EFTA Document EFTA01459061

Deutsche Bank Securities Inc. !gum 91 S&P EPS Model by sector - 2016 S&P El's cut from $128 to S '25 on stronger dollar, lower oil assumptions E;5 ktont0 OS US EWAN Stnhate Forma red 2015 SP EN 20(64 20014 x074 20CeA 2CO3A 2010A 20114 20124 20114 2011A 'A 2015E ,,. 2016E 0 2015E 0 2016E A SI % d 2015 176.211 188.18 $16.12 195.47 NOM $0528 NMI $103.75 $110311 $11912 76% 600 0Notial S9 SAP 500 EPS (curt constituents/ $7/43 911.14 INN 171.79 Nal 110.34 101.73 $10509 1111.03 1117.75 65% 11111.14 079% $12066 82% 3119 11% 112% 3016 1122 103% Seder 414 rig 14 simnbaN !saw Nt nco74.2014 dr 5 : 85 cr Nth A 201596 est Nun re nrevte ern as wo-rart2Ne d P5 2/..N.mt- ) fC,It ow" 566 539 525 409 486 741 840 9)4 995 102 9 341 115$ /23% 132$ 750% 11515 722% INA 83% 116.6 1001 286~ StaNis 515 570 II I 668 589 736 780 787 812 862 24% 851 -1.3% 910 69% 86.5 -08% 87.5 22% NA I07* Elegy 940 114 3 118 7 1415 580 815 129 7 1221 113B 1123 -1.5% 468 -N.4% 468 0 1 91 46.0 599% 62.0 46% NO 1781, ;Arca% 1338 173 1 438 -199 566 1290 132 5 1626 1891 1%9 04% 2)68 142% 2355 86% 218.0 749% 2300 55% 219.0 IC01 Nam Caro 696 730 818 867 BB 3 1013 KG 6 1125 117 9 1363 156% 1110 137% 1689 90% 164.5 9.14% INA 68% 161.6 93% rdavv/s 632 710 939 133 III NB 882 943 1075 1134 107% 1163 26% 1215 44% 113.0 14% 117.0 17% 112.2 93' ntolretN114/600% 835 976 121 4 122 I 1%6 1514 175 2 185 7 1831 2098 66% 1141 6.6% 2133 86% 226.0 75% 239.0 62% MD IGO* /tner46 174 212 248 210 132 249 317 292 305 327 74% 306 45% 343 120% 303 .75% 321 73% 31.4 1041 Telecomminue on Sewces 139 180 264 270 218 232 224 239 251 307 22 I% 337 98% 319 34% 335 91% 325 30% 395 KO'. 18 Ns 214 234 259 269 166 282 295 as 304 332 92% 332 .01% 344 37% 3311 07% 343 39% 31$ IVA 41 50)18 08 MI 702 6 78)2 5882 5103 7739 8807 8291 9862 10474 62% 10671 09% 11434 62% 11131.7 !I% 1114.1 50% 10610 103•• %Pea : rote s 118 4683 529 4 9165 EMI 4837 6448 7482 566 797 1 1175 76% 8103 -20% 9)79 80% 187.7 .23% SA 56% NIA 104% S&P et :nevi UN 500 1 5883 6216 4467 4813 6794 751 0 9)7 0 8723 9351 72% 10103 901 10%6 95% 1010.7 97% KC. 52% 10031) 100% S&P a Tic% NI 5195 6060 6188 466 1 4347 6225 7%4 7135 7931 9376 56% 8330 O61 8001 91% 930.7 49% 8751 54% 931.0 104% :MT' 8 Frarcia4 Kte. 2278 2875 2624 121$ 1156 2235 2531 2616 3050 3012 -0.3% NO 6 •12.9% 282 3 77% 253.0 •i303 tin.a ;-% alp 113% 33P a Enegva0 Paincts SON ray 10sculaftest 3753 4151 4778 4666 4247 5104 6185 5145 6832 742 91% 7935 65% 8511 65% 702.7 64% 132.9 7 ''" 711.0 89% S Nal GOB Nmo Ire% 08 eat i 47% 62% 63% 27% 44% 52% 38% 32% 28% 34% 31% 35% OS GDP 987801746. DB gni) 34% 27% 19% 43% 49% 25% 18% 28% 19% 26% 71% 27% 05 545 5' 6420 • IP5. 75 86 / 84% 71% 39% 31% 441% 94% 92% 39% 41% 43% -4% -15/ US Urecrconrrent Rae tw-erd. 95 est ' 49% 44% 50% 73% 99% 95% 86% 78% 70% 57% 181 151 115 10yr Trent/ Yed lyearul Ow Nt 1 44% 47% 39% 26% 38% 33% It% 18% 30% 22% 725% 275% IN' ltegmcnloosBux.Stol 57 89 84 143 233 45 2 Loan Lass Proms/AN ' % 0 'ors. Ow NI 08% 07% 13% 30% 42% 26% 17% 08% 04% 04% 06% 05% /617E10111840164. 4rd O✓estl 1251118 126/132 137/146 1471140 136/132 133'129 13%130 128/132 138138 133/121 -51 10 -510$ UST/Nro %an% 936st I '05 090 An O4 /nee (107Seent MN 56/54 6466 72/72 11/007 61461 7979 961111 31/111 MOB 9303 -550 -166 Avg Anti Ns ?No Now Ha Stnrrotal 867 674 696 893 395 440 390 276 373 426 -250 -27$ Saa. Dat I. eh an. Iasi an ante ansillarrs nit* Mau 1114111 "MOON; CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119274 SDNY_GM_00265458 EFTA01459061