EFTA01459066

20 November 2016 US Equity Insights I Figure 18: S&P EPS growth ex Energy. Fin., HC and AAPL, AMZN & GOOG ION 44% 40, EPS growth y/y RI BM II 09 .2a an %week Healthcare A.4Dt. AWN& GOOG 58.P 55Pexallel above •ZOIS ton •}011btwon Sasso. an, Dab:IS Sant Meats/ MIS I Figure 20: Linear Technology ILLTC. broad-based ndustrial player) Industrial bookings, weak through 11116 IS) II0 110 103 • [repeated 3 times] 4' 4 4 [repeated 4 times] • 4 41 40 4 4 40 .0 .0 e0 40 If 40 4° .f° 40 .0 d° 40 10 40 9° 5050 undatiolbooloos Or) •••••yOr San Lbw wen H: babe Swd saner 2011 we le% SS e% um Figure 19: Global enterprise tech spending growth forecast by region 2'14 OM -1016. in 1014 ZOISC 1014E 7017€ 1044 2015( 13% a • 3: a • s'W Los *bon a ICS •Csuos Snots scat Swear ant Figure 21: Aggregate Industrial revenues (DB US semiconductor coverage) expected to rebound after 1O16 4000 3750 - 3500 - 1 wit ,„„ [30% 3250 20% 3000 10% 2750 - ' 094 7500 + -10% 11490,114, 4040401,4,40,,, SINS inclustnairevenues(Sm) —yty Sows Canon dils Dats .ewealener iFigure 22: S&P 500 trailing 4-qtr EPS growth: 1960 - 3O2015 es% 30% 20% 10% 0% .10% -20% Aggressive Fed tightening Weak 0.1 and slowed GDP growth end strong S weighed weighed on S&P EPS -30% on S&P EPS -40% 1960-2014 CAGR 6 7°, V Week oil end Rumen default weighed on S&P EPS Recession S&P 500 Trading 4-gtr EPS (WY) -----CAGR avg SOLetsret; COmpsat Ocursh• &PS Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) DB-SDNY-0119279 CONFIDENTIAL SDNY_GM_00265463 EFTA01459066