EFTA Document EFTA01459074

Deutsche Sank Securities Inc Figure 43- Our S&P :,„ -.14Insic Valuation Model S&P 500 Cocaine FPS Vinton Dotaochs Ronk', 2015E S&P 500 EPS 5W 600 Oirlderd Mama Model Doutseho Bute 3016E SW 600 DPS 7015E dvdcod omvol Kst o DEI9 Monet 20112'S&PIKO OPS Nose d vdaid Phon: ro SarP100 Lenten EIS & DIS Growth Douses* s2015E S&P 50) Own» ROE 2014 red &BPS«, bak vane( are DB 's Real* 2015€' S&P 500 Mtg.. 0.0E S&P KO CM te Este& Fr loot Ma For careen, RomTsa mainonS&P MO index CO~YR$ dwomnd far 5&P500 Ter„r• • Longlem ale Tik tree area Tate • Laspaym a r S&P 500 *my ns< carnal' • &maim rod S&P Mon 0 048/4 • Lonnorm inf mrn 'orient ▪ S&P 930 Rand ens of Koff • "P SÅERPma0 Ø4006P; W ree(CoE 5 5% - 6 5% 200% 2 13% 000% 413% 133% 60 205% 790% Oln 'men 2016E" S&P 600 (PS 'Jr,'. 20151' PS/ 2015E (PS coumy qa ty $urrea: to o 1/4-n EPS MIS 2012 S&P 600 FPS fir» ~Am Key crnc oe sT44KST-vre a a • Taass E 7S i Teel CcP 5500 :'S Cfciriza-m feces orma EPS/:N1 CoE T.EMS:4vouti Eke 500 rinmsc wisest 2015 sal 6131ratale wlaa ae 2016 erd mpledreeSissi PE n we 2015 on 20M S119 EPS nand br vein; PE art2015 end rn201tE$119EPS 8118 100% -MOO 5110 20,0 2160 168 I ", 7 EPS bend tonne mom rotram« tkart shwa wanes* Kayos to Taal met ol S&P 50) EPS Tin peso& ra SR 500 3P4Doemee la= Wirer OPS / Internal D:E-OPS gown S&P 500 &inn mks w 2015 sun S&'500 ramie Ma 417015rd marl/ninon Meld m 201SE DPS 01410 47POPPRI9 Meld on 201!E OFT 01410 $81.00 34% $4101 37% STS 50 24% å6750 el% 59% 147% 750% S&P500 EPS Mond fee It. reimetmont Estimated ROE on ~mod S&P 500 EPS Econemio morn EH ef ROC-CesE Sources ol barnways grow:, • Logoen nrØ faeces: • Rat Tarn cane Ternerr« • Via ban min on yeti min.:lawn • Lonerem swarm proem • &oval 'Tom ret wars ', arrases 31)% 7.&)% 0.0% 110% 4.00% $5011 7 PYRT. 7.00% 2000 2100- 2 05% 10.1% isperm %PECKS EPSA3PS rown *Fir/no-ma 4 vand ved a Ted .Kreta ldu mein %soar PE for SSP 500 Mork« Wks Ø Beset Yet* WORe 201‘ re S&PSOOboot *area Far PB • For PE • ',errs preen ROE for • et0E41/emill0Enei CoDrom mad S&P VA lor msro clines:2015 tw: nideem >3 • noma an ROE / ti i Cia3 Coremee os fa suady.r.rsi PE • I ass' CoE 5250 267 182 2000 267 M2 EPS en Ccemna Sad EPS nimbi S&P 500 (PS discount models steps to value. 2000 DPS6frount nwdol using no DPS W mane 1) Estimate noernaliaed S&P 500 EPS 2) Adjust norma lizedEPS for po forma accounting quality 3) Estimate a fair lontierm reel return on S&P 500 owner5hTp (COE) 4) Capitalize nermalized and accounting quality adj. E PS at real CoE 5) Consider lontterm potential for value added growth opportunities 20001 Sion sin 7o•Tra "mumafat vises: 0% Berm& 2016E ecernrac waft per shwa PM 76 SensTnaymara of S&Pfareee e2015s.wdtonarnhd EPS •-d WO* Normal 2015E S&P 500 EPS $118 $120 