ectively lend again in the sector. Moreover, with energy criticized loans peaking in 1Q16, management expe

is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

naging Board and Chief Executive Officer, Siemens Energy Chairman of the Board of Management Chairman an

enda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Election 2016 H

retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

s sector. China National Petroleum Corp and China Energy recently took a minority share in the UAE's onsho

Consumer Staples and Healthcare. We also like the Energy sector. e We are negative on Industrials and Con

8/4/11 8/5/11 8/6/11 8/7/11 8/8/11 Source: Electric Reliability Council of Texas. 70 60 50 40 30 20 10 0 •Independent Coordinator of Transmission for Entergy •Midwest Independent Transmission System Operator PJM Interconnection (Southeast/Midwest) •Tennessee Valley Authority •Southwest Power Pool 2002 2003