EFTA01367802

22 May 2015 US Equity Insights Figure 26: Blended (actual for reported and estimate for remaining) 1O EPS and sales yly growth 30% 2C% is 4.3% 100% 5% 32% 0%i%. -L • .-y , .10% -10% -20% i 'MI i 40% -50% 40% 4 -53 5% -70% 4 137%130% 08% L 56% Mg a 2n 23% A . 43 7% tl Source /855. Ottani, Bra An I 61 a ; • 30 EPS wy 04343 .30 %Ms ry Ow.% Figure 28: Trend in S&P 500 quarterly btm-up EPS 33 32 31 30 29 21 27 26 25 24 23 4 (Ohl A4 YJIP ‘^ L N404 q4 )01 14 :OP 713 .. .;••• . Akii.401/-‘1011 4.1i*Wit Soy,. :MS. Own.S. 64-4 Pail 21 Figure 27: Change in btin-up 2015 EPS since 12/3 I i2014 10% 0.4% Mr % lir —ran. 40144-Iii. 4611 ill an ; ICS • -AV"' .10% 0%.7,0% 418%31% 4.9% -40% -50% 0. Sane ea Cones BMA AI -42 5% (Figure 29: Change in quarterly El's before and during lepo ling (1O11 - now) 6% 4% 2% 0% 4% 4% .10% Avg .3.7% •O'll bum Gong rowing .110m pur reparOng totter /855. Coasts Sint Avg (10114014) 3 1% Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059415 CONFIDENTIAL SDNY_GM_00205599 EFTA01367802