YEARAHEAD2016

CONTENTS ECONOMICS 02

COMMUNICATIONS 07

CONSUMER 12

ENERGY 21

FINANCIALS 28

HEALTHCARE 35

INDUSTRIALS 40

MATERIALS 45

TECHNOLOGY 50

UTILITIES 55

CREDIT 60

GOVERNMENT 65

LITIGATION 70

ANALYST TEAM 75

WELCOME TO BLOOMBERGINTELLIGENCE

Welcome to the Bloomberg Intelligence 2016 Outlook, which highlights key topics and trends that will define business and investing in the coming year.

The book includes analyses drawn from the work of more than 200 research professionals at Bloomberg Intelligence (BI), the research division of Bloomberg L.P. Embedded in this year’s outlook are three broad themes:

Interest rates: Toward the end of 2015, markets were betting on modest U.S. increases as the Federal Reserve seeks to normalize interest rates. The U.K. is likely to follow by midyear. This could mark an unusual divergence in monetary policy among the major global economies, including Continental Europe and China, which remain focused on stimulating their economies.

Commodities: Falling prices of metals and energy have been a boon to manufacturers and consumers, but a bane to miners and drillers. What’s missing is a robust rebound in demand for finished goods and sustained pricing power.

China: The world’s second-largest economy pushed toward 2016 with growth stabilizing at a low level, perhaps 6.5% – 7% for the coming year. Preventing a sharper slowdown will require continued substantial support from policy makers, with more rate cuts and an expanded fiscal deficit. Continued stress in real estate and exports seems likely.

BI’s global team is led by senior analysts with an average of 20 years of experience. They help Bloomberg’s clients understand who is most likely to prosper or falter by scrutinizing thousands of companies in more than 130 industries, along with major asset classes, credit metrics, economics, government policy and current litigation. Our interactive service makes 320,000 customers immediately aware of major events and new data so they can review information graphically, read related research and reach out to investment and corporate professionals as well as our analysts through curated chat rooms.

We hope you’ll enjoy reading what our analysts have found. To read more BI research, go to BI <GO> on the Bloomberg Terminal or bloomberglp.com/intelligence. For sales inquiries, email intelligence@bloomberg.net.

Sincerely,BLOOMBERG INTELLIGENCE TEAM

DIRECTORS OF RESEARCHDAVID DWYER Global

DREW JONES Global Deputy

TIM CRAIGHEAD Asia

SAM FAZELI Europe, Mideast & Africa

PAUL SWEENEY North America

JULIE CHARIELL Government

AUDE GERSPACHER Litigation

NOEL HEBERT Credit

JOEL LEVINGTON Credit

MIKE MCDONOUGH Economics

CONTENT MANAGERS PATRICIA WILSON Global Product Manager

CHRIS ROGERS Global Content & Editorial

VICTORIA CERULLO Global Content Coordinator

Rising Labor Compensation Will Be a Game Changer in 2016

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ECONOMIC OUTLOOKU.S.

FULL EMPLOYMENT A GAME CHANGERCarl Riccadonna

The U.S. economy is poised to cross several important milestones in the year ahead, which are likely to improve the “feel” of the rebound from the Great Recession. First and foremost, the labor market will almost certainly achieve full employment if it has not already done so. Economists do not know the precise level of unemployment corresponding to full employment, but it is generally believed to be in the vicinity of 4.75% – 5.25%.

The unemployment rate has been surprisingly consistent in its rate of decline over the past five years, at approximately 1 percentage point per year. If this pattern persists for a while longer, the rate is poised to breach even the low end of the aforementioned range by mid-2016. The economy will have definitively achieved full employment by the middle of next year.

Full employment will be a game changer for U.S. workers because it will result in labor shortages extending beyond specific pockets of skilled workers. This will give employees an incentive to bargain for higher wages, and they will be doing so amid the most favorable labor conditions, i.e., least slack, in nearly a decade. Because of this, they are likely to have greater success compared to recent history. Job gains have been sturdy over the past five years, averaging a little over 200k per month, but wage gains have been muted. The wage freeze is poised to thaw as demand for workers begets a modest labor shortage.

