resort REIT’s 12.7 1.7 -0.3600 Application Software 11.3 8.8 9.9600 Regional Banks 11.1 12.5 9.2600 Specialized REITs 10.8 21.8 -6.9600 Household Appliances 10.8 4.0 12.5600 Diversified Support Services 10.7 5.0 4.3600 Heavy Electrical Equipment 10.6 5.8 5.0600 Systems Software 10.3 -1.1 15.2600 Building Products 10.0 10.2 7.6600 Marine 10.0 3.0 6.3600 Construction & Engineering 9.1 3.9 6.5600 Human Resource & Employment Services8.7 6.3 3.3600 Packaged Foods 8.4 2.4 7.5600 Reinsurance 7.9 7.3 8.3600 General Merchandise Stores 7.8 1.9 3.7600 Health Care Technology 7.7 20.5 9.8600 Distributors 7.7 30.2 9.2600 Consumer Electronics 7.2 11.2 7.9600 Health Care Distributors 7.1 4.4 6.3600 Industrial REITs 6.9 5.9 4.1600 Casinos & Gaming 6.8 3.0 6.5600 Construction & Farm Machinery 6.7 -0.6 -8.2600 Property & Casualty Insurance 6.6 3.0 5.2600 Data Processing & Outsourced Services 6.4 7.3 4.5600 Utilities Sector 6.2 -1.9 4.2600 Gas Utilities 6.2 -13.8 5.1600 Air Freight & Couriers 6.1 3.9 8.2600 Financials Sector 6.1 6.9 5.6600 Home Furnishing Retail 6.0 8.0 7.9600 Auto Parts & Equipment 5.8 5.1 5.4600 Consumer Discretionary Sector 5.6 5.1 4.9600 Semiconductors 5.6 12.1 10.2600 Aerospace & Defense 5.5 2.0 5.6600 Insurance Brokers 5.5 3.6 2.3600 Home Furnishings 5.1 2.0 4.8600 Restaurants 5.0 2.1 4.0600 Alternative Carriers 5.0 15.3 7.6600 Health Care Supplies 4.7 4.8 7.0600 Electronic Manufacturing Services 4.6 2.1 6.5600 Electronic Components 4.2 11.4 8.6600 Health Care Equipment 4.0 14.8 6.8600 Telecommunications Services Sector 3.9 5.0 4.9600 Computer & Electronics Retail 3.8 -7.3 -1.7600 Diversified REITs 3.7 -0.2 1.4600 Hotels 3.6 21.0 16.0600 Apparel Retail 3.5 -1.6 2.6600 Integrated Telecommunication Services 3.4 1.0 3.8600 Automobile Manufacturers 3.3 -1.3 5.8600 Education Services 2.9 -7.8 -3.5600 Trucking 2.5 -0.5 4.4600 Commodity Chemicals 2.5 -8.4 4.3600 Apparel & Accessories 2.2 2.6 10.0

600 Information Technology Sector 2.2 5.8 7.6600 Aluminium 1.9 -16.8 1.9600 Multi-Line Insurance 1.9 2.7 3.0600 Household Products 1.7 9.2 3.1600 Forest Products 1.7 9.7 8.1600 Technology Distributors 1.4 12.0 2.9600 COMPOSITE 1.4 3.0 5.4600 Multi-Utilities 0.8 10.1 2.5600 Office Services & Supplies 0.5 0.6 1.5600 Paper Products 0.3 5.7 3.2600 Pharmaceuticals 0.1 6.8 16.6600 Commercial Printing -0.3 -0.2 2.2600 Research & Consulting Services -0.6 4.5 3.0600 Airlines -0.7 2.9 2.9600 Semiconductor Equipment -0.7 12.1 11.3600 Electronic Equipment & Instruments -1.3 1.7 13.0600 Office REITs -1.4 -1.5 1.6600 Water Utilities -1.5 3.0 7.4600 Industrials Sector -1.9 1.2 3.5600 Environmental & Facilities Services -2.2 5.9 5.2600 Footwear -2.2 -3.2 3.3600 Materials Sector -2.5 -1.8 5.3600 Trading Companies & Distributors -2.5 -5.6 -0.3600 Communications Equipment -2.5 -8.3 7.4600 Consumer Staples Sector -2.7 1.6 3.9600 Diversified Chemicals -2.8 -7.9 2.5600 Specialized Consumer Services -2.9 -2.5 -1.9600 Metal & Glass Containers -3.5 -7.4 1.2600 Consumer Finance -3.7 -0.1 4.7600 Internet Software & Services -3.8 3.8 7.5600 Speciality Chemicals -4.7 5.6 5.1600 Mortgage REITs -4.7 1.4 5.1600 Food Distributors -4.8 0.5 1.7600 Leisure Products -4.8 1.3 5.1600 Personal Products -5.4 5.5 7.7600 Steel -5.4 -11.5 4.5600 Publishing & Printing -5.7 3.3 0.4600 Asset Management & Custody Banks -5.8 1.5 5.5600 IT Consulting & Other Services -5.8 9.5 8.4600 Home Entertainment Software -6.5 5.1 23.3600 Home Improvement Retail -6.6 -4.2 3.5600 Advertising -8.1 -2.9 2.6600 Diversified Metals & Mining -9.0 -3.5 1.2600 Oil & Gas Refining & Marketing -10.4 11.8 8.3600 Speciality Stores -10.9 2.0 1.6600 Security & Alarm Services -13.7 -3.0 3.3600 Agricultural Products -14.1 -0.2 4.4600 Real Estate Development -14.5 -31.6 -5.4600 Coal & Consumable Fuels -15.1 -30.2 1.6600 Fertilizers & Agricultural Chemicals -17.5 -11.2 -1.0600 Broadcasting -17.7 39.3 -5.8600 Industrial Machinery -17.8 -3.4 3.2600 Electrical Components & Equipment -20.5 -6.2 1.5600 Agricultural & Farm Machinery -21.5 -9.5 4.4600 Life & Health Insurance -22.0 11.6 7.4600 Precious Metals & Minerals -23.0 -11.1 41.2600 Oil & Gas Drilling -28.0 -32.9 -7.6600 Energy Sector -28.9 -20.5 10.3600 Industrial Conglomerates -31.7 3.6 5.9600 Oil & Gas Equipment & Services -32.7 -25.3 10.8600 Oil & Gas Exploration & Production -35.5 -17.3 34.2600 Textiles NA -6.3 0.9600 Tobacco NA NA NA600 Wireless Telecommunication Services NA NA NA

Table 9: Revenues Growth Sorted on 2015A



S&P 400 Industry 09/03/15 to

09/01/16

Table 10: S&P 400 Forward Earnings (y/y percent change, Thursday data as of September 01, 2016)


09/01/16


400 Department Stores -/+400 Semiconductor Equipment -/+400 Forest Products 395.9400 Life & Health Insurance 97.3400 IT Consulting & Other Services 65.6400 Household Products 64.3400 Computer & Electronics Retail 52.8400 Biotechnology 39.6400 Office REITs 38.9400 Electrical Components & Equipment 35.0400 Home Furnishings 32.5400 Gold 30.8400 Education Services 30.1400 Human Resource & Employment Services 30.1400 Housewares & Specialities 29.9400 Residential REITs 29.8400 Automobile Manufacturers 27.2400 Automotive Retail 27.1400 Semiconductors 26.0400 Diversified Support Services 25.9400 Health Care Technology 23.1400 Retail REITs 22.5400 Specialized REITs 22.3400 Commodity Chemicals 19.6400 Internet Software & Services 17.7400 Agricultural Products 17.7400 Information Technology Sector 17.6400 Cable & Satellite 17.3400 Packaged Foods 17.1400 Building Products 16.0400 Health Care Supplies 15.0400 Homebuilding 14.5400 Diversified REITs 14.4400 Data Processing & Outsourced Services 14.3400 General Merchandise Stores 14.1400 Restaurants 13.7400 Life Sciences Tools & Services 12.9400 Specialized Finance 12.5400 Health Care Services 12.0400 Health Care Equipment 11.8400 Managed Health Care 11.7400 Fertilizers & Agricultural Chemicals 10.8400 Consumer Discretionary Sector 10.5400 Office Services & Supplies 10.3400 Industrial Conglomerates 10.0400 Electronic Components 9.6400 Health Care Sector 9.3400 Multi-Line Insurance 9.2400 Apparel & Accessories 9.0400 Speciality Chemicals 8.9400 Consumer Staples Sector 8.9400 Thrifts & Mortgage Finance 8.8400 Movies & Entertainment 7.8400 Multi-Utilities 7.7400 Application Software 7.5400 Financials Sector 7.0400 Airlines 6.9400 Leisure Facilities 6.6400 Gas Utilities 5.2400 Paper Products 4.7400 Electric Utilities 4.7400 Property & Casualty Insurance 4.5400 Materials Sector 4.3400 Regional Banks 4.1400 Metal & Glass Containers 4.0400 Water Utilities 3.8400 Commercial Printing 3.7400 Research & Consulting Services 3.7400 COMPOSITE 3.1400 Publishing & Printing 3.1

400 Paper Packaging 2.2400 Steel 1.9400 Utilities Sector 1.8400 Construction Materials 1.6400 Communications Equipment 1.6400 Health Care REIT’s 0.5400 Real Estate Services 0.3400 Electronic Equipment & Instruments 0.1400 Health Care Distributors -0.1400 Reinsurance -0.9400 Auto Parts & Equipment -1.2400 Industrials Sector -2.0400 Hotel & Resort REIT’s -2.1400 Leisure Products -2.7400 Electronic Manufacturing Services -3.8400 Industrial Machinery -5.0400 Diversified Real Estate Activites -5.1400 Specialized Consumer Services -5.7400 Consumer Finance -5.9400 Aerospace & Defense -6.4400 Footwear -6.8400 Insurance Brokers -6.9400 Speciality Stores -7.2400 Technology Distributors -7.4400 Telecommunications Services Sector -7.6400 Wireless Telecommunication Services -7.6400 Apparel Retail -7.8400 Food Retail -8.3400 Trucking -8.5400 Technology Hardware, Storage & Peripherals -8.6400 Investment Banking & Brokerage -9.3400 Food Distributors -9.4400 Home Furnishing Retail -10.3400 Railroads -10.9400 Agricultural & Farm Machinery -14.4400 Brewers -14.5400 Catalog Retail -14.6400 Construction & Engineering -14.6400 Distributors -15.9400 Asset Management & Custody Banks -16.9400 Personal Products -17.5400 Pharmaceuticals -19.3400 Trading Companies & Distributors -21.1400 Health Care Facilities -23.5400 Environmental & Facilities Services -26.9400 Construction & Farm Machinery -35.6400 Systems Software -38.5400 Diversified Metals & Mining -38.9400 Marine -39.4400 Oil & Gas Refining & Marketing -48.2400 Independent Power Producers & Energy Tr. -79.8400 Oil & Gas Exploration & Production -/-400 Energy Sector +/-400 Oil & Gas Drilling +/-400 Oil & Gas Equipment & Services +/-400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 10: Year-Over-Year % Change in MidCap Forward Earnings




09/01/16

Table 11: S&P 400 Forward Revenues (y/y percent change, Thursday data as of September 01, 2016)


09/01/16


400 Life & Health Insurance 157.0400 Human Resource & Employment Services 118.9400 Household Products 110.5400 Leisure Facilities 81.7400 IT Consulting & Other Services 50.6400 Electrical Components & Equipment 50.0400 Commodity Chemicals 49.3400 Apparel Retail 48.7400 Environmental & Facilities Services 44.1400 Multi-Line Insurance 39.9400 Automobile Manufacturers 38.7400 Apparel & Accessories 37.3400 Movies & Entertainment 36.6400 Airlines 33.6400 Consumer Finance 33.5400 Specialized REITs 33.2400 Brewers 32.2400 Computer & Electronics Retail 29.7400 Diversified Support Services 28.6400 Multi-Utilities 24.1400 Data Processing & Outsourced Services 23.1400 Cable & Satellite 22.4400 General Merchandise Stores 22.4400 Thrifts & Mortgage Finance 20.4400 Health Care Equipment 18.2400 Restaurants 17.5400 Consumer Staples Sector 17.5400 Footwear 15.6400 Managed Health Care 15.5400 Speciality Chemicals 14.1400 Health Care Services 13.5400 Metal & Glass Containers 13.4400 Life Sciences Tools & Services 12.9400 Health Care Facilities 12.5400 Homebuilding 12.2400 Consumer Discretionary Sector 12.0400 Health Care Technology 11.9400 Retail REITs 11.9400 Application Software 11.5400 Publishing & Printing 11.3400 Gold 11.1400 Specialized Finance 10.8400 Diversified REITs 10.2400 Food Distributors 9.1400 Forest Products 8.8400 Industrials Sector 8.3400 Real Estate Services 8.3400 Information Technology Sector 8.3400 Reinsurance 8.2400 Speciality Stores 7.9400 Biotechnology 7.6400 Health Care Supplies 7.4400 Financials Sector 7.2400 Trading Companies & Distributors 6.9400 Leisure Products 6.3400 Specialized Consumer Services 5.3400 Wireless Telecommunication Services 5.2400 Telecommunications Services Sector 5.2400 Property & Casualty Insurance 5.1400 Electronic Equipment & Instruments 4.3400 COMPOSITE 4.2400 Building Products 3.9400 Packaged Foods 3.9400 Semiconductors 3.4400 Water Utilities 3.3400 Research & Consulting Services 3.0400 Office REITs 2.4400 Home Furnishing Retail 2.4400 Construction Materials 2.2400 Industrial Conglomerates 1.7

