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P Index ‘ Bear case: vulnerable to rotation into value sectors in a risk-on market, margins close to peak, structural challenges for Nokia/ Ericsson. Food & Bev 59 uw A50 Highest correlation to rising yields/ bond proxy, valuations still not cheap on a range of metrics (esp vs Healthcare), falling earnings re

SPQR S&P Retail 0 35% 1.330 264 7 Consumer St pies XLP Cons. Staple* Select Sector 0.15% 7.608 285.5 Food Products P&L PowerShares Dyn. Food & Bev. 0.63% 271 1.3 Energy XLF Energy Select Sector 0 15% 13,747 1.037 1 Energy Egtiprnent & Services 01H XES IEZ Market Vectors Oil Service

f U.S. eCommerce Sales '13 vs. ‘18E vs. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Sporting Goods Other 100% 90% 80% Media Auto 70% Food & Bev 60% Furniture & Home Furnishings 50% 40% Consumables a y 30% Electronics & Appliances 20% 10% Clothing & Accessories 6 0% 2013 2018E 2023E Sou