A little wage inflation will go a long way to influence a number of troubling trends that have plagued the economy in recent years, including tepid consumer spending, economic sensitivity to global growth prospects, low inflation, weak productivity growth, a dearth of business investment and possibly even the decline in labor force participation.

The most direct impact from wage growth will be to fortify consumer spending, which has underperformed for much of the current economic cycle — particularly in the earlier stages. Firmer household income growth will support a faster pace of consumption. This, in turn, will drive domestic economic activity and help to insulate the U.S. economy from sluggish global growth.

Since the largest input cost for most suppliers of goods and services is labor, wage pressures will similarly help to firm up consumer inflation by creating upstream price pressures. In an attempt to minimize labor costs while optimizing output, producers will make productivity-enhancing capital investments, which should lift both the abysmal growth rate in productivity as well as the pace of business fixed investment.

Finally, rising wages may entice marginal participants back into the labor force, thereby stemming the decline in labor participation.

The looming presidential election will also be a critical theme for the U.S. in 2016, and the performance of the economy and financial markets will factor significantly

into voters’ attitudes. Typically, improving economic conditions favor the incumbent or, in this case, the incumbent party. If this pattern holds true in the current election cycle and economists’ projections for 2016 prove accurate, an improving economic landscape could provide a meaningful tailwind to the Democratic nominee.

Economic sentiment has played a crucial role in a number of presidential contests over the past several decades, in particular 1980, 1984, 1992, 2008 and 2012. On some occasions, negative sentiment drove a call for change, while in other instances voters preferred to hold the course amid rising economic prosperity.

The current economic cycle has been choppy and unevenly distributed — which is hardly atypical — but the emergence of even modest wage pressures should begin to create the feeling of a “rising tide” that lifts a broader array of economic participants in the year ahead. Furthermore, a number of tangentially related economic woes may be resolved in the process.

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Euro Area’s Gradual Recovery

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ECONOMIC OUTLOOKEURO AREA

GRADUAL RECOVERY TO CONTINUEJamie Murray, David Powell & Maxime Sbaihi

The euro area’s economic recovery has been held back in recent years. After the global financial crisis morphed into a sovereign debt debacle, a wide margin of spare capacity opened up and has lingered. Retrenchment by companies and households, dented confidence and excessively tight fiscal and monetary policies all weighed heavily. Those forces are fading. Credit supply is providing an impulse to spend, austerity is mostly over (taking the region as a whole) and monetary policy is looser than ever. If the external environment holds up, 2016 should see the euro area economy expand at its fastest pace since 2010.

The seismic shift in monetary policy in the euro area in 2015, together with other European Central Bank action, has had some success. Sovereign borrowing costs are much lower, and that has fed through to the periphery. The looser policy stance has arguably helped balance sheet adjustment and the currency has weakened, providing some support to net trade against a gloomy backdrop for exports. Still, the program of asset purchases announced in January was small compared with those implemented by the Federal Reserve and the Bank of England, consistent with a more cautious approach to policy making at the ECB.

Since the program was first implemented, it has become clear that the degree of monetary stimulus would not be sufficient to take up the abundant slack remaining in the euro-area economy and lift underlying inflationary pressures over a reasonable

time frame. That, rather than the direct influence of slowing growth in emerging markets — which has been in train for the last several years — is likely to be the main motive for loosening policy further.

Thus far, the euro area’s cyclical recovery has been led by the consumer. Declining unemployment has lifted incomes as people return to work and has reduced the precautionary motive to save. At the same time, lower commodity costs have boosted the purchasing power of incomes, translating into robust household consumption.

Pockets of underutilized labor persist, and falling joblessness will continue to support consumer spending. Though incomes will keep growing in the euro area, the turbo-charging of spending power thanks

to lower fuel costs is a one-off and the benefits are fading fast. For the recovery to maintain traction, firms may soon have to do some of the heavy lifting — investment remains some 15% below the pre-crisis peak. Confidence that the recovery has legs, together with easier credit and cheaper equity finance, should see investment grow faster than GDP in years to come.