400 Department Stores 1.3400 Investment Banking & Brokerage 1.2400 Home Furnishings 0.8400 Paper Products 0.5400 Technology Hardware, Storage & Peripherals 0.5400 Regional Banks 0.5400 Paper Packaging 0.4400 Residential REITs -0.1400 Commercial Printing -0.4400 Auto Parts & Equipment -0.6400 Office Services & Supplies -0.7400 Electronic Components -1.0400 Systems Software -1.4400 Electric Utilities -1.5400 Housewares & Specialities -1.8400 Utilities Sector -1.9400 Health Care Distributors -2.1400 Electronic Manufacturing Services -2.2400 Agricultural Products -2.4400 Health Care Sector -2.7400 Materials Sector -3.0400 Hotel & Resort REIT’s -3.0400 Aerospace & Defense -4.4400 Catalog Retail -4.6400 Education Services -5.2400 Automotive Retail -5.4400 Fertilizers & Agricultural Chemicals -5.5400 Technology Distributors -5.9400 Asset Management & Custody Banks -6.7400 Oil & Gas Refining & Marketing -7.5400 Independent Power Producers & Energy Tr. -8.4400 Health Care REIT’s -9.4400 Gas Utilities -10.0400 Communications Equipment -10.9400 Distributors -11.5400 Personal Products -11.5400 Pharmaceuticals -12.5400 Construction & Farm Machinery -13.1400 Railroads -13.1400 Industrial Machinery -14.3400 Steel -15.9400 Marine -18.8400 Diversified Real Estate Activites -18.9400 Diversified Metals & Mining -19.5400 Food Retail -23.6400 Construction & Engineering -27.4400 Energy Sector -28.9400 Trucking -29.1400 Oil & Gas Equipment & Services -36.2400 Insurance Brokers -36.6400 Agricultural & Farm Machinery -36.6400 Oil & Gas Drilling -37.8400 Internet Software & Services -42.4400 Semiconductor Equipment -54.3400 Oil & Gas Exploration & Production -54.5400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 11: Year-Over-Year % Change in MidCap Forward Revenues




09/01/16

Table 12: S&P 400 Forward Earnings (ytd percent change, Thursday data as of September 01, 2016)


09/01/16


400 Department Stores -/+400 Semiconductor Equipment -/+400 Wireless Telecommunication Services 501.8400 Telecommunications Services Sector 501.5400 Forest Products 181.2400 Diversified REITs 101.1400 Computer & Electronics Retail 78.5400 Steel 65.8400 Education Services 56.7400 Gold 56.1400 Residential REITs 40.0400 Life & Health Insurance 37.6400 Office REITs 37.1400 Electrical Components & Equipment 33.6400 Housewares & Specialities 27.4400 Semiconductors 26.6400 Automobile Manufacturers 24.7400 Home Furnishings 24.4400 Household Products 23.4400 IT Consulting & Other Services 22.4400 Human Resource & Employment Services 22.4400 Retail REITs 22.0400 Health Care Supplies 19.7400 Diversified Support Services 19.3400 Systems Software 18.5400 Automotive Retail 18.5400 Specialized REITs 17.0400 Health Care Technology 15.8400 General Merchandise Stores 15.8400 Biotechnology 15.0400 Industrial Conglomerates 13.9400 Specialized Finance 13.7400 Construction Materials 13.6400 Materials Sector 13.3400 Agricultural Products 13.2400 Cable & Satellite 12.6400 Information Technology Sector 11.8400 Building Products 11.5400 Commodity Chemicals 11.3400 Packaged Foods 10.7400 Office Services & Supplies 10.4400 Data Processing & Outsourced Services 10.1400 Life Sciences Tools & Services 9.8400 Restaurants 9.6400 Electronic Components 9.5400 Consumer Discretionary Sector 8.9400 Fertilizers & Agricultural Chemicals 8.6400 Research & Consulting Services 8.2400 Application Software 7.5400 Agricultural & Farm Machinery 6.9400 Homebuilding 6.8400 Auto Parts & Equipment 6.6400 Financials Sector 6.4400 Apparel & Accessories 6.4400 Multi-Utilities 6.4400 Metal & Glass Containers 5.9400 Speciality Chemicals 5.8400 Health Care Sector 4.4400 COMPOSITE 4.4400 Commercial Printing 4.4400 Consumer Staples Sector 4.3400 Electric Utilities 4.3400 Industrial Machinery 4.2400 Paper Packaging 4.1400 Leisure Facilities 4.0400 Managed Health Care 3.6400 Leisure Products 3.5400 Property & Casualty Insurance 3.2400 Regional Banks 2.8400 Gas Utilities 2.6

400 Health Care Equipment 2.6400 Electronic Equipment & Instruments 2.5400 Utilities Sector 1.9400 Water Utilities 1.9400 Communications Equipment 1.8400 Personal Products 1.7400 Movies & Entertainment 1.5400 Industrials Sector 0.6400 Specialized Consumer Services 0.5400 Publishing & Printing 0.5400 Health Care Services 0.3400 Thrifts & Mortgage Finance 0.1400 Reinsurance -0.1400 Diversified Real Estate Activites -0.5400 Paper Products -0.9400 Health Care REIT’s -1.0400 Health Care Distributors -1.4400 Hotel & Resort REIT’s -2.0400 Multi-Line Insurance -2.6400 Airlines -3.0400 Real Estate Services -3.2400 Technology Hardware, Storage & Peripherals -3.3400 Consumer Finance -4.4400 Speciality Stores -4.4400 Aerospace & Defense -4.8400 Technology Distributors -4.9400 Investment Banking & Brokerage -5.7400 Insurance Brokers -5.9400 Food Distributors -6.3400 Railroads -6.4400 Home Furnishing Retail -8.2400 Trucking -8.2400 Catalog Retail -8.3400 Footwear -9.3400 Electronic Manufacturing Services -10.6400 Trading Companies & Distributors -10.9400 Apparel Retail -11.3400 Asset Management & Custody Banks -12.0400 Internet Software & Services -12.9400 Construction & Engineering -13.4400 Health Care Facilities -13.6400 Brewers -16.0400 Food Retail -17.4400 Distributors -17.5400 Pharmaceuticals -19.3400 Environmental & Facilities Services -22.8400 Construction & Farm Machinery -24.5400 Marine -36.7400 Diversified Metals & Mining -37.6400 Oil & Gas Refining & Marketing -47.9400 Independent Power Producers & Energy Tr. -54.9400 Oil & Gas Exploration & Production -/-400 Energy Sector +/-400 Oil & Gas Drilling +/-400 Oil & Gas Equipment & Services +/-400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 12: Year-To-Date % Change in MidCap Forward Earnings




09/01/16

Table 13: S&P 400 Forward Revenues (ytd percent change, Thursday data as of September 01, 2016)


09/01/16


400 Human Resource & Employment Services 103.1400 Commodity Chemicals 51.8400 Electrical Components & Equipment 49.8400 Environmental & Facilities Services 46.1400 Life & Health Insurance 41.3400 Automobile Manufacturers 40.9400 Apparel & Accessories 36.4400 Health Care Facilities 35.4400 Apparel Retail 33.3400 Computer & Electronics Retail 32.7400 Movies & Entertainment 32.3400 Airlines 28.4400 Specialized REITs 28.0400 Multi-Utilities 24.8400 Consumer Finance 22.7400 Diversified Support Services 21.2400 Data Processing & Outsourced Services 18.5400 Health Care Technology 16.4400 Systems Software 14.5400 Gold 14.4400 IT Consulting & Other Services 14.1400 Thrifts & Mortgage Finance 13.9400 Household Products 13.3400 Education Services 13.1400 Diversified REITs 12.2400 General Merchandise Stores 12.0400 Industrials Sector 11.8400 Managed Health Care 11.8400 Retail REITs 11.7400 Health Care Services 10.9400 Health Care Supplies 9.3400 Food Distributors 8.8400 Consumer Discretionary Sector 8.5400 Forest Products 8.2400 Health Care Equipment 8.1400 Leisure Products 8.0400 Specialized Finance 7.8400 Reinsurance 7.6400 Speciality Chemicals 7.5400 Construction Materials 7.5400 Life Sciences Tools & Services 7.0400 Restaurants 7.0400 Application Software 6.7400 Publishing & Printing 6.3400 Real Estate Services 6.2400 Industrial Conglomerates 5.0400 Multi-Line Insurance 4.9400 Homebuilding 4.9400 Research & Consulting Services 4.9400 Technology Hardware, Storage & Peripherals 4.8400 Electronic Equipment & Instruments 4.4400 Cable & Satellite 4.2400 Semiconductors 3.9400 Packaged Foods 3.4400 Agricultural & Farm Machinery 3.1400 Specialized Consumer Services 3.0400 Financials Sector 2.8400 Office REITs 2.6400 COMPOSITE 2.6400 Residential REITs 2.5400 Information Technology Sector 2.2400 Auto Parts & Equipment 2.1400 Leisure Facilities 2.0400 Investment Banking & Brokerage 1.9400 Footwear 1.9400 Property & Casualty Insurance 1.6400 Office Services & Supplies 1.3400 Home Furnishing Retail 1.3400 Home Furnishings 1.2400 Biotechnology 1.1

400 Paper Packaging 1.0400 Water Utilities 1.0400 Regional Banks 0.8400 Agricultural Products 0.7400 Department Stores 0.5400 Utilities Sector 0.4400 Trading Companies & Distributors 0.2400 Commercial Printing 0.1400 Speciality Stores -0.5400 Paper Products -0.6400 Technology Distributors -0.8400 Building Products -1.4400 Materials Sector -1.6400 Consumer Staples Sector -1.6400 Wireless Telecommunication Services -1.9400 Telecommunications Services Sector -1.9400 Electric Utilities -2.4400 Health Care Distributors -2.4400 Metal & Glass Containers -2.6400 Electronic Components -2.6400 Industrial Machinery -2.8400 Asset Management & Custody Banks -2.9400 Independent Power Producers & Energy Tr. -3.3400 Housewares & Specialities -3.4400 Trucking -3.4400 Aerospace & Defense -3.5400 Catalog Retail -3.7400 Hotel & Resort REIT’s -4.0400 Steel -4.2400 Health Care Sector -4.2400 Health Care REIT’s -5.2400 Brewers -5.4400 Personal Products -5.5400 Oil & Gas Refining & Marketing -6.4400 Railroads -6.6400 Gas Utilities -6.9400 Fertilizers & Agricultural Chemicals -6.9400 Electronic Manufacturing Services -7.7400 Communications Equipment -8.9400 Automotive Retail -9.7400 Construction & Farm Machinery -11.4400 Distributors -12.4400 Pharmaceuticals -13.1400 Internet Software & Services -16.5400 Diversified Metals & Mining -17.8400 Marine -18.3400 Diversified Real Estate Activites -21.4400 Oil & Gas Equipment & Services -21.7400 Energy Sector -23.0400 Construction & Engineering -24.5400 Oil & Gas Drilling -27.7400 Food Retail -27.9400 Insurance Brokers -35.1400 Oil & Gas Exploration & Production -46.0400 Semiconductor Equipment -67.3400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 13: Year-To-Date % Change in MidCap Forward Revenues




09/01/16

Table 14: S&P 400 Forward Earnings (26-week percent change, Thursday data as of September 01, 2016)


09/01/16


400 Semiconductor Equipment -/+400 Forest Products 528.8400 Department Stores 415.3400 Paper Packaging 208.6400 Speciality Chemicals 167.9400 Fertilizers & Agricultural Chemicals 150.1400 Diversified REITs 73.8400 Diversified Real Estate Activites 58.4400 Paper Products 56.1400 Telecommunications Services Sector 42.9400 Wireless Telecommunication Services 42.9400 Life & Health Insurance 41.4400 Residential REITs 40.2400 Office REITs 34.2400 Electrical Components & Equipment 33.7400 Housewares & Specialities 29.1400 Hotel & Resort REIT’s 26.1400 Metal & Glass Containers 26.0400 Materials Sector 23.8400 Automobile Manufacturers 23.2400 IT Consulting & Other Services 22.8400 Home Furnishings 20.2400 Movies & Entertainment 18.8400 Household Products 18.2400 Consumer Finance 17.9400 Health Care Supplies 16.9400 Biotechnology 16.6400 Construction Materials 16.3400 Systems Software 15.6400 Data Processing & Outsourced Services 13.4400 Diversified Support Services 13.2400 Retail REITs 13.0400 Office Services & Supplies 13.0400 General Merchandise Stores 12.2400 Electronic Components 11.9400 Semiconductors 11.9400 Health Care Technology 11.4400 Steel 11.0400 Research & Consulting Services 10.4400 Agricultural Products 10.4400 Industrial Conglomerates 10.3400 Packaged Foods 10.1400 Personal Products 10.0400 Information Technology Sector 9.8400 Building Products 8.9400 Specialized Finance 8.9400 Investment Banking & Brokerage 8.4400 Consumer Staples Sector 8.1400 Commodity Chemicals 8.0400 Consumer Discretionary Sector 7.7400 Cable & Satellite 7.5400 Specialized Consumer Services 7.5400 Multi-Utilities 6.9400 Life Sciences Tools & Services 6.7400 Food Distributors 6.1400 Homebuilding 5.8400 Auto Parts & Equipment 5.8400 Industrial Machinery 5.7400 Restaurants 5.5400 COMPOSITE 4.6400 Agricultural & Farm Machinery 4.6400 Electric Utilities 4.5400 Leisure Products 4.0400 Commercial Printing 4.0400 Human Resource & Employment Services 3.8400 Application Software 3.5400 Automotive Retail 3.4400 Technology Hardware, Storage & Peripherals 3.2400 Financials Sector 2.9400 Asset Management & Custody Banks 2.3

