EFTA01459085

Deutsche Bank Securities Inc Figure (SS- S&P 500 Annual E.PS Outlook end PE (based on curtest constituents in the index unless specified) i i., 5030814.9 1)5 US 50891. 58~91 I. Ii z.-. 20044 4'9954 :re,A -re€A Yer ,M 25, t a '44;4 flit v. ,n14e . ,, [r I, - •- r i: 55/ 500 EIS (1,1•0954•11441•91 97829 9513.11 66612 10347 50393 *0620 *03.02 5160.35 5110i0 511112 76% SW 500 EPS (turn« oinattierital 570.53 591.14 f$081 571.79 55423 11154 11873 510601 5111.83 5117.75 55% 5118.54 09% 512856 il 2% 5119 1.1% 5125 60% 5122 103% 54414i004 8:07. le sii.,*.4 bait .... 44. 84 4.o. .. ;0 i4,1‘, a Er5 40mt, ,. biz, . "'1'-- F 556 539 f25 409 486 741 84r 414 991 102 9 .C,Iirle."Ignei."frAr '•i5 5S3% 1318 115.5 126.0 . - 115.5 let% 516 570 611 058 689 736 780 ra: 84: 932 LI 1 i% 910 ' 95.5 87.5 . , .5 144% 5,10 1143 1187 Tait, 650 945 1297 122 .1 ii39 1123 168 .594% 468 850 iika . II, i33.2 173 I 1439 499 566 1290 132.5 1476 liM 1 Ift9 . '6 8 112% 2355 219.0 r ' . 230.0 ' ' . 2110 ICCA. 686 730 818 CG> 883 101 3 I00.6 1125 117 9 1343 -40 7:1 1689 154.5 . - 186.0 ' - 151.5 V's.i '''Is 132 710 839 763 517 AB 112 943 1025 ..-. .. -4.3 :0% 1215 115.0 ' .: - 117.0 ' ' 112.2 97‘ 4..i.n Tec 9, 836 9745 174 r. 212 1114 248 122 1 1066 111 4 210 132 249 1712 317 166.7 292 1ØI 335 ,4I 66% 1433 '4, 5 66% 343 225.0 30.3 ' ' I . 339.0 37.5 -.. - ' ' 2210 31.4 1(4.4. 14.h.-4 ... . , 4. 1 i . " ... 2:2 22 4 219 261 ; . ', i'‘ 319 33.5 326 .. ,.. 33.6 iC4,i • . 295 1139 304 314 33.5 349 33.5 i Ci>ii , BØ7 SC"? I 9564 '434 10667 1114.0 i , , 10110 10i • -4R7 7446 *::t 937.7 854.9 - i IMO 144* 1010.7 1012.9 • ' 10850 146.4. . i 7435 1)35.7 5768 - .i ' 551.0 i(44 2B3.0 252.0 2950 14i - -, 4 -• , 5 6Y.5 .m. i 792.7 ' 832.9 MD 9.%. Kiev V4cro '' 4,4449441. 013451 I 47% 12% ' 27% 44% 62% 39% 32% 28% 34% . . rim5w451, 019 mil 34% 27% e 431 Q.8% 2.5% 19% 28% 19% 26% . ri itcwo .194.08W) 84% 74% . • 31% 44.1% 94% 92% 69% 4.l% -61% ... 410,~64 4.4 0.414.444 DB 481 49% ay.. i 73% 991 95% 26% 78% 70% 57% • riain444`44141~~. Oie 4mi / 44% •7.4 . • 26% 38% 3.3% 19% 18% 30% 22% '.3'1. ',,Xcntorttit 505) 37 ai 84 143 233 'i- PI941544441 <1 44 Iowa 04i *it / 08% 07b 1 30% 42% 2.6% 12% 08% 04% 04% 0'S% i .%i. .8 i 2iIi. :. , 475 55 1 35', -4. • IV. 25 t WI » 133.1 32 1 33ii 39 i tat 2t r l'i4 is . • -,-...i i I 93Y11 938 oti 9399 -„n 275 173 426 Tani Pro -1o~ PE tywiind prim) Wanda Diturtimitinssi Ins~teklial zoce. zoos 2007 2008 2099 2010 2011 2012 2013 2014 2015 2016 2015 2016 Yek3 Payout12016 trawl* , Discretonaiv 373 207 189 155 184 166 148 164 208 214 21 I 183 21.1 10.6 I 5% 320% Coristrnei 54aples 158 165 173 139 1A8 152 156 163 184 204 207 194 208 20.1 27% 561% Energy 101 104 129 70 182 135 10.5 114 147 133 274 274 288 248 34% 947% Finn a 150 139 149 114 260 146 122 126 144 161 140 129 14.0 132 20% 279% 14•4110 Can 179 178 165 II 3 126 114 116 134 179 187 170 156 17.0 15.9 17% 289% industrials 186 182 169 108 186 165 134 141 180 174 166 159 18.8 156 23% 378% information Technc4ogy 200 188 180 103 189 134 12.5 13a 164 1J.8 176 10.2 17.5 115 16% 275% 4.4.4terisls 168 151 163 108 263 178 124 156 183 17 5 P7 158 17.9 137 22'% 296% 744comrniaNcab9i 54ne,ce. 132 157 164 I10 136 132 ISO 162 157 132 115 121 12.8 13.0 52% 663% Uols5ø5 151 166 173 II 6 127 123 137 140 155 178 158 153 15.7 162 39% 615% 5&7500 169 157 161 129 176 134 128 138 168 175 175 162 17.5 15.8 21% 373% S&P ex F41.04418 146 143 159 138 le 5 149 136 145 175 183 184 170 18.6 17.6 21% 397% 16.9 et Energy 170 168 16.8 147 175 146 131 141 171 18.0 17I 15 7 17.0 162 20% 347% 619 4% TKii 153 153 15$ 135 173 134 128 139 169 n5 175 162 17.5 150 23% 3139% t nergy & Financials 130 125 140 17 4 221 140 II 4 111 145 151 164 153 10.4 163 23% 36P ex Energy & Fruinc,415 177 180 174 II 7 10.4 136 133 135 178 18.5 179 10.5 17.9 17.0 20'% Noe* 2025,5513 ÆØV5~ ~pekes. '014/X % Pr tra~ on turerc N.:es ant FC ano 00 VS toury Sirsmw fP5 nainairi 44. 24 /4 and 2015 5,,*rcy naV aNpbxla,s evatoonexte44.4 4.4,4 Son Coven/ 4404•71. A. 0.554:5555% Mai en Re se5.c5 C in 0 m Z .o o c .2 3 E g n . 10 44 r g fT CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119306 SDNY_GM_00265490 EFTA01459085