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Indicator of U.K. Activity Suggests Momentum to Be Maintained

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WATCH PRODUCTIVITY, BOE LIFTOFFDan Hanson & Jamie Murray

The recovery in activity seen in the U.K. since early 2013 has been enough to leave the economy close to full employment. To drive the expansion in the coming year and beyond, a meaningful revival in productivity growth will be needed. As external disinflationary forces dissipate, the Bank of England is likely to take the first step toward monetary policy normalization and lift interest rates off their 0.5% floor in the first half of 2016. Further increases in borrowing costs are likely to be limited, with the drag from fiscal consolidation set to weigh heavily in the 2016/17 fiscal year.

Having experienced a number of false starts in the aftermath of the financial crisis, the U.K. economic recovery finally began in earnest in the first half of 2013. That coincided with a rapid fall in the rate of unemployment as firms met increasing demand by expanding their workforces. The economy now appears close to its supply potential, so for the expansion to move onto a more sustainable footing in 2016, there will need to be a handoff from employment gains to increases in productivity as the underlying driver of growth.

The composition of output should remain similar to that seen over the recovery to date. Private domestic demand should more than account for growth in headline activity as the external and government sectors weigh in the opposite direction. The outlook for exporters remains challenging thanks to weak external demand, while import growth should be buoyed by a strong currency and the high import content of domestic demand. The year will also see significant fiscal consolidation as the government continues to grind toward its stated aim of a budget surplus.

ECONOMIC OUTLOOKU.K.

Despite those headwinds, the economy should carry momentum from the final quarter of 2015 into 2016, growing at above-trend rates as the last of the remaining slack is absorbed. As that happens, wage growth looks set to continue its ascent toward pre-crisis levels, which, with only a moderate pickup in productivity, should see to it that U.K. inflation begins to reflect rising domestic cost pressures rather than external disinflationary shocks.

Evidence that the rapid fall in the unemployment rate is finally generating enough inflation to present a risk to the BOE’s 2% inflation target should persuade a majority of Monetary Policy Committee members to vote for an interest rate rise. If the economy evolves in line with BI Economics’ central expectation, that is likely to happen in the first half of 2016. With headwinds coming from fiscal consolidation and private-sector indebtedness, subsequent

rate increases are likely to be limited and gradual, keeping the stance of monetary policy extremely loose for the foreseeable future.

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Growth Has Bottomed Out

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ECONOMIC OUTLOOKCHINA

FASTER STIMULUS TO KEEP GROWTH IN PLACETom Orlik & Fielding Chen

China pushes toward 2016 with growth stabilizing at a low level. Continued contraction in new real estate investment and exports means risks are tilted to the downside. Growth may come in between 6.5% – 7% in the coming year, after an expected 6.9% outcome in 2015. Preventing a sharper slowdown will require continued substantial support from policy makers, with more rate cuts and an expanded fiscal deficit. The outlook on the yuan is balanced between stability and depreciation, with the latter more likely.

China’s growth appears to have bottomed out. Bloomberg Intelligence Economics’ monthly GDP tracker shows the economy expanded 6.6% year on year in October — a level it has hovered around since July. Continued stress in real estate, where a rebound in sales has yet to trigger a recovery in construction, weighs on the outlook. So, too, does persistent weakness in exports. Overseas sales contracted for four straight months through October.

Stabilization in growth reflects substantial policy support. The central bank has cut interest rates six times in the last year. Fiscal spending is accelerating. Local governments are benefiting from a 3.2 trillion yuan ($502 billion) debt swap, helping them refinance borrowing at lower costs. Further support on all of those fronts will be required in 2016. With stressed corporate balance sheets limiting the effectiveness of rate cuts, fiscal policy will have to do more of the work.

The arguments on the yuan are finely balanced. Contracting exports, capital outflows and a coming first rate hike from the U.S. Federal Reserve all suggest the currency should fall. Fear of capital flight and expected inflows on the back of inclusion in the International Monetary Fund’s Special Drawing Rights basket

suggest it will maintain an uneasy stability. The consensus forecast is for the currency to end 2016 at 6.6 yuan per U.S. dollar, down from 6.41 in early December 2015. A larger drop to about 7 would restore export competitiveness.

China’s government has accepted a lower threshold of a 6.5% annual expansion in GDP in the 13th Five-Year Plan. That doesn’t mean they’ll immediately lower the annual target. Sticking with 7% for 2016 would signal confidence in China’s growth prospects and allow for lower growth toward 2020. A 7% target could widen the credibility gap, with market participants becoming skeptical of China’s official data.