400 Industrials Sector 2.2400 Utilities Sector 2.1400 Health Care Services 2.1400 Property & Casualty Insurance 2.0400 Regional Banks 1.9400 Gas Utilities 1.8400 Water Utilities 1.8400 Food Retail 1.7400 Publishing & Printing 1.7400 Electronic Equipment & Instruments 1.2400 Multi-Line Insurance 0.7400 Leisure Facilities 0.5400 Health Care Sector 0.3400 Railroads 0.2400 Real Estate Services -0.3400 Health Care REIT’s -0.6400 Reinsurance -0.8400 Thrifts & Mortgage Finance -1.3400 Construction & Farm Machinery -1.4400 Speciality Stores -1.6400 Aerospace & Defense -2.1400 Communications Equipment -3.3400 Trading Companies & Distributors -3.5400 Health Care Distributors -3.6400 Technology Distributors -4.1400 Footwear -4.3400 Health Care Equipment -4.3400 Specialized REITs -4.8400 Education Services -5.3400 Apparel & Accessories -6.0400 Trucking -6.3400 Insurance Brokers -6.7400 Managed Health Care -6.8400 Catalog Retail -8.6400 Home Furnishing Retail -8.7400 Health Care Facilities -9.4400 Internet Software & Services -9.7400 Electronic Manufacturing Services -11.1400 Airlines -12.3400 Gold -12.8400 Brewers -12.9400 Construction & Engineering -13.1400 Distributors -13.6400 Apparel Retail -14.1400 Diversified Metals & Mining -18.7400 Marine -19.4400 Environmental & Facilities Services -19.6400 Pharmaceuticals -20.0400 Oil & Gas Refining & Marketing -36.2400 Independent Power Producers & Energy Tr. -42.5400 Oil & Gas Exploration & Production -/-400 Energy Sector neg400 Oil & Gas Drilling neg400 Oil & Gas Equipment & Services neg400 Computer & Electronics Retail NA400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 14: 26-Week % Change in MidCap Forward Earnings




09/01/16

Table 15: S&P 400 Forward Revenues (26-week percent change, Thursday data as of September 01, 2016)


09/01/16


400 Commodity Chemicals 67.3400 Electrical Components & Equipment 50.2400 Environmental & Facilities Services 49.1400 Life & Health Insurance 42.2400 Automobile Manufacturers 39.3400 Apparel Retail 33.4400 Movies & Entertainment 31.1400 Health Care Facilities 31.1400 Airlines 27.6400 Multi-Utilities 24.3400 Data Processing & Outsourced Services 19.3400 Health Care Technology 17.2400 Diversified REITs 14.8400 IT Consulting & Other Services 14.4400 Gold 13.7400 Industrials Sector 11.9400 General Merchandise Stores 11.5400 Household Products 11.4400 Consumer Discretionary Sector 11.0400 Systems Software 10.2400 Speciality Chemicals 9.8400 Diversified Support Services 9.3400 Construction Materials 9.0400 Health Care Services 8.9400 Food Distributors 8.0400 Real Estate Services 8.0400 Consumer Finance 7.6400 Health Care Supplies 7.1400 Investment Banking & Brokerage 6.9400 Forest Products 6.4400 Materials Sector 6.4400 Specialized Consumer Services 6.1400 Restaurants 6.1400 Specialized Finance 6.0400 Semiconductors 5.7400 Thrifts & Mortgage Finance 5.5400 Trading Companies & Distributors 5.3400 Leisure Products 5.3400 Reinsurance 4.9400 Life Sciences Tools & Services 4.7400 Independent Power Producers & Energy Tr. 4.6400 Research & Consulting Services 4.6400 Industrial Conglomerates 4.4400 Asset Management & Custody Banks 4.0400 Automotive Retail 3.9400 Utilities Sector 3.9400 Publishing & Printing 3.9400 Agricultural & Farm Machinery 3.7400 Oil & Gas Refining & Marketing 3.5400 Personal Products 3.5400 Multi-Line Insurance 3.1400 Agricultural Products 3.0400 Homebuilding 3.0400 Residential REITs 2.9400 Auto Parts & Equipment 2.8400 Information Technology Sector 2.6400 Electronic Components 2.6400 Food Retail 2.6400 Cable & Satellite 2.6400 Office Services & Supplies 2.4400 Apparel & Accessories 2.4400 Paper Packaging 2.3400 Consumer Staples Sector 2.3400 COMPOSITE 1.9400 Application Software 1.9400 Steel 1.8400 Home Furnishings 1.7400 Electric Utilities 1.5400 Technology Distributors 1.5400 Property & Casualty Insurance 1.4

400 Paper Products 1.4400 Leisure Facilities 1.3400 Human Resource & Employment Services 1.2400 Footwear 1.0400 Home Furnishing Retail 0.9400 Technology Hardware, Storage & Peripherals 0.9400 Aerospace & Defense 0.8400 Electronic Equipment & Instruments 0.5400 Wireless Telecommunication Services 0.3400 Telecommunications Services Sector 0.3400 Packaged Foods 0.3400 Water Utilities 0.1400 Commercial Printing 0.1400 Health Care Equipment 0.0400 Specialized REITs -0.1400 Speciality Stores -0.1400 Department Stores -0.2400 Railroads -0.9400 Biotechnology -1.2400 Retail REITs -1.4400 Industrial Machinery -1.4400 Trucking -1.5400 Regional Banks -1.7400 Metal & Glass Containers -1.7400 Gas Utilities -1.7400 Office REITs -1.9400 Building Products -1.9400 Financials Sector -2.2400 Brewers -2.3400 Health Care Distributors -2.5400 Housewares & Specialities -2.6400 Catalog Retail -3.4400 Fertilizers & Agricultural Chemicals -3.5400 Hotel & Resort REIT’s -3.8400 Construction & Farm Machinery -4.3400 Marine -5.4400 Internet Software & Services -5.5400 Health Care REIT’s -6.8400 Distributors -7.2400 Diversified Metals & Mining -7.2400 Managed Health Care -7.4400 Electronic Manufacturing Services -8.4400 Oil & Gas Equipment & Services -8.5400 Energy Sector -9.1400 Education Services -9.3400 Oil & Gas Exploration & Production -9.9400 Diversified Real Estate Activites -11.9400 Oil & Gas Drilling -12.6400 Pharmaceuticals -13.5400 Communications Equipment -15.8400 Health Care Sector -16.9400 Construction & Engineering -23.0400 Insurance Brokers -35.5400 Semiconductor Equipment -67.8400 Computer & Electronics Retail NA400 Household Appliances NA400 Coal & Consumable Fuels NA400 Industrial REITs NA

Table 15: 26-Week % Change in MidCap Forward Revenues




09/01/16



09/01/16


400 Forest Products 528.8400 Paper Packaging 208.6400 Speciality Chemicals 167.9400 Fertilizers & Agricultural Chemicals 150.1400 Department Stores 100.8400 Education Services 56.3400 Paper Products 56.1400 Office REITs 26.8400 Metal & Glass Containers 26.0400 IT Consulting & Other Services 15.0400 Automobile Manufacturers 14.5400 Home Furnishings 13.3400 Materials Sector 12.0400 Industrial REITs 12.0400 Residential REITs 11.6400 Personal Products 11.1400 Movies & Entertainment 11.1400 Steel 11.0400 Managed Health Care 9.8400 Specialized Consumer Services 7.7400 Consumer Finance 7.6400 Health Care Supplies 7.2400 Systems Software 7.1400 Telecommunications Services Sector 6.7400 Wireless Telecommunication Services 6.7400 Office Services & Supplies 6.6400 Food Distributors 6.6400 Semiconductors 5.6400 Health Care Technology 5.5400 Communications Equipment 5.3400 Electronic Components 5.1400 Construction Materials 4.8400 Life & Health Insurance 4.8400 Auto Parts & Equipment 4.7400 Specialized Finance 4.6400 Retail REITs 4.5400 Household Products 4.4400 Restaurants 4.3400 General Merchandise Stores 4.3400 Agricultural Products 4.2400 Speciality Stores 4.1400 Health Care REIT’s 4.0400 Health Care Equipment 4.0400 Distributors 4.0400 Consumer Discretionary Sector 3.9400 Industrial Conglomerates 3.6400 Application Software 3.6400 Consumer Staples Sector 3.5400 Multi-Utilities 3.3400 Biotechnology 3.2400 Homebuilding 3.0400 Information Technology Sector 2.9400 Trading Companies & Distributors 2.9400 Life Sciences Tools & Services 2.9400 Data Processing & Outsourced Services 2.8400 Multi-Line Insurance 2.8400 Insurance Brokers 2.7400 Packaged Foods 2.7400 Hotel & Resort REIT’s 2.7400 Health Care Sector 2.4400 Railroads 2.3400 Apparel Retail 2.2400 COMPOSITE 2.2400 Automotive Retail 2.1400 Electrical Components & Equipment 2.1400 Diversified Support Services 2.1400 Household Appliances 2.0400 Technology Hardware, Storage & Peripherals 2.0400 Building Products 1.9400 Investment Banking & Brokerage 1.9

400 Electric Utilities 1.8400 Housewares & Specialities 1.8400 Commercial Printing 1.8400 Regional Banks 1.4400 Computer & Electronics Retail 1.4400 Financials Sector 1.3400 Cable & Satellite 1.1400 Research & Consulting Services 1.0400 Industrial Machinery 1.0400 Water Utilities 0.8400 Technology Distributors 0.8400 Gas Utilities 0.7400 Utilities Sector 0.7400 Brewers 0.6400 Health Care Services 0.5400 Property & Casualty Insurance 0.5400 Reinsurance 0.5400 Food Retail 0.1400 Industrials Sector 0.1400 Leisure Products -0.1400 Health Care Distributors -0.1400 Agricultural & Farm Machinery -0.2400 Electronic Equipment & Instruments -0.4400 Human Resource & Employment Services -0.6400 Pharmaceuticals -0.7400 Diversified REITs -1.1400 Asset Management & Custody Banks -1.2400 Internet Software & Services -1.3400 Leisure Facilities -1.4400 Publishing & Printing -1.6400 Thrifts & Mortgage Finance -1.7400 Environmental & Facilities Services -1.8400 Commodity Chemicals -2.1400 Real Estate Services -2.4400 Construction & Farm Machinery -2.6400 Apparel & Accessories -3.5400 Trucking -3.5400 Specialized REITs -3.7400 Health Care Facilities -4.7400 Aerospace & Defense -4.9400 Construction & Engineering -4.9400 Electronic Manufacturing Services -5.1400 Home Furnishing Retail -5.3400 Footwear -6.9400 Semiconductor Equipment -8.7400 Catalog Retail -8.9400 Diversified Real Estate Activites -10.2400 Airlines -12.3400 Gold -12.8400 Diversified Metals & Mining -13.5400 Marine -14.6400 Independent Power Producers & Energy Tr. -15.2400 Oil & Gas Refining & Marketing -24.0400 Coal & Consumable Fuels -/-400 Oil & Gas Exploration & Production -/-400 Energy Sector neg400 Oil & Gas Drilling neg400 Oil & Gas Equipment & Services neg





