EFTA Document EFTA01459069

20 November 2015 US Equity Insights Stronger revenue growth is key to achieving healthy S&P EPS growth in 2016 Strong revenue growth at Health Care, better capex on productivity enhancers like tech equip/software, slower but still strong revenue growth at consumer oriented big cap Tech are key to our 4% S&P sales growth, 1% share shrink and flat net margin estimates for 2016. Some cyclically risky sectors like Auto, Airlines, Chemicals & Semiconductors must avoid losing any earnings power. Figure 32. S&P Quarterly EPS growth breakdown Average kw the last 15 quarters (SSP 500): 12% EPS growth: 6.2% Net income growth: 4.8% ill um • EPS grooAh from sham buybacks 4 1.41 8% 6% 4% 2% - 0% • -2% N N N N el re r) Nl I. IV ml IN IN a 2, g q a 2 g g 2 2 g ? 2 2, g DOM, Net Income Growth loy a EPS growth from share buybecics (earnings weighted) sa.c. oucow Wyk MIES Page 14 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119283 CONFIDENTIAL SDNY_GM_00265467 EFTA01459069