The reform program will roll on. In the financial sector, interest rate liberalization has been completed. Progress on capital account opening may accelerate, given a commitment to yuan convertibility by 2020. The 2015 equity market collapse could catalyze a rethink of financial regulation. Implementation may bring clarity to the government’s hazy plan for reform of state-owned enterprises.

Concerns about financial stability are well-founded and will continue to grow. Outstanding credit rose to 208% of GDP in September 2015 from 125% at the end of 2008. In 2016, it will continue to rise. With almost all of banks’ assets and liabilities domestic, much of the action taking place within the state family and low central government debt, the chances of an imminent crisis are limited. Corruption investigations targeting the financial sector may cause larger disturbances than deleveraging.

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ECONOMIC OUTLOOKJAPAN

Real Potential GDP Growth YoY

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POLITICS, ECONOMICS POINT TO MORE STIMULUSYuki Masujima

Japan heads toward 2016 with the economy again in recession and inflation at zero. Labor market dynamics remain positive, with low unemployment expected to drive rising wages. Political and economic logic both point to expanded stimulus at the start of 2016, ahead of a national election. That could provide a short-term boost at the expense of longer-term costs. Prime Minister Shinzo Abe is targeting a 600 trillion yen ($4.9 trillion) economy by 2020, up from 500 trillion yen in 2014 — requiring nominal growth of 3% a year.

Japan’s economy slid into a technical recession in the third quarter of 2015, with GDP contracting at a 0.8% annualized rate. A drop in inventories weighed on growth, but is a positive for future production. Weakness in capital spending is more worrying. The outlook for 2016 is positive, reflecting expectations of fiscal and monetary policy support. A moderate U.S. recovery should offset weak Asian demand. A consumption tax hike slated for April 2017 could drag some spending forward to the end of 2016. The consensus forecast for GDP growth in 2016 is 1.1%, up from an expected 0.6% in 2015.

Headline inflation — at zero in September 2015 — is set to rise moderately into early 2016 as the impact of low oil prices fades. That will still leave CPI some way from the Bank of Japan’s 2% target, setting the scene for more easing. The most likely scenario is expansion of stimulus from the current 80 trillion yen in annual

bond purchases to 100 trillion yen in early 2016. That could be accompanied by fiscal stimulus of 3 trillion yen or more. A national election in summer 2016 means there is a political as well as economic case for action. A flexible time horizon for hitting 2% inflation could be an alternative to expanded stimulus.

Divergence between major central banks will mean a bumpy ride for the yen. A first rate hike from the Fed will be a force for yen weakness. After that, the focus will switch to the Fed’s tightening schedule — expected to be gradual. There are tail risks on either side. The yen could drop significantly if diverging BOJ and Fed policies coincide with crystallization of concerns over Japan’s debt burden. A delay to Fed liftoff or demand for safe assets in the face of terrorism could be forces for yen strength.

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A potential growth rate of 0.5% means Japan is always on the edge of recession. Solving that problem means structural reforms to raise labor force participation and revive investment. Despite record profits, corporate investment is low. A cut in the corporate tax rate is intended to address that problem. The tax cut is a positive for 2016 growth. To restore investment incentives, the government will also have to eliminate allowances that permit firms to hoard profits. Even with far-reaching reforms, a drag from an aging population and needed fiscal consolidation will make Abe’s 600 trillion yen GDP target tough to achieve.