09/01/16



09/01/16


400 Automobile Manufacturers 35.5400 Movies & Entertainment 28.2400 General Merchandise Stores 11.5400 Education Services 11.1400 IT Consulting & Other Services 9.5400 Speciality Chemicals 7.8400 Oil & Gas Refining & Marketing 7.0400 Gold 6.2400 Health Care Services 5.9400 Food Distributors 5.7400 Trading Companies & Distributors 5.0400 Materials Sector 5.0400 Forest Products 4.9400 Consumer Finance 4.9400 Systems Software 4.8400 Utilities Sector 4.4400 Investment Banking & Brokerage 4.3400 Real Estate Services 4.2400 Household Products 3.9400 Homebuilding 3.8400 Electric Utilities 3.7400 Health Care Technology 3.7400 Industrials Sector 3.6400 Life & Health Insurance 3.5400 Diversified Support Services 3.5400 Consumer Discretionary Sector 3.2400 Construction Materials 3.1400 Reinsurance 3.0400 Health Care Supplies 2.9400 Specialized Finance 2.9400 Home Furnishings 2.7400 Gas Utilities 2.7400 Communications Equipment 2.7400 Automotive Retail 2.6400 Distributors 2.5400 Life Sciences Tools & Services 2.4400 Brewers 2.4400 COMPOSITE 2.4400 Food Retail 2.3400 Specialized Consumer Services 2.2400 Agricultural Products 2.2400 Application Software 2.0400 Consumer Staples Sector 2.0400 Multi-Line Insurance 1.9400 Apparel & Accessories 1.7400 Household Appliances 1.6400 Wireless Telecommunication Services 1.6400 Telecommunications Services Sector 1.6400 Managed Health Care 1.6400 Auto Parts & Equipment 1.5400 Energy Sector 1.5400 Electrical Components & Equipment 1.5400 Speciality Stores 1.5400 Data Processing & Outsourced Services 1.5400 Office Services & Supplies 1.4400 Housewares & Specialities 1.4400 Electronic Components 1.4400 Leisure Facilities 1.3400 Restaurants 1.3400 Information Technology Sector 1.3400 Water Utilities 1.2400 Independent Power Producers & Energy Tr. 1.2400 Industrial Conglomerates 1.2400 Asset Management & Custody Banks 1.0400 Agricultural & Farm Machinery 1.0400 Technology Distributors 1.0400 Packaged Foods 0.8400 Semiconductors 0.8400 Insurance Brokers 0.8400 Paper Products 0.7

400 Personal Products 0.7400 Health Care Sector 0.7400 Health Care Equipment 0.7400 Biotechnology 0.6400 Department Stores 0.6400 Cable & Satellite 0.6400 Internet Software & Services 0.5400 Financials Sector 0.5400 Specialized REITs 0.4400 Industrial REITs 0.4400 Metal & Glass Containers 0.4400 Computer & Electronics Retail 0.3400 Leisure Products 0.3400 Publishing & Printing 0.3400 Industrial Machinery 0.2400 Research & Consulting Services 0.2400 Oil & Gas Exploration & Production 0.2400 Railroads 0.1400 Property & Casualty Insurance 0.0400 Apparel Retail 0.0400 Health Care Facilities 0.0400 Paper Packaging -0.2400 Commercial Printing -0.2400 Retail REITs -0.3400 Electronic Equipment & Instruments -0.3400 Commodity Chemicals -0.5400 Trucking -0.6400 Steel -0.6400 Pharmaceuticals -0.7400 Home Furnishing Retail -0.7400 Aerospace & Defense -0.7400 Residential REITs -0.8400 Environmental & Facilities Services -0.9400 Health Care Distributors -1.0400 Thrifts & Mortgage Finance -1.1400 Oil & Gas Equipment & Services -1.3400 Multi-Utilities -1.3400 Airlines -1.4400 Footwear -1.5400 Fertilizers & Agricultural Chemicals -2.0400 Human Resource & Employment Services -2.2400 Technology Hardware, Storage & Peripherals -2.4400 Regional Banks -2.6400 Catalog Retail -3.0400 Health Care REIT’s -3.0400 Office REITs -3.2400 Coal & Consumable Fuels -3.8400 Electronic Manufacturing Services -3.8400 Diversified REITs -3.8400 Semiconductor Equipment -4.1400 Hotel & Resort REIT’s -4.1400 Building Products -4.7400 Construction & Engineering -5.1400 Marine -5.1400 Diversified Metals & Mining -6.1400 Construction & Farm Machinery -6.2400 Diversified Real Estate Activites -7.1400 Oil & Gas Drilling -8.0





09/01/16



09/01/16


400 Department Stores 46.9400 Movies & Entertainment 17.4400 Forest Products 16.4400 IT Consulting & Other Services 12.6400 Telecommunications Services Sector 9.6400 Wireless Telecommunication Services 9.6400 Industrial REITs 9.4400 Residential REITs 8.7400 Hotel & Resort REIT’s 5.8400 Commodity Chemicals 4.8400 Specialized Consumer Services 4.7400 Health Care REIT’s 4.0400 Speciality Stores 3.9400 Steel 3.6400 Gold 3.4400 Life & Health Insurance 2.9400 Retail REITs 2.8400 Consumer Discretionary Sector 2.7400 Home Furnishings 2.3400 General Merchandise Stores 2.2400 Materials Sector 2.2400 Managed Health Care 2.1400 Personal Products 2.1400 Consumer Finance 2.0400 Electronic Components 2.0400 Health Care Supplies 2.0400 Diversified Metals & Mining 2.0400 Health Care Technology 1.9400 Homebuilding 1.8400 Fertilizers & Agricultural Chemicals 1.8400 Systems Software 1.7400 Environmental & Facilities Services 1.6400 Construction Materials 1.6400 Asset Management & Custody Banks 1.5400 Metal & Glass Containers 1.4400 Oil & Gas Refining & Marketing 1.4400 Cable & Satellite 1.4400 Health Care Equipment 1.3400 Property & Casualty Insurance 1.3400 Railroads 1.3400 Restaurants 1.3400 Information Technology Sector 1.3400 Investment Banking & Brokerage 1.2400 Industrial Machinery 1.2400 Household Products 1.2400 Footwear 1.1400 Application Software 1.1400 Building Products 1.1400 COMPOSITE 1.1400 Specialized Finance 1.1400 Auto Parts & Equipment 1.0400 Electronic Manufacturing Services 1.0400 Data Processing & Outsourced Services 1.0400 Semiconductor Equipment 1.0400 Multi-Line Insurance 1.0400 Paper Packaging 1.0400 Trucking 1.0400 Office Services & Supplies 0.9400 Multi-Utilities 0.8400 Electrical Components & Equipment 0.8400 Life Sciences Tools & Services 0.8400 Regional Banks 0.8400 Research & Consulting Services 0.8400 Household Appliances 0.8400 Distributors 0.7400 Food Retail 0.7400 Automobile Manufacturers 0.7400 Financials Sector 0.7400 Housewares & Specialities 0.7400 Agricultural Products 0.7

400 Diversified REITs 0.7400 Brewers 0.6400 Speciality Chemicals 0.6400 Consumer Staples Sector 0.6400 Electronic Equipment & Instruments 0.6400 Human Resource & Employment Services 0.5400 Industrials Sector 0.5400 Diversified Support Services 0.5400 Industrial Conglomerates 0.5400 Communications Equipment 0.5400 Food Distributors 0.5400 Reinsurance 0.5400 Insurance Brokers 0.5400 Apparel Retail 0.4400 Water Utilities 0.3400 Electric Utilities 0.3400 Trading Companies & Distributors 0.3400 Health Care Services 0.2400 Automotive Retail 0.2400 Packaged Foods 0.1400 Health Care Sector 0.1400 Gas Utilities 0.1400 Leisure Facilities 0.1400 Commercial Printing 0.0400 Technology Distributors 0.0400 Construction & Farm Machinery 0.0400 Computer & Electronics Retail 0.0400 Leisure Products 0.0400 Real Estate Services 0.0400 Utilities Sector 0.0400 Agricultural & Farm Machinery -0.1400 Health Care Distributors -0.2400 Technology Hardware, Storage & Peripherals -0.3400 Thrifts & Mortgage Finance -0.4400 Airlines -0.4400 Aerospace & Defense -0.6400 Apparel & Accessories -0.8400 Publishing & Printing -0.9400 Semiconductors -0.9400 Home Furnishing Retail -1.0400 Paper Products -1.2400 Pharmaceuticals -1.5400 Education Services -2.0400 Marine -2.1400 Biotechnology -2.1400 Construction & Engineering -2.4400 Internet Software & Services -2.5400 Health Care Facilities -3.0400 Specialized REITs -3.3400 Catalog Retail -7.0400 Office REITs -7.3400 Diversified Real Estate Activites -8.1400 Independent Power Producers & Energy Tr. -41.3400 Energy Sector -/-400 Coal & Consumable Fuels -/-400 Oil & Gas Exploration & Production -/-400 Oil & Gas Drilling neg400 Oil & Gas Equipment & Services neg





09/01/16



09/01/16


400 Movies & Entertainment 24.6400 IT Consulting & Other Services 9.6400 Trading Companies & Distributors 4.4400 Oil & Gas Refining & Marketing 3.3400 Forest Products 3.1400 Independent Power Producers & Energy Tr. 3.1400 Data Processing & Outsourced Services 2.3400 Consumer Finance 1.6400 Wireless Telecommunication Services 1.6400 Telecommunications Services Sector 1.6400 Consumer Discretionary Sector 1.5400 Multi-Line Insurance 1.5400 Life & Health Insurance 1.4400 Health Care Services 1.4400 Specialized Consumer Services 1.3400 Systems Software 1.1400 Health Care Technology 1.1400 Homebuilding 1.0400 Speciality Stores 1.0400 Construction Materials 0.9400 Water Utilities 0.9400 Agricultural & Farm Machinery 0.9400 Health Care Supplies 0.9400 Energy Sector 0.9400 Investment Banking & Brokerage 0.8400 Asset Management & Custody Banks 0.8400 Gold 0.8400 Food Retail 0.8400 Food Distributors 0.8400 Managed Health Care 0.8400 Life Sciences Tools & Services 0.7400 Retail REITs 0.7400 Footwear 0.7400 Railroads 0.7400 Agricultural Products 0.7400 COMPOSITE 0.7400 Application Software 0.6400 Apparel & Accessories 0.6400 Building Products 0.6400 Cable & Satellite 0.6400 Department Stores 0.6400 Specialized Finance 0.6400 Property & Casualty Insurance 0.6400 Real Estate Services 0.6400 Communications Equipment 0.5400 Automobile Manufacturers 0.5400 Information Technology Sector 0.5400 Industrial REITs 0.5400 Consumer Staples Sector 0.5400 Household Products 0.5400 Airlines 0.5400 Health Care Equipment 0.5400 Distributors 0.5400 Automotive Retail 0.4400 Insurance Brokers 0.4400 Trucking 0.4400 Environmental & Facilities Services 0.4400 Commodity Chemicals 0.4400 Health Care Sector 0.4400 Industrial Conglomerates 0.4400 Financials Sector 0.4400 Housewares & Specialities 0.3400 Restaurants 0.3400 Home Furnishings 0.3400 Auto Parts & Equipment 0.3400 Oil & Gas Exploration & Production 0.3400 Research & Consulting Services 0.3400 Electronic Components 0.3400 Biotechnology 0.3400 Brewers 0.3

400 Office Services & Supplies 0.3400 Semiconductor Equipment 0.3400 Leisure Facilities 0.3400 Construction & Farm Machinery 0.3400 Packaged Foods 0.2400 Health Care Facilities 0.2400 Coal & Consumable Fuels 0.2400 Personal Products 0.2400 Electronic Manufacturing Services 0.2400 Industrial Machinery 0.2400 Paper Packaging 0.2400 Industrials Sector 0.2400 Household Appliances 0.2400 Regional Banks 0.1400 Marine 0.1400 Fertilizers & Agricultural Chemicals 0.1400 Diversified Support Services 0.0400 Diversified Metals & Mining 0.0400 Paper Products 0.0400 Reinsurance 0.0400 Metal & Glass Containers -0.1400 Human Resource & Employment Services -0.1400 Leisure Products -0.1400 Health Care Distributors -0.2400 Materials Sector -0.2400 Apparel Retail -0.2400 Electric Utilities -0.3400 Publishing & Printing -0.3400 General Merchandise Stores -0.3400 Home Furnishing Retail -0.3400 Commercial Printing -0.3400 Specialized REITs -0.4400 Electronic Equipment & Instruments -0.4400 Residential REITs -0.4400 Technology Distributors -0.5400 Oil & Gas Equipment & Services -0.5400 Utilities Sector -0.6400 Computer & Electronics Retail -0.7400 Electrical Components & Equipment -0.7400 Aerospace & Defense -0.8400 Health Care REIT’s -0.8400 Diversified REITs -0.9400 Gas Utilities -0.9400 Speciality Chemicals -0.9400 Pharmaceuticals -1.0400 Semiconductors -1.1400 Multi-Utilities -1.1400 Internet Software & Services -1.2400 Steel -1.2400 Catalog Retail -1.9400 Oil & Gas Drilling -2.1400 Diversified Real Estate Activites -2.4400 Technology Hardware, Storage & Peripherals -2.8400 Education Services -3.0400 Hotel & Resort REIT’s -3.6400 Thrifts & Mortgage Finance -4.4400 Office REITs -4.8400 Construction & Engineering -7.6





