EFTA01459743

8 February 2016 US Equity Insights 4Q S&P EPS y/y growth ex. Energy deteriorates vs. 3Q, not much better in 1Q Blended btm-up 40 EPS growth ex Energy is 2.3% yty, likely 3.4% when complete. This compares to 7.3% in 3Q and double-digit growth in 3014.2015. Slow growth is likely to continue in 1H16, but we expect healthy growth in 2H. Consensus qtrly EPS y/y growth ex Energy is -1%, 2%, 7% and 13% for 2016. Figure 15: S&P ex. Energy EPS growth deteriorated in 4015. and likely won't reaccelerate until 2H16 16% 12% -- 8% 0% 0% Quarterly EPS y/y growth Consensus •8% • en fel eel 10 a a a • VN UN 9. 922222252249. 222 IA fel • • • MAP 500 MVP 500 es. Energy San lKS. Oft Sint Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120402 CONFIDENTIAL SDNY_GM_00266586 EFTA01459743