COMMUNI- CATIONS

COMMUNICATIONS 8

Global Ads Get Quadrennial Aid as Mobile Set to Surpass Desktop

Facebook, Google to Dominate Surging Mobile Ads as Desktop Wanes

COMMUNICATIONS

COMMUNICATIONS 9

Presidential Race in 2016 Could Be the Social Media Election

CBS Snags $1 Billion as Industry Retransmission Tops $7 Billion

COMMUNICATIONS

COMMUNICATIONS 10

Communications Act, Fees, Joint Sales, Spectrum Top Tech Issues

Bundled Services May Help to Reduce Churn and Stabilize Revenue

COMMUNICATIONS

COMMUNICATIONS 11

Weak Carrier Demand May Temper Spectrum Auction Expectations

China E-Commerce Growth Stays Strong as Alibaba, JD.com Expand

COMMUNICATIONS

CONSUMER

FINANCIALS 13

Sugar May Become the New Pariah, But Production Isn’t Falling

Aging Chinese, Japanese Boost Sales of Health, Wellness Foods

CONSUMER

CONSUMER 14

FDA Places Sugary Foods and Beverages in Spotlight in 2016

Growth in Natural, Organic Sales to Escalate Grocery Competition

CONSUMER

CONSUMER 15

Mass Merchants Maneuver for Millennials With Shift to Wellness

Food Retail’s Cool-Chain Brings Modern Touch to Safety, Waste

CONSUMER

CONSUMER 16

Beauty, Personal Care Embrace Health Benefits to Boost Growth

Tobacco Focus on E-Cigarette Legislation, Flavor Bans in 2016

CONSUMER

CONSUMER 17

E-Commerce Penetration Continues to Increase Amid Channel Shift

Retailers Embrace Technology to Expand Sales, Speed Fulfillment

CONSUMER

CONSUMER 18

The Lure of Now: E-Tailers Chase Shoppers With Instant Delivery

Luxury Goods Must Balance Tradition With Technology for Success

CONSUMER

CONSUMER 19

Retail Earnings May Rise as Online Shopping Boosts Offline Sales

Macau Casino Success to Align With Haves, Have-Nots on Cotai

CONSUMER

CONSUMER 20

Restaurants Dish Up Tech Spending in Pursuit of Loyal Customers

Autos Go Electric, Get Turbocharged to Meet Emissions Targets

CONSUMER

ENERGY

ENERGY 22

ENERGY Oil Balance May Tighten, Prices May Be Capped and M&A in Play

Iran Post-Ban Oil Output Rebound Doubts Unfounded, Expert Says

ENERGY 23

China Manufacturing Shift Means Slower Growth in Demand for Oil

Australia to Become World’s Biggest LNG-Exporting Nation by 2018

ENERGY

ENERGY 24

Perfect Storm of M&A Drivers Brewing for European E&P in 2016

Apache Is One of the Largest Operators in the Permian Basin

ENERGY

ENERGY 25

Rising IDRs Don’t Mix With Energy Market Tumult

Integrateds, Not Large E&Ps, Only Ones Likely Able to Buy Apache

ENERGY

ENERGY 26

Oil Servicers’ 2016 Outlook Grim as World Needs U.S. Supply Drop

High-Yield Energy Debt at Largest Discount to Market in 10 Years

ENERGY

ENERGY 27

Election Year Likely Pushes U.S. Crude Oil Export Debate to 2017

Petrobras Investor Challenges Are Consolidated for Trial in 2H16

ENERGY

FINANCIALS

Global Financials at Mercy of Forex, Macro, Rates

Regulation Continues to Shape 2016 Financials Strategies, Profit

FINANCIALS 29

FINANCIALS

EU Banks 2016 Plans Hinge on ECB, $8.4 Trillion IFRS9 Challenge

More FICC Cuts May Help Bank Returns, Add to Liquidity Concerns

FINANCIALS

FINANCIALS 30

China to Remain Barometer, Driver for Global Credit and Bad Debt

Asia Insurers Look West as Western Banks Seek Growth Opportunity

FINANCIALS

FINANCIALS 31

EU Banks’ $375 Billion Costs Are Key to 2016; Margins to Narrow

Global Insurance Margins at Risk in 2016 After 2015 Price Drop

FINANCIALS

FINANCIALS 32

U.S.-European Policy Divergence Brings Insurers Mixed Fortunes

U.S. Regional Banks Seek Loan Growth and Gains From Higher Rates

FINANCIALS

FINANCIALS 33

JPMorgan, RBS Epitomize Scale of Cyber Threats, Opportunities

Mobile Payments, Alternative Lending Ready to Lift Off in 2016