09/01/16



09/01/16


400 Department Stores 10.0400 Oil & Gas Refining & Marketing 4.9400 Forest Products 4.4400 Steel 3.8400 Movies & Entertainment 2.9400 Semiconductors 2.8400 Environmental & Facilities Services 2.6400 General Merchandise Stores 2.4400 Personal Products 2.3400 Electrical Components & Equipment 2.1400 Diversified Metals & Mining 2.1400 Consumer Finance 2.0400 Hotel & Resort REIT’s 1.9400 Commodity Chemicals 1.8400 Systems Software 1.8400 Materials Sector 1.8400 Health Care Facilities 1.7400 Managed Health Care 1.6400 Gold 1.6400 Health Care Supplies 1.6400 Trading Companies & Distributors 1.6400 Metal & Glass Containers 1.5400 Construction Materials 1.5400 Home Furnishings 1.5400 Homebuilding 1.4400 Technology Hardware, Storage & Peripherals 1.4400 Apparel & Accessories 1.3400 Multi-Line Insurance 1.3400 Application Software 1.2400 Household Products 1.2400 Multi-Utilities 1.2400 Footwear 1.1400 Investment Banking & Brokerage 1.1400 Speciality Stores 1.1400 Packaged Foods 1.1400 Electronic Manufacturing Services 1.1400 Health Care Equipment 1.1400 Consumer Staples Sector 1.1400 Consumer Discretionary Sector 1.1400 Information Technology Sector 1.1400 Data Processing & Outsourced Services 1.1400 Asset Management & Custody Banks 1.0400 Specialized Finance 1.0400 Electronic Equipment & Instruments 1.0400 Life Sciences Tools & Services 1.0400 Trucking 1.0400 Paper Products 1.0400 Fertilizers & Agricultural Chemicals 1.0400 Semiconductor Equipment 1.0400 Restaurants 1.0400 Electronic Components 1.0400 Leisure Products 0.9400 Human Resource & Employment Services 0.9400 Distributors 0.9400 Building Products 0.9400 IT Consulting & Other Services 0.9400 Office Services & Supplies 0.9400 Automotive Retail 0.9400 Publishing & Printing 0.9400 Industrial Machinery 0.8400 Food Retail 0.8400 COMPOSITE 0.8400 Reinsurance 0.8400 Auto Parts & Equipment 0.8400 Cable & Satellite 0.8400 Paper Packaging 0.8400 Agricultural & Farm Machinery 0.8400 Health Care Sector 0.8400 Internet Software & Services 0.8400 Specialized Consumer Services 0.8

400 Real Estate Services 0.8400 Household Appliances 0.8400 Life & Health Insurance 0.8400 Speciality Chemicals 0.8400 Home Furnishing Retail 0.7400 Automobile Manufacturers 0.7400 Regional Banks 0.7400 Industrials Sector 0.7400 Housewares & Specialities 0.7400 Health Care Services 0.7400 Thrifts & Mortgage Finance 0.7400 Agricultural Products 0.7400 Health Care Technology 0.7400 Diversified Support Services 0.7400 Brewers 0.6400 Railroads 0.6400 Research & Consulting Services 0.6400 Construction & Engineering 0.6400 Commercial Printing 0.6400 Food Distributors 0.5400 Water Utilities 0.5400 Industrial Conglomerates 0.5400 Insurance Brokers 0.5400 Gas Utilities 0.5400 Utilities Sector 0.5400 Marine 0.4400 Electric Utilities 0.4400 Health Care REIT’s 0.4400 Catalog Retail 0.4400 Communications Equipment 0.4400 Computer & Electronics Retail 0.4400 Technology Distributors 0.4400 Aerospace & Defense 0.3400 Construction & Farm Machinery 0.1400 Financials Sector 0.1400 Leisure Facilities 0.1400 Specialized REITs 0.0400 Health Care Distributors -0.2400 Education Services -0.2400 Diversified REITs -0.2400 Apparel Retail -0.2400 Retail REITs -0.7400 Property & Casualty Insurance -1.0400 Airlines -1.2400 Biotechnology -1.2400 Telecommunications Services Sector -1.3400 Wireless Telecommunication Services -1.3400 Pharmaceuticals -1.8400 Industrial REITs -3.5400 Residential REITs -4.2400 Office REITs -4.9400 Diversified Real Estate Activites -8.1400 Independent Power Producers & Energy Tr. -16.1400 Energy Sector -/-400 Coal & Consumable Fuels -/-400 Oil & Gas Equipment & Services -/-400 Oil & Gas Exploration & Production -/-400 Oil & Gas Drilling neg





09/01/16



09/01/16


400 Oil & Gas Exploration & Production 3.1400 Oil & Gas Refining & Marketing 2.6400 Energy Sector 2.0400 Consumer Finance 1.6400 Thrifts & Mortgage Finance 1.4400 Office REITs 1.3400 Gas Utilities 1.3400 Health Care Services 1.3400 IT Consulting & Other Services 1.2400 Systems Software 1.2400 Automotive Retail 1.1400 Pharmaceuticals 1.0400 Forest Products 1.0400 Homebuilding 0.9400 Coal & Consumable Fuels 0.9400 Construction Materials 0.8400 Internet Software & Services 0.8400 Food Retail 0.8400 Health Care Technology 0.7400 Retail REITs 0.7400 Food Distributors 0.7400 Investment Banking & Brokerage 0.7400 Footwear 0.7400 Gold 0.7400 Specialized Finance 0.6400 Managed Health Care 0.6400 Utilities Sector 0.6400 Health Care Supplies 0.6400 Semiconductors 0.6400 Trading Companies & Distributors 0.6400 Multi-Line Insurance 0.6400 Property & Casualty Insurance 0.6400 Regional Banks 0.6400 Health Care Equipment 0.6400 Movies & Entertainment 0.6400 Health Care REIT’s 0.6400 Consumer Staples Sector 0.5400 Automobile Manufacturers 0.5400 Diversified Metals & Mining 0.5400 Water Utilities 0.5400 Communications Equipment 0.5400 Application Software 0.5400 Building Products 0.5400 Distributors 0.5400 Industrial REITs 0.5400 Household Products 0.5400 Diversified Support Services 0.5400 Airlines 0.5400 Financials Sector 0.5400 Real Estate Services 0.5400 Steel 0.5400 Trucking 0.5400 Packaged Foods 0.4400 COMPOSITE 0.4400 Apparel & Accessories 0.4400 Life Sciences Tools & Services 0.4400 Fertilizers & Agricultural Chemicals 0.4400 Insurance Brokers 0.4400 Asset Management & Custody Banks 0.4400 Commodity Chemicals 0.4400 Health Care Sector 0.4400 Industrial Conglomerates 0.4400 Research & Consulting Services 0.4400 Data Processing & Outsourced Services 0.4400 Environmental & Facilities Services 0.4400 Leisure Products 0.4400 Paper Products 0.4400 Home Furnishing Retail 0.3400 Restaurants 0.3400 Housewares & Specialities 0.3

400 Construction & Engineering 0.3400 Materials Sector 0.3400 Cable & Satellite 0.3400 Home Furnishings 0.3400 Biotechnology 0.3400 Agricultural Products 0.3400 Consumer Discretionary Sector 0.3400 Electronic Components 0.3400 Railroads 0.3400 Brewers 0.3400 Auto Parts & Equipment 0.3400 Industrial Machinery 0.3400 Office Services & Supplies 0.3400 Residential REITs 0.3400 Household Appliances 0.3400 Semiconductor Equipment 0.3400 Leisure Facilities 0.3400 Speciality Chemicals 0.3400 Specialized Consumer Services 0.3400 Information Technology Sector 0.3400 Life & Health Insurance 0.3400 Department Stores 0.2400 Catalog Retail 0.2400 Electronic Manufacturing Services 0.2400 Oil & Gas Equipment & Services 0.2400 Personal Products 0.2400 Hotel & Resort REIT’s 0.2400 Paper Packaging 0.2400 Human Resource & Employment Services 0.2400 Aerospace & Defense 0.2400 Health Care Facilities 0.1400 Commercial Printing 0.1400 Multi-Utilities 0.1400 Agricultural & Farm Machinery 0.1400 Marine 0.1400 Speciality Stores 0.1400 Wireless Telecommunication Services 0.1400 Telecommunications Services Sector 0.1400 Technology Hardware, Storage & Peripherals 0.1400 Publishing & Printing 0.0400 Technology Distributors 0.0400 Industrials Sector 0.0400 Reinsurance -0.1400 Electric Utilities -0.1400 Electronic Equipment & Instruments -0.1400 Metal & Glass Containers -0.1400 Construction & Farm Machinery -0.1400 Health Care Distributors -0.2400 Apparel Retail -0.2400 Specialized REITs -0.2400 Independent Power Producers & Energy Tr. -0.2400 General Merchandise Stores -0.3400 Electrical Components & Equipment -0.3400 Computer & Electronics Retail -0.4400 Diversified REITs -0.6400 Education Services -0.9400 Oil & Gas Drilling -0.9400 Diversified Real Estate Activites -2.4




S&P 400 Industry 09/01/16 09/03/15

Table 22: Current P/E And Year-Ago P/E (sorted on Thursday data as of September 01, 2016)

S&P 400 Industry 09/01/16 09/03/15


400 Industrial REITs NA70.5400 Telecommunications Services Sector 63.470.2400 Wireless Telecommunication Services 63.470.2400 Office REITs 48.347.1400 Systems Software 27.744.6400 Independent Power Producers & Energy Tr. 8.844.2400 Environmental & Facilities Services 24.740.1400 Retail REITs 36.539.7400 Residential REITs 40.939.2400 Diversified REITs 30.437.4400 Gold 31.336.8400 Diversified Real Estate Activites 26.032.9400 Movies & Entertainment 27.532.2400 Specialized Finance 24.729.0400 Specialized REITs 27.727.1400 Distributors 19.227.0400 Brewers 24.826.3400 Trading Companies & Distributors 18.425.8400 Application Software 22.225.4400 Health Care Supplies 21.425.1400 Health Care Equipment 21.824.9400 Packaged Foods 27.423.9400 Life Sciences Tools & Services 21.823.4400 Building Products 19.523.2400 Health Care REIT’s 20.023.0400 Restaurants 23.122.5400 Water Utilities 18.722.0400 Diversified Metals & Mining 14.321.9400 Diversified Support Services 18.721.6400 Consumer Staples Sector 21.221.1400 Personal Products 17.221.1400 Agricultural & Farm Machinery 15.521.0400 Leisure Facilities 21.320.5400 Semiconductors 18.920.3400 Gas Utilities 16.520.0400 Insurance Brokers 15.619.8400 Financials Sector 18.219.7400 Health Care Sector 19.719.6400 Industrial Machinery 15.219.5400 Automotive Retail 17.019.4400 Metal & Glass Containers 17.619.4400 Internet Software & Services 31.619.4400 Utilities Sector 15.419.3400 Fertilizers & Agricultural Chemicals 15.819.3400 Marine 15.419.2400 Specialized Consumer Services 18.819.2400 Health Care Technology 24.019.1400 Trucking 15.419.1400 Agricultural Products 13.818.9400 COMPOSITE 17.418.9400 Hotel & Resort REIT’s 17.618.8400 Household Products 22.318.7400 IT Consulting & Other Services 23.218.5400 Multi-Utilities 14.418.3400 Construction & Farm Machinery 11.518.2400 Managed Health Care 18.818.2400 Electric Utilities 15.218.1400 Railroads 15.318.0400 Speciality Chemicals 14.717.9400 Apparel & Accessories 20.617.8400 Data Processing & Outsourced Services 16.817.7400 Information Technology Sector 17.717.5400 Industrial Conglomerates 18.017.3400 Asset Management & Custody Banks 15.717.2400 Office Services & Supplies 14.617.2400 Food Retail 16.217.1400 Industrials Sector 14.917.1400 Paper Packaging 13.917.1400 Health Care Distributors 16.617.0400 Materials Sector 14.317.0

400 Construction Materials 17.216.8400 Food Distributors 16.216.7400 Electronic Equipment & Instruments 15.816.4400 Home Furnishings 20.016.3400 Department Stores NA16.3400 Electrical Components & Equipment 19.016.2400 Research & Consulting Services 16.915.7400 Pharmaceuticals 17.715.7400 Aerospace & Defense 13.315.5400 Electronic Manufacturing Services 11.915.4400 Consumer Discretionary Sector 17.315.3400 Semiconductor Equipment NA15.3400 Publishing & Printing 15.215.0400 Regional Banks 14.414.8400 Commodity Chemicals 10.714.8400 Health Care Services 19.814.7400 Forest Products 59.314.7400 Oil & Gas Refining & Marketing 11.014.6400 Apparel Retail 16.414.6400 Steel 12.514.5400 Multi-Line Insurance 15.514.4400 Housewares & Specialities 15.014.3400 Property & Casualty Insurance 13.514.3400 Investment Banking & Brokerage 12.514.2400 Automobile Manufacturers 11.814.1400 Household Appliances NA13.9400 Health Care Facilities 15.413.8400 Speciality Stores 14.113.7400 Thrifts & Mortgage Finance 15.613.5400 Electronic Components 11.113.4400 Home Furnishing Retail 18.113.4400 Construction & Engineering 9.913.3400 Communications Equipment 14.013.2400 Technology Hardware, Storage & Peripherals 10.013.2400 General Merchandise Stores 14.213.0400 Catalog Retail 15.712.8400 Leisure Products 15.812.8400 Footwear 18.212.7400 Reinsurance 11.012.6400 Cable & Satellite 15.312.3400 Consumer Finance 11.911.7400 Commercial Printing 10.411.6400 Human Resource & Employment Services 16.411.5400 Real Estate Services 14.511.5400 Paper Products 12.311.4400 Auto Parts & Equipment 10.711.3400 Homebuilding 13.411.1400 Technology Distributors 8.711.0400 Education Services 15.28.9400 Biotechnology 15.18.6400 Life & Health Insurance 14.08.3400 Airlines 11.87.8400 Computer & Electronics Retail 10.36.8400 Energy Sector 26.7NA400 Coal & Consumable Fuels NANA400 Oil & Gas Drilling 16.8NA400 Oil & Gas Equipment & Services 31.8NA400 Oil & Gas Exploration & Production NANA

Table 22: Current P/E And Year-Ago P/E



S&P 400 Industry 1-Year % Chg 09/01/16

Table 23: YOY P/E % Change And Current P/E (sorted on Thursday data as of September 01, 2016)



400 Independent Power Producers & Energy Tr. 44.2400.7400 Environmental & Facilities Services 40.162.1400 Systems Software 44.660.7400 Construction & Farm Machinery 18.258.1400 Diversified Metals & Mining 21.952.9400 Trading Companies & Distributors 25.840.7400 Distributors 27.040.7400 Commodity Chemicals 14.838.5400 Agricultural Products 18.937.3400 Agricultural & Farm Machinery 21.035.3400 Construction & Engineering 13.334.6400 Oil & Gas Refining & Marketing 14.632.6400 Technology Hardware, Storage & Peripherals 13.231.2400 Electronic Manufacturing Services 15.429.9400 Industrial Machinery 19.527.8400 Technology Distributors 11.027.6400 Insurance Brokers 19.827.3400 Multi-Utilities 18.326.7400 Diversified Real Estate Activites 32.926.6400 Utilities Sector 19.325.0400 Marine 19.224.6400 Trucking 19.123.7400 Diversified REITs 37.423.0400 Paper Packaging 17.122.3400 Personal Products 21.122.3400 Fertilizers & Agricultural Chemicals 19.321.8400 Speciality Chemicals 17.921.5400 Gas Utilities 20.021.2400 Electronic Components 13.420.7400 Electric Utilities 18.119.5400 Building Products 23.219.0400 Automobile Manufacturers 14.118.9400 Materials Sector 17.018.7400 Water Utilities 22.017.9400 Railroads 18.017.8400 Office Services & Supplies 17.217.6400 Gold 36.817.5400 Specialized Finance 29.017.4400 Health Care Supplies 25.117.2400 Movies & Entertainment 32.217.0400 Aerospace & Defense 15.516.7400 Steel 14.516.0400 Diversified Support Services 21.615.7400 Health Care REIT’s 23.014.9400 Reinsurance 12.614.8400 Industrials Sector 17.114.5400 Application Software 25.414.2400 Automotive Retail 19.414.2400 Investment Banking & Brokerage 14.214.1400 Health Care Equipment 24.914.0400 Commercial Printing 11.611.4400 Telecommunications Services Sector 70.210.6400 Wireless Telecommunication Services 70.210.6400 Metal & Glass Containers 19.410.0400 Asset Management & Custody Banks 17.210.0400 Retail REITs 39.78.9400 COMPOSITE 18.98.7400 Financials Sector 19.78.3400 Life Sciences Tools & Services 23.47.4400 Semiconductors 20.37.1400 Hotel & Resort REIT’s 18.87.1400 Brewers 26.36.0400 Food Retail 17.15.9400 Property & Casualty Insurance 14.35.8400 Data Processing & Outsourced Services 17.75.8400 Auto Parts & Equipment 11.34.8400 Electronic Equipment & Instruments 16.44.0400 Food Distributors 16.73.4400 Regional Banks 14.82.9400 Health Care Distributors 17.02.5

400 Specialized Consumer Services 19.21.8400 Health Care Sector 19.6-0.3400 Consumer Staples Sector 21.1-0.6400 Information Technology Sector 17.5-0.8400 Publishing & Printing 15.0-1.1400 Consumer Finance 11.7-1.7400 Specialized REITs 27.1-2.0400 Restaurants 22.5-2.3400 Construction Materials 16.8-2.5400 Office REITs 47.1-2.5400 Speciality Stores 13.7-2.9400 Managed Health Care 18.2-3.3400 Industrial Conglomerates 17.3-3.5400 Leisure Facilities 20.5-3.7400 Residential REITs 39.2-4.2400 Housewares & Specialities 14.3-4.8400 Communications Equipment 13.2-5.8400 Research & Consulting Services 15.7-6.9400 Multi-Line Insurance 14.4-7.2400 Paper Products 11.4-7.5400 General Merchandise Stores 13.0-8.2400 Health Care Facilities 13.8-10.4400 Apparel Retail 14.6-11.0400 Pharmaceuticals 15.7-11.1400 Consumer Discretionary Sector 15.3-11.2400 Packaged Foods 23.9-12.7400 Thrifts & Mortgage Finance 13.5-13.5400 Apparel & Accessories 17.8-13.6400 Electrical Components & Equipment 16.2-14.9400 Household Products 18.7-16.2400 Homebuilding 11.1-17.2400 Home Furnishings 16.3-18.4400 Catalog Retail 12.8-18.5400 Leisure Products 12.8-19.3400 Cable & Satellite 12.3-19.7400 IT Consulting & Other Services 18.5-20.0400 Health Care Technology 19.1-20.2400 Real Estate Services 11.5-20.9400 Health Care Services 14.7-25.8400 Home Furnishing Retail 13.4-26.3400 Human Resource & Employment Services 11.5-29.9400 Footwear 12.7-30.2400 Airlines 7.8-34.1400 Computer & Electronics Retail 6.8-34.1400 Internet Software & Services 19.4-38.7400 Life & Health Insurance 8.3-40.9400 Education Services 8.9-41.3400 Biotechnology 8.6-43.0400 Forest Products 14.7-75.3400 Department Stores 16.3NA400 Household Appliances 13.9NA400 Energy Sector NANA400 Coal & Consumable Fuels NANA400 Oil & Gas Drilling NANA400 Oil & Gas Equipment & Services NANA400 Oil & Gas Exploration & Production NANA400 Industrial REITs 70.5NA400 Semiconductor Equipment 15.3NA

Table 23: YOY P/E % Change and Current P/E




Table 24: 2-Year P/E % Change And Current P/E (sorted on Thursday data as of September 01, 2016)



400 Agricultural & Farm Machinery 21.0102.1400 Systems Software 44.688.5400 Environmental & Facilities Services 40.160.3400 Trading Companies & Distributors 25.857.0400 Distributors 27.050.2400 Agricultural Products 18.941.8400 Specialized Finance 29.032.9400 Diversified Metals & Mining 21.930.3400 Construction & Farm Machinery 18.229.6400 Building Products 23.228.1400 Health Care Equipment 24.928.0400 Leisure Facilities 20.526.1400 Paper Packaging 17.125.5400 Fertilizers & Agricultural Chemicals 19.319.2400 Application Software 25.418.7400 Semiconductors 20.318.3400 Reinsurance 12.617.4400 Insurance Brokers 19.816.8400 Food Retail 17.116.8400 Aerospace & Defense 15.516.8400 Oil & Gas Refining & Marketing 14.615.3400 Restaurants 22.514.6400 Multi-Line Insurance 14.413.9400 Automotive Retail 19.412.4400 Property & Casualty Insurance 14.312.2400 Industrial Machinery 19.512.0400 Health Care Supplies 25.111.0400 Commodity Chemicals 14.810.9400 Water Utilities 22.010.5400 Metal & Glass Containers 19.410.2400 Paper Products 11.410.1400 Life Sciences Tools & Services 23.410.0400 Data Processing & Outsourced Services 17.710.0400 Asset Management & Custody Banks 17.29.9400 Utilities Sector 19.39.8400 Diversified Support Services 21.69.8400 Automobile Manufacturers 14.19.7400 Speciality Chemicals 17.99.5400 Technology Distributors 11.09.4400 Specialized Consumer Services 19.28.9400 Electric Utilities 18.18.7400 Gas Utilities 20.08.5400 Managed Health Care 18.28.4400 Movies & Entertainment 32.27.5400 Consumer Staples Sector 21.17.0400 Materials Sector 17.05.9400 Retail REITs 39.75.5400 Multi-Utilities 18.35.5400 COMPOSITE 18.95.1400 Housewares & Specialities 14.34.9400 Industrials Sector 17.14.1400 Health Care Sector 19.62.1400 Specialized REITs 27.12.0400 Household Products 18.71.1400 Financials Sector 19.70.9400 Health Care REIT’s 23.00.6400 Office Services & Supplies 17.2-0.2400 Commercial Printing 11.6-1.6400 Regional Banks 14.8-2.7400 Information Technology Sector 17.5-4.0400 Packaged Foods 23.9-5.5400 Trucking 19.1-5.6400 Industrial Conglomerates 17.3-5.7400 Steel 14.5-5.8400 Investment Banking & Brokerage 14.2-6.2400 Electronic Components 13.4-6.9400 Thrifts & Mortgage Finance 13.5-8.8400 Marine 19.2-9.3400 Railroads 18.0-10.4400 Health Care Services 14.7-10.4

400 Apparel Retail 14.6-11.2400 Home Furnishings 16.3-11.8400 IT Consulting & Other Services 18.5-12.2400 Communications Equipment 13.2-12.6400 Publishing & Printing 15.0-12.6400 Diversified Real Estate Activites 32.9-13.6400 Pharmaceuticals 15.7-14.2400 Apparel & Accessories 17.8-14.4400 Health Care Distributors 17.0-14.6400 Gold 36.8-14.9400 Cable & Satellite 12.3-15.3400 Research & Consulting Services 15.7-15.3400 Electronic Manufacturing Services 15.4-15.8400 Consumer Discretionary Sector 15.3-16.0400 Technology Hardware, Storage & Peripherals 13.2-16.5400 Electrical Components & Equipment 16.2-16.8400 Speciality Stores 13.7-19.6400 Home Furnishing Retail 13.4-19.7400 Construction & Engineering 13.3-19.8400 General Merchandise Stores 13.0-20.1400 Residential REITs 39.2-21.3400 Health Care Facilities 13.8-21.4400 Homebuilding 11.1-23.1400 Office REITs 47.1-23.2400 Auto Parts & Equipment 11.3-23.4400 Food Distributors 16.7-23.7400 Construction Materials 16.8-24.0400 Consumer Finance 11.7-24.1400 Electronic Equipment & Instruments 16.4-25.0400 Human Resource & Employment Services 11.5-25.1400 Hotel & Resort REIT’s 18.8-25.5400 Catalog Retail 12.8-27.4400 Footwear 12.7-28.1400 Real Estate Services 11.5-29.1400 Leisure Products 12.8-29.9400 Health Care Technology 19.1-32.1400 Airlines 7.8-37.2400 Life & Health Insurance 8.3-37.3400 Internet Software & Services 19.4-37.6400 Diversified REITs 37.4-38.0400 Education Services 8.9-39.3400 Forest Products 14.7-39.7400 Computer & Electronics Retail 6.8-43.7400 Biotechnology 8.6-56.7400 Telecommunications Services Sector 70.2-71.3400 Semiconductor Equipment 15.3-76.9400 Department Stores 16.3NA400 Household Appliances 13.9NA400 Wireless Telecommunication Services 70.2NA400 Independent Power Producers & Energy Tr. 44.2NA400 Brewers 26.3NA400 Personal Products 21.1NA400 Energy Sector NANA400 Coal & Consumable Fuels NANA400 Oil & Gas Drilling NANA400 Oil & Gas Equipment & Services NANA400 Oil & Gas Exploration & Production NANA400 Industrial REITs 70.5NA

Table 24: 2-Year P/E % Change and Current P/E



S&P 400 Industry 4-week

Table 25: P/E Change from 4-weeks ago (08/04/16 - 09/01/16 sorted on Thursday data)