FINANCIALS

FINANCIALS 34

HEALTH CARE

HEALTHCARE 36

HEALTHCARE

J&J, Pfizer, Gilead May Star in 2016 M&A; Valeant Off the Scene

Drugmakers Brace for Onslaught of Pricing Noise in Campaign

HEALTHCARE 37

Cancer Immunotherapy Combinations May Take Giant Leap in 2016

HEALTHCAREStage Set for Biotech IPOs in 2016, Needs Revival in Optimism

HEALTHCARE 38

HEALTHCARE

Large Pharmacy Deals to Change Supply-Chain Landscape in 2016

Sequencing Cost Declines to Spur Innovation in 2016 and Beyond

HEALTHCARE 39

Weakening Exchange Enrollment May Hurt Hospital, Insurer Margins

Boston Scientific, Edwards Have Biggest Device Catalysts in 2016

HEALTHCARE

INDUSTRIALS

Global Industrial Deal-Making May Gain Momentum in 2016

Mining, Energy Pressure May Prompt Further Spending Cuts in 2016

INDUSTRIALS

INDUSTRIALS 41

Europe May Prove Industrials Economic Bright Spot

Southeast Asia Welcomes Low-Value Goods Producers from China

INDUSTRIALS

INDUSTRIALS 42

Aircraft Makers Ponder Production Plans and Asia Growth in 2016

Pentagon Replaces Navy, Air Force ‘Big Iron’ in 2016; Eyes Cost

INDUSTRIALS

INDUSTRIALS 43

Slack Capacity, Chinese Demand May Cause Rough Seas for Shipping

Railroads, Trucking Companies Should Overcome Tepid 2016 Demand

INDUSTRIALS

INDUSTRIALS 44

MATERIALS

China Aluminum Industry’s Supply Glut May Linger on New Capacity

Carry Trade Distorts China Copper Demand, Leads to Oversupply

MATERIALS

MATERIALS 46

Specialty Chemicals 2016 Margins May Be Pressured by Oil, Dollar

Cropocalypse Now? AgChems in Glut as Incomes Fall

MATERIALS

MATERIALS 47

Rising African Demand Drives Expanded Cement Capacity Investment

M&A and Mature Markets Boost Cement Outlook; Brazil, China Drag

MATERIALS

MATERIALS 48

U.S. Lumber’s Longer-Term Positives Eclipsed by Near-Term Issues

Cyclical Rise in Wood Products Beats Secular Decline in Paper

MATERIALS

MATERIALS 49

TECHNOLO GY

Amazon, Microsoft Likely Retain Infrastructure-as-a-Service Lead

Varying Cloud Models Pose Risk, Opportunity for HP, Dell and IBM

TECHNOLOGY

TECHNOLOGY 51

Rising Demand for Security Software May Drive More M&A in 2016

Diverse Motivations Drive Semiconductor Industry Consolidation

TECHNOLOGY

TECHNOLOGY 52

China May Use M&A, Regulatory Scrutiny to Gain Chip Power

New Samsung Integrated Chip Threatens Qualcomm’s Comeback Plan

TECHNOLOGY

TECHNOLOGY 53

China Smartphone Market Drop-Off Signals Industry Maturation

Timely Windows 10 Brings Potential for Outsized PC Influence

TECHNOLOGY

TECHNOLOGY 54

UTILITIES

UTILITIES 56

UTILITIESBig Utilities Seek Growth in M&A, Solar, Wires as Sales Slow

Emerging Market Slump May Reshape Cross-Border M&A by Utilities

UTILITIES 57

Natural Gas to Stage Comeback in 2016 on Lower Prices, Closures

Low Gas, Power Prices Hurt Merchant Generators, Help Regulated

UTILITIES

UTILITIES 58

Utility M&A Looks to Divest Merchant Units, Buy Regulated Assets

Solar Energy Demand Expected to Build in 2016 on Policy Drivers

UTILITIES

UTILITIES 59

Power Industry Changes May Come From High Court

Utilities Propose Pipelines to Fuel Power Plants, Add Customers

UTILITIES

CREDIT

CREDIT 61

CREDITGlobal Corporate Borrowers Tap Into Monetary Policy Divergence

Corporate-Bond Issuance May Decline on Higher Interest Rates

CREDIT 62

Big Issues Mark 2016 Junk Maturities, High-Grade Cadence Steady

Higher Rates May Reverse Bond ETF Inflows Nearing $80 Billion

CREDIT

Ratings Deteriorate on Releveraging Trends, Commodity Pressures

Signs Debt Leverage Is Rising Abound in Global Corporate Credit

CREDIT 63

CREDIT

Outlook for 2016 Distressed Ratios May Rely on Economic Health

Defaults Are Less Likely in High-Yield Technology, Consumer Debt

CREDIT

CREDIT 64

GOVERNMENT

Election Season Sets Stage for Next Four Years

U.S. Banks Can Expect Cost of Derivative and Swap Trades to Jump

GOVERNMENT

GOVERNMENT 66

Pacific Trade Deal Passage Will Be Obama’s Last Herculean Task

U.S. Wind and Solar Power Incentive Program to Take Form in 2016

GOVERNMENT

GOVERNMENT 67

Obamacare Repeal and Drug Pricing Among Campaign Themes to Watch

U.S. Bank Regulators to Complete Systemic Risk Framework in 2016

GOVERNMENT

GOVERNMENT 68

Consumer Staples Industry May Feel Regulatory Fallout in 2016

Communications Act, Fees, Joint Sales, Spectrum Top Tech Issues

GOVERNMENT

GOVERNMENT 69

LITIGATION

Fairholme’s Fannie, Freddie Suit Moving Toward Ruling in 2Q16

DuPont, Chemours PFOA Litigation Heads to Second Trial in March

LITIGATION

LITIGATION 71

Health Insurer M&A Antitrust Fate Will Likely Be Sealed in 2H16

FCC Well Positioned in Net Neutrality Case Set for 2016 Decision

LITIGATION

LITIGATION 72

Cisco-Arista Dispute Comes to a Head in 2016 After Key Trials

Court Quarrel Over Obama’s Clean Power Plan Could Come in 2016

LITIGATION

LITIGATION 73

Caesars Bankruptcy Examiner’s Report Likely Catalyzes Case in 1Q

Bass-Granted Drug Patent Challenges Will Be Decided in Late 2016

LITIGATION 74

LITIGATION

75

RESEARCH MANAGEMENTDavid Dwyer Research Director Global

Drew Jones Deputy Research Director Global

Patricia Wilson Product Manager Global

Chris Rogers Content Manager & Editorial Global

Victoria Cerullo Content Coordinator Global

Galen Meyer Executive Editor

Rick Green Managing Editor

Frank Longid Managing Editor

COMMUNICATIONSPaul Sweeney North American Research Director Media North America

John Butler Telecom & Networking North America

Erhan Gurses Telecom & Media EMEA

Geetha Ranganathan Media North America

Tal Smoller Telecom & Media EMEA

Alex Wisch Telecom & Media EMEA

Joshua Yatskowitz Telecom & Media North America

CONSUMERTimothy Craighead Asian Research Director Gaming & Lodging APAC

Deborah Aitken Luxury, Household & Personal Care EMEA

Charles Allen Retail, Food & Electronics EMEA

Jennifer Bartashus Food & Restaurants North America

Brian Egger Gaming & Lodging North America

Duncan Fox Packaged Food EMEA

Poonam Goyal Retail North America

Chen Grazutis Apparel Manufacturing North America

Michael Halen Food Retail North America

Thomas Jastrzab Consumer Products & Staples APAC

Catherine Lim Consumer Discretionary, Luxury & Retail APAC

Nikkie Lu Autos & Industrials APAC

Andrew Reading Homebuilding North America

Seema Shah Consumer Hardlines North America

Kenneth Shea Packaged Food, Beverages & Tobacco North America

Kevin Tynan Autos & Auto Parts North America

CREDITNoel Hebert Credit Research Director Consumer North America

Joel Levington Credit Research Director Industrials North America

Dragos Ailoae Index North America

Richard Bourke Materials North America

Philip Brendel Distressed North America

Spencer Cutter Energy & Utilities North America

Stephen Flynn Tech, Media & Telecom North America

Arnold Kakuda Financials North America

Erich Marriott Homebuilding North America

Jaimin Patel Utilities North America

Richard Salditt FI Strategy North America

ECONOMICSMike McDonough Economic Research Director Chief Economist Global

Tom Orlik Chief Economist Asia

Fielding Chen Asia

Tamara Henderson South East Asia

Yuki Masujima Japan

Jamie Murray Chief Economist EMEA

Dan Hanson EMEA

Mark Anders Bohlund Middle East & Africa

David Powell Chief Economist Euro Area

Maxime Sbaihi Europe

Carl Riccadonna Chief Economist U.S.

Rich Yamarone U.S.

Jimena Zuniga Latin America

Marco Maciel Brazil

ENERGYPhilipp Chladek E&P & Integrated Oil EMEA

Andrew Cosgrove Oil Services & Coal North America

Gurpal Dosanjh Refining North America

James Evans Renewable Energy EMEA

William Hares E&P & Oil Services EMEA

Michael Kay Midstream Energy North America

Vincent Piazza E&P & Integrated Oil North America

Peter Pulikkan E&P North America

Lu Wang Energy APAC

FINANCIALSJonathan Adams Insurance North America

Arjun Bowry Exchanges EMEA

Francis Chan Banks & Brokerage APAC

BLOOMBERG ANALYSTS & ECONOMISTS

76

Edmond Christou Insurance EMEA

Lindsay Dutch Insurance & REITs North America

Diksha Gera Banks APAC

Charles Graham Insurance EMEA

Kristy Hung Property APAC

Steven Lam Insurance APAC

Jeffrey Langbaum REITs North America

Harvey Lei Banks North America

Tomasz Noetzel Banks EMEA

Dave Ritter Financial Services North America

Jonathan Tyce Banks EMEA

Alison Williams Investment Banks & Asset Managers North America

GOVERNMENTJulie Chariell Government Research Director Washington Macro & Tax North America

Melissa Avstreih Consumer North America

Brad Barker Tech, Media & Telecom North America

Rob Barnett Energy North America

Dan Barry Financial Regulations North America

Nathan Dean Financial Regulations North America

Gregory Elders ESG North America

Alex Gardner Financial Regulations APAC

Sarah Jane Mahmud Financial Regulations EMEA

Brian Rye Healthcare North America

Nick Taborek Contracts North America

Caitlin Webber Trade North America

Cheryl Wilson Alternative Energy North America

HEALTHCARESam Fazeli European Research Director Pharma & Biotech EMEA

Asthika Goonewardene Pharma & Biotech North America

Grace Guo Pharma & Biotech North America

Elizabeth Krutoholow Pharma & Biotech North America

Jason McGorman Healthcare Services & Medical Devices North America

Jonathan Palmer Life Sciences North America

INDUSTRIALSChristopher Ciolino Industrials North America

George Ferguson Aero & Defense, Auto Parts North America

Jawahar Hingorani Industrials EMEA

Johnson Imode Industrials EMEA

Lee Klaskow Transportation North America

Steve Man Autos & Industrials APAC

John Mathai Transportation APAC

Douglas Rothacker Aero & Defense, Airlines North America

Karen Ubelhart Industrials North America

LITIGATIONAude Gerspacher Litigation Research Director Healthcare North America

Brandon Barnes Energy North America

Matt Larson Technology North America

Jennifer Rie Antitrust North America

Matt Schettenhelm Tech, Media & Telecom North America

Elliott Stein Financials North America

Julia Winters Bankruptcy North America

MATERIALSSonia Baldeira Building Materials & Construction EMEA

Kenneth Hoffman Metals & Mining North America

Michelle Leung Materials APAC

Jason Miner Chemicals North America

Eily Ong Metals & Mining EMEA

Christopher Perrella Chemicals North America

Joshua Zaret Forest & Paper North America

Yi Zhu Metals & Mining APAC

TECHNOLOGYWoo Jin Ho Semiconductors North America

Anthea Lai Tech, Media & Telecom APAC

Michelle Ma Internet & Telecom APAC

Anurag Rana Software & Services North America

Mandeep Singh Software & Services North America

Anand Srinivasan Semiconductors & Hardware North America

Jitendra Waral Internet & Hardware North America

UTILITIESJoseph Jacobelli Utilities & Infrastructure APAC

Kit Konolige Utilities North America

Elchin Mammadov Utilities EMEA

Stacy Nemeroff Utilities North America

BLOOMBERG ANALYSTS & ECONOMISTS

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