400 Independent Power Producers & Energy Tr. 18.7400 Office REITs 3.0400 Diversified Real Estate Activites 2.5400 Internet Software & Services 2.0400 Semiconductors 1.6400 Systems Software 1.3400 Office Services & Supplies 1.1400 Diversified Metals & Mining 1.0400 Semiconductor Equipment 1.0400 Life & Health Insurance 0.9400 Railroads 0.9400 Regional Banks 0.9400 Automobile Manufacturers 0.8400 Agricultural & Farm Machinery 0.8400 Industrial Machinery 0.8400 Electronic Equipment & Instruments 0.8400 Fertilizers & Agricultural Chemicals 0.8400 Construction & Farm Machinery 0.8400 Investment Banking & Brokerage 0.8400 Specialized Finance 0.7400 Multi-Line Insurance 0.7400 Home Furnishing Retail 0.7400 Application Software 0.7400 Thrifts & Mortgage Finance 0.7400 Restaurants 0.7400 Apparel Retail 0.7400 Housewares & Specialities 0.6400 Automotive Retail 0.6400 Trading Companies & Distributors 0.6400 Paper Packaging 0.6400 Electronic Components 0.6400 Building Products 0.6400 Diversified REITs 0.5400 Human Resource & Employment Services 0.5400 Information Technology Sector 0.5400 Brewers 0.5400 Speciality Stores 0.4400 Personal Products 0.4400 Communications Equipment 0.4400 Auto Parts & Equipment 0.4400 Technology Hardware, Storage & Peripherals 0.4400 Data Processing & Outsourced Services 0.4400 Insurance Brokers 0.4400 Electronic Manufacturing Services 0.3400 Agricultural Products 0.3400 Diversified Support Services 0.3400 Footwear 0.3400 Electrical Components & Equipment 0.3400 Industrials Sector 0.3400 Technology Distributors 0.2400 Asset Management & Custody Banks 0.2400 Homebuilding 0.2400 Consumer Finance 0.2400 Apparel & Accessories 0.2400 Aerospace & Defense 0.2400 Reinsurance 0.2400 Financials Sector 0.2400 Speciality Chemicals 0.1400 Real Estate Services 0.1400 Education Services 0.1400 Marine 0.1400 Metal & Glass Containers 0.1400 Home Furnishings 0.1400 Trucking 0.0400 COMPOSITE 0.0400 Publishing & Printing 0.0400 Biotechnology 0.0400 Research & Consulting Services 0.0400 Specialized Consumer Services 0.0400 Commercial Printing 0.0

400 Health Care Supplies 0.0400 Property & Casualty Insurance 0.0400 Health Care Equipment -0.1400 Leisure Facilities -0.1400 Food Retail -0.1400 Industrial Conglomerates -0.1400 Consumer Discretionary Sector -0.1400 Distributors -0.2400 Commodity Chemicals -0.2400 Household Products -0.3400 Health Care Sector -0.3400 Cable & Satellite -0.3400 Computer & Electronics Retail -0.3400 Life Sciences Tools & Services -0.3400 Oil & Gas Refining & Marketing -0.3400 Paper Products -0.3400 Health Care Services -0.4400 Construction & Engineering -0.4400 Airlines -0.4400 Health Care Distributors -0.5400 Electric Utilities -0.5400 Health Care Facilities -0.5400 Materials Sector -0.6400 Construction Materials -0.6400 Health Care REIT’s -0.6400 Managed Health Care -0.7400 Utilities Sector -0.7400 Consumer Staples Sector -0.7400 Multi-Utilities -0.8400 Gas Utilities -0.9400 Household Appliances -0.9400 General Merchandise Stores -1.1400 Hotel & Resort REIT’s -1.3400 Pharmaceuticals -1.3400 Food Distributors -1.4400 Leisure Products -1.5400 Packaged Foods -1.7400 Specialized REITs -1.7400 Environmental & Facilities Services -1.8400 Retail REITs -2.0400 Steel -2.1400 Catalog Retail -2.1400 IT Consulting & Other Services -2.3400 Health Care Technology -2.4400 Water Utilities -2.5400 Forest Products -2.9400 Movies & Entertainment -4.8400 Residential REITs -5.1400 Department Stores -6.9400 Industrial REITs -7.4400 Gold -7.6400 Telecommunications Services Sector -14.9400 Wireless Telecommunication Services -14.9400 Energy Sector NA400 Coal & Consumable Fuels NA400 Oil & Gas Drilling NA400 Oil & Gas Equipment & Services NA400 Oil & Gas Exploration & Production NA

Table 25: 4-Week Change in P/E







400 Independent Power Producers & Energy Tr. 11.6400 Diversified Real Estate Activites 4.9400 Diversified REITs 3.8400 Brewers 3.6400 Oil & Gas Refining & Marketing 3.1400 Construction & Farm Machinery 2.9400 Hotel & Resort REIT’s 2.8400 Industrial REITs 2.6400 Fertilizers & Agricultural Chemicals 2.5400 Automotive Retail 2.4400 Health Care Equipment 2.4400 Specialized Finance 2.3400 Building Products 2.3400 Semiconductor Equipment 2.2400 Diversified Metals & Mining 2.0400 Retail REITs 2.0400 Agricultural Products 1.9400 Food Distributors 1.9400 Railroads 1.8400 Health Care REIT’s 1.7400 Home Furnishings 1.7400 Trucking 1.7400 Speciality Stores 1.7400 Housewares & Specialities 1.6400 Electronic Manufacturing Services 1.6400 Distributors 1.5400 Office Services & Supplies 1.4400 Semiconductors 1.4400 Gold 1.3400 Health Care Supplies 1.3400 Automobile Manufacturers 1.2400 Industrial Machinery 1.2400 Apparel Retail 1.2400 Aerospace & Defense 1.1400 Paper Packaging 1.0400 Restaurants 0.9400 Communications Equipment 0.8400 Auto Parts & Equipment 0.8400 Construction & Engineering 0.8400 Industrials Sector 0.7400 Publishing & Printing 0.6400 Agricultural & Farm Machinery 0.6400 Financials Sector 0.6400 Application Software 0.6400 Health Care Sector 0.5400 Home Furnishing Retail 0.5400 Technology Hardware, Storage & Peripherals 0.5400 Consumer Staples Sector 0.5400 Information Technology Sector 0.5400 Electronic Components 0.4400 Data Processing & Outsourced Services 0.4400 Leisure Facilities 0.4400 COMPOSITE 0.4400 Electronic Equipment & Instruments 0.4400 Commodity Chemicals 0.4400 Multi-Line Insurance 0.4400 Internet Software & Services 0.3400 Trading Companies & Distributors 0.3400 Reinsurance 0.3400 Diversified Support Services 0.3400 Speciality Chemicals 0.3400 Insurance Brokers 0.3400 Investment Banking & Brokerage 0.2400 Electrical Components & Equipment 0.2400 Commercial Printing 0.2400 Real Estate Services 0.1400 Food Retail 0.1400 Technology Distributors 0.1400 Consumer Discretionary Sector 0.1400 Property & Casualty Insurance 0.1

400 Airlines 0.1400 Consumer Finance 0.0400 Gas Utilities 0.0400 Homebuilding 0.0400 Packaged Foods 0.0400 Thrifts & Mortgage Finance 0.0400 Biotechnology 0.0400 Managed Health Care 0.0400 Regional Banks -0.1400 Personal Products -0.1400 Household Products -0.1400 Life Sciences Tools & Services -0.1400 Metal & Glass Containers -0.2400 Computer & Electronics Retail -0.2400 Utilities Sector -0.3400 Systems Software -0.3400 Research & Consulting Services -0.4400 Footwear -0.4400 Asset Management & Custody Banks -0.4400 Specialized REITs -0.5400 Life & Health Insurance -0.5400 Health Care Services -0.6400 Industrial Conglomerates -0.6400 Electric Utilities -0.6400 Construction Materials -0.6400 Health Care Facilities -0.6400 Multi-Utilities -0.6400 Specialized Consumer Services -0.7400 Leisure Products -0.7400 Environmental & Facilities Services -1.0400 Materials Sector -1.0400 Apparel & Accessories -1.1400 Cable & Satellite -1.2400 Paper Products -1.2400 Movies & Entertainment -1.3400 Human Resource & Employment Services -1.3400 Health Care Distributors -1.4400 General Merchandise Stores -1.4400 Pharmaceuticals -1.8400 Catalog Retail -1.8400 Water Utilities -1.9400 Health Care Technology -2.3400 Household Appliances -2.3400 Marine -2.6400 IT Consulting & Other Services -2.9400 Residential REITs -3.5400 Education Services -4.2400 Telecommunications Services Sector -5.7400 Wireless Telecommunication Services -5.7400 Forest Products -6.2400 Office REITs -6.6400 Steel -6.8400 Department Stores -10.7400 Energy Sector NA400 Coal & Consumable Fuels NA400 Oil & Gas Drilling NA400 Oil & Gas Equipment & Services NA400 Oil & Gas Exploration & Production NA








400 Independent Power Producers & Energy Tr. 30.5400 Environmental & Facilities Services 8.3400 Distributors 8.2400 Health Care Equipment 5.4400 Diversified Metals & Mining 5.4400 Insurance Brokers 4.5400 Construction & Farm Machinery 4.3400 Oil & Gas Refining & Marketing 3.8400 Systems Software 3.7400 Health Care REIT’s 3.6400 Office Services & Supplies 3.5400 Automotive Retail 3.5400 Application Software 3.4400 Food Distributors 3.3400 Building Products 3.3400 Specialized Finance 3.2400 Agricultural Products 3.1400 Speciality Chemicals 3.0400 Trading Companies & Distributors 2.9400 Construction & Engineering 2.9400 Pharmaceuticals 2.8400 Health Care Supplies 2.7400 Managed Health Care 2.7400 Diversified Support Services 2.7400 Specialized REITs 2.6400 Paper Packaging 2.5400 Movies & Entertainment 2.5400 Aerospace & Defense 2.4400 Trucking 2.4400 Railroads 2.4400 Health Care Sector 2.3400 Electronic Manufacturing Services 2.3400 Technology Hardware, Storage & Peripherals 2.1400 Automobile Manufacturers 2.1400 Marine 2.1400 Specialized Consumer Services 2.1400 Investment Banking & Brokerage 2.0400 Industrial Machinery 2.0400 Fertilizers & Agricultural Chemicals 2.0400 Communications Equipment 2.0400 Financials Sector 1.9400 Multi-Line Insurance 1.9400 Brewers 1.8400 Life Sciences Tools & Services 1.8400 Publishing & Printing 1.8400 Industrials Sector 1.6400 Construction Materials 1.6400 Health Care Facilities 1.5400 COMPOSITE 1.5400 Electric Utilities 1.4400 Regional Banks 1.4400 Semiconductors 1.3400 Asset Management & Custody Banks 1.3400 Utilities Sector 1.3400 Consumer Staples Sector 1.3400 Commodity Chemicals 1.3400 Home Furnishings 1.2400 Electronic Equipment & Instruments 1.2400 Real Estate Services 1.2400 Electronic Components 1.2400 Education Services 1.2400 Speciality Stores 1.1400 Gas Utilities 1.0400 Packaged Foods 1.0400 Auto Parts & Equipment 1.0400 Personal Products 1.0400 Internet Software & Services 0.9400 Commercial Printing 0.9400 Reinsurance 0.9400 Agricultural & Farm Machinery 0.9

400 Information Technology Sector 0.9400 Household Products 0.8400 Data Processing & Outsourced Services 0.8400 Research & Consulting Services 0.8400 Technology Distributors 0.8400 Multi-Utilities 0.7400 General Merchandise Stores 0.7400 Home Furnishing Retail 0.6400 Apparel Retail 0.6400 IT Consulting & Other Services 0.5400 Property & Casualty Insurance 0.5400 Homebuilding 0.4400 Industrial Conglomerates 0.4400 Restaurants 0.4400 Thrifts & Mortgage Finance 0.2400 Metal & Glass Containers 0.2400 Retail REITs 0.2400 Consumer Finance 0.2400 Paper Products 0.0400 Food Retail 0.0400 Materials Sector -0.1400 Consumer Discretionary Sector -0.2400 Health Care Services -0.7400 Water Utilities -1.0400 Cable & Satellite -1.1400 Leisure Facilities -1.2400 Leisure Products -1.4400 Life & Health Insurance -1.5400 Airlines -1.5400 Housewares & Specialities -1.6400 Footwear -1.7400 Human Resource & Employment Services -1.7400 Hotel & Resort REIT’s -1.8400 Health Care Distributors -1.8400 Biotechnology -2.0400 Health Care Technology -2.0400 Office REITs -2.1400 Catalog Retail -2.4400 Apparel & Accessories -2.4400 Gold -2.6400 Electrical Components & Equipment -3.8400 Diversified Real Estate Activites -11.7400 Residential REITs -11.8400 Forest Products -12.9400 Diversified REITs -13.5400 Steel -14.7400 Telecommunications Services Sector -28.1400 Wireless Telecommunication Services -28.1400 Department Stores -78.0400 Computer & Electronics Retail NA400 Household Appliances NA400 Energy Sector NA400 Coal & Consumable Fuels NA400 Oil & Gas Drilling NA400 Oil & Gas Equipment & Services NA400 Oil & Gas Exploration & Production NA400 Industrial REITs NA400 Semiconductor Equipment NA








400 Independent Power Producers & Energy Tr. 35.4400 Systems Software 16.8400 Environmental & Facilities Services 15.4400 Distributors 7.8400 Diversified Metals & Mining 7.6400 Trading Companies & Distributors 7.5400 Diversified REITs 7.0400 Diversified Real Estate Activites 6.9400 Telecommunications Services Sector 6.7400 Wireless Telecommunication Services 6.7400 Construction & Farm Machinery 6.7400 Gold 5.5400 Agricultural & Farm Machinery 5.5400 Agricultural Products 5.1400 Movies & Entertainment 4.7400 Specialized Finance 4.3400 Insurance Brokers 4.2400 Industrial Machinery 4.2400 Commodity Chemicals 4.1400 Utilities Sector 3.9400 Multi-Utilities 3.9400 Personal Products 3.8400 Marine 3.8400 Building Products 3.7400 Health Care Supplies 3.7400 Trucking 3.6400 Oil & Gas Refining & Marketing 3.6400 Electronic Manufacturing Services 3.6400 Gas Utilities 3.5400 Fertilizers & Agricultural Chemicals 3.5400 Construction & Engineering 3.4400 Water Utilities 3.3400 Retail REITs 3.2400 Speciality Chemicals 3.2400 Application Software 3.2400 Technology Hardware, Storage & Peripherals 3.1400 Paper Packaging 3.1400 Health Care Equipment 3.0400 Health Care REIT’s 3.0400 Electric Utilities 3.0400 Diversified Support Services 2.9400 Railroads 2.7400 Materials Sector 2.7400 Office Services & Supplies 2.6400 Automotive Retail 2.4400 Technology Distributors 2.4400 Electronic Components 2.3400 Automobile Manufacturers 2.2400 Aerospace & Defense 2.2400 Industrials Sector 2.2400 Steel 2.0400 Investment Banking & Brokerage 1.8400 Metal & Glass Containers 1.8400 Reinsurance 1.6400 Life Sciences Tools & Services 1.6400 Asset Management & Custody Banks 1.6400 COMPOSITE 1.5400 Financials Sector 1.5400 Brewers 1.5400 Semiconductors 1.3400 Hotel & Resort REIT’s 1.2400 Commercial Printing 1.2400 Data Processing & Outsourced Services 1.0400 Food Retail 1.0400 Property & Casualty Insurance 0.8400 Electronic Equipment & Instruments 0.6400 Food Distributors 0.5400 Auto Parts & Equipment 0.5400 Regional Banks 0.4400 Health Care Distributors 0.4

400 Specialized Consumer Services 0.3400 Health Care Sector -0.1400 Consumer Staples Sector -0.1400 Information Technology Sector -0.1400 Publishing & Printing -0.2400 Consumer Finance -0.2400 Speciality Stores -0.4400 Construction Materials -0.4400 Restaurants -0.5400 Specialized REITs -0.5400 Managed Health Care -0.6400 Industrial Conglomerates -0.6400 Housewares & Specialities -0.7400 Leisure Facilities -0.8400 Communications Equipment -0.8400 Paper Products -0.9400 Multi-Line Insurance -1.1400 Research & Consulting Services -1.2400 General Merchandise Stores -1.2400 Office REITs -1.2400 Health Care Facilities -1.6400 Residential REITs -1.7400 Apparel Retail -1.8400 Consumer Discretionary Sector -1.9400 Pharmaceuticals -2.0400 Thrifts & Mortgage Finance -2.1400 Homebuilding -2.3400 Apparel & Accessories -2.8400 Electrical Components & Equipment -2.8400 Catalog Retail -2.9400 Cable & Satellite -3.0400 Real Estate Services -3.0400 Leisure Products -3.0400 Packaged Foods -3.5400 Computer & Electronics Retail -3.5400 Household Products -3.6400 Home Furnishings -3.7400 Airlines -4.0400 IT Consulting & Other Services -4.6400 Home Furnishing Retail -4.8400 Health Care Technology -4.8400 Human Resource & Employment Services -4.9400 Health Care Services -5.1400 Footwear -5.5400 Life & Health Insurance -5.7400 Education Services -6.3400 Biotechnology -6.5400 Internet Software & Services -12.2400 Forest Products -44.6400 Department Stores NA400 Household Appliances NA400 Energy Sector NA400 Coal & Consumable Fuels NA400 Oil & Gas Drilling NA400 Oil & Gas Equipment & Services NA400 Oil & Gas Exploration & Production NA400 Industrial REITs NA400 Semiconductor Equipment NA




Daily Week-T-D W/W Sep 2016-T-D Q3-2016-T-D 2016-T-D

Table 29: S&P 1500/500/400/600 Sector % Changes (as of September 13, 2016)

LC Technology -0.6SU Technology -0.7SC Staples -1.2MC Staples -1.2LC Growth -1.2SU Growth -1.2SC Health Care -1.3SC Discretionary -1.3SC Utilities -1.3MC Discretionary -1.4SU Staples -1.4SC Technology -1.4LC Staples -1.4LC Utilities -1.4SU Utilities -1.4MC Technology -1.4LC Pure Growth -1.4S&P 500 LC -1.5LC Health Care -1.5SU Discretionary -1.5SU Health Care -1.5LC Discretionary -1.5S&P 1500 SU -1.5LC Industrials -1.5MC Utilities -1.6SU Pure Growth -1.6SU Industrials -1.6MC Pure Growth -1.6MC Growth -1.6SC Growth -1.7SC Pure Growth -1.7MC Health Care -1.7LC Value -1.8S&P 600 SC -1.8SU Value -1.8LC Financials -1.8SU Financials -1.9S&P 400 MC -1.9MC Industrials -1.9LC Materials -1.9SC Value -1.9SC Financials -1.9LC Telecom -2.0SU Telecom -2.0SU Materials -2.0LC Pure Value -2.0SC Industrials -2.0SC Telecom -2.0MC Value -2.0MC Financials -2.1MC Materials -2.2MC Pure Value -2.3SU Pure Value -2.3SC Pure Value -2.5SC Materials -2.7LC Energy -2.9MC Telecom -2.9SC Energy -3.0MC Energy -4.6SC Energy -4.7

SC Telecom 1.3LC Technology 1.1SU Technology 0.9LC Staples 0.5SU Staples 0.4LC Utilities 0.3SC Health Care 0.3LC Growth 0.3SU Growth 0.2SU Utilities 0.2SC Discretionary 0.1LC Health Care 0.1SU Health Care 0.1LC Pure Growth 0.0SU Telecom 0.0LC Telecom 0.0S&P 500 LC 0.0LC Discretionary -0.1SU Discretionary -0.1S&P 1500 SU -0.1MC Health Care -0.1SC Staples -0.1MC Discretionary -0.2SU Pure Growth -0.2LC Industrials -0.3SC Technology -0.3MC Technology -0.3MC Pure Growth -0.3SU Industrials -0.3LC Value -0.4SC Pure Growth -0.4MC Utilities -0.4LC Pure Value -0.4MC Growth -0.4SU Value -0.4SC Growth -0.5MC Materials -0.6SC Utilities -0.6LC Financials -0.7S&P 600 SC -0.7MC Industrials -0.7MC Staples -0.7S&P 400 MC -0.7SU Financials -0.8SC Value -0.9SU Materials -0.9MC Telecom -1.0LC Materials -1.0MC Value -1.0MC Financials -1.1MC Pure Value -1.2SU Pure Value -1.2SC Industrials -1.2SC Financials -1.2SC Materials -1.5SC Pure Value -1.6LC Energy -2.0SC Energy -2.1MC Energy -3.9SC Energy -3.9

SC Telecom -1.2SC Health Care -1.8LC Health Care -1.9LC Technology -1.9SU Health Care -1.9SU Technology -2.1MC Health Care -2.1SC Discretionary -2.6LC Financials -2.7LC Value -2.7SC Pure Growth -2.7S&P 500 LC -2.7LC Growth -2.8SU Value -2.8SU Financials -2.8S&P 1500 SU -2.8LC Pure Value -2.8SU Growth -2.8LC Energy -2.8MC Discretionary -2.8SU Pure Growth -3.0SC Financials -3.0LC Industrials -3.0SC Energy -3.0MC Pure Growth -3.1SU Industrials -3.1SC Growth -3.2SC Utilities -3.2SU Utilities -3.2LC Utilities -3.2MC Utilities -3.2SU Discretionary -3.2LC Pure Growth -3.2LC Discretionary -3.3SC Technology -3.4S&P 600 SC -3.4SU Telecom -3.4LC Telecom -3.4MC Growth -3.4MC Telecom -3.5MC Technology -3.5SC Value -3.6LC Staples -3.7MC Industrials -3.7SU Staples -3.7S&P 400 MC -3.7SU Pure Value -3.8MC Financials -3.8MC Value -4.0SC Pure Value -4.1MC Pure Value -4.3SC Industrials -4.3LC Materials -4.4SC Staples -4.4SU Materials -4.5MC Materials -4.9SC Energy -5.4MC Staples -5.6SC Materials -6.0MC Energy -6.9

SC Health Care -0.2LC Technology -0.8LC Energy -0.8SU Technology -0.9SC Energy -1.0SC Technology -1.3MC Health Care -1.3LC Utilities -1.3SU Utilities -1.4SC Pure Growth -1.5MC Utilities -1.6SC Utilities -1.6SU Health Care -1.6LC Health Care -1.7LC Growth -1.9LC Telecom -2.0SU Telecom -2.0SU Growth -2.0S&P 500 LC -2.0SC Telecom -2.0SU Pure Growth -2.1S&P 1500 SU -2.1LC Value -2.1SC Growth -2.2SU Value -2.2MC Pure Growth -2.4LC Pure Value -2.4S&P 600 SC -2.4LC Pure Growth -2.6MC Technology -2.7SC Value -2.7LC Staples -2.7SC Discretionary -2.7MC Growth -2.8SU Staples -2.8LC Financials -2.8LC Industrials -2.8LC Discretionary -2.8SU Discretionary -2.8SU Industrials -2.9SU Financials -2.9SU Pure Value -2.9SC Financials -3.0SC Pure Value -3.0MC Discretionary -3.0S&P 400 MC -3.0SC Energy -3.1MC Materials -3.1MC Industrials -3.2MC Value -3.3SC Industrials -3.3MC Pure Value -3.3LC Materials -3.4SU Materials -3.4MC Financials -3.5SC Staples -3.7MC Telecom -3.9SC Materials -4.6MC Energy -4.6MC Staples -4.8

SC Technology 9.1LC Technology 9.0SU Technology 8.8SC Materials 6.8MC Technology 5.7SC Pure Growth 5.2SC Industrials 5.0SC Financials 4.7SC Pure Value 4.3SC Growth 4.2LC Financials 4.1S&P 600 SC 3.7SU Financials 3.7SC Health Care 3.6SC Value 3.3MC Health Care 3.2SU Pure Growth 3.2MC Industrials 3.2SU Pure Value 3.2MC Pure Value 3.0MC Discretionary 2.9SU Growth 2.1MC Growth 2.0LC Growth 2.0SC Energy 2.0MC Pure Growth 1.8LC Pure Growth 1.6S&P 1500 SU 1.4S&P 400 MC 1.4SU Materials 1.4S&P 500 LC 1.3SU Industrials 1.3LC Pure Value 1.2LC Materials 1.1LC Industrials 0.9MC Value 0.8SU Value 0.7MC Materials 0.7LC Value 0.6MC Financials 0.6SU Discretionary 0.2SC Discretionary 0.0LC Discretionary 0.0SU Health Care -0.3LC Health Care -0.5SC Staples -2.0LC Energy -2.1SC Energy -2.2MC Energy -3.9MC Staples -4.1SU Staples -4.2LC Staples -4.2LC Telecom -7.6SU Telecom -7.7MC Utilities -7.9SU Utilities -8.0LC Utilities -8.1SC Utilities -8.3MC Telecom -9.7SC Telecom -13.7

MC Materials 21.8SC Materials 19.5SC Staples 17.3SC Technology 16.0MC Utilities 15.7LC Telecom 12.6SU Telecom 12.4SU Utilities 12.0LC Energy 11.8SC Utilities 11.6LC Utilities 11.5SC Energy 11.3SC Value 11.3MC Pure Value 11.2SC Industrials 10.9SU Materials 10.2MC Industrials 10.0MC Value 10.0MC Staples 9.5S&P 600 SC 9.4MC Technology 8.7S&P 400 MC 8.5SC Financials 8.4SC Pure Value 8.2SU Pure Value 8.0MC Health Care 8.0SU Technology 7.9LC Technology 7.7SC Growth 7.7LC Materials 7.4SC Energy 7.4SC Pure Growth 7.4MC Growth 7.1SU Industrials 6.8LC Industrials 6.1SU Value 6.0MC Financials 5.9LC Value 5.4LC Pure Value 4.8SU Staples 4.7S&P 1500 SU 4.5LC Staples 4.4SC Discretionary 4.2S&P 500 LC 4.1MC Discretionary 3.9SU Pure Growth 3.7MC Telecom 3.4SU Growth 3.2LC Growth 2.7SC Health Care 2.1LC Pure Growth 1.7SU Financials 0.8MC Energy 0.7SU Discretionary 0.4LC Discretionary -0.1LC Financials -0.2MC Pure Growth -0.3SU Health Care -0.5LC Health Care -1.0SC Telecom -2.8

Source: Haver Analytics.

Table 29: S&P 1500/500/400/600 Sector Index Price % Changes



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Documents

S&P MidCap 400 · 14/9/2016 · Table 3: STRG/STEG/LTEG Sorted on LTEG 12 Table 4: Earnings Growth Sorted on 2017E 13 Table 5: Earnings Growth Sorted on 2016E 14 Table 6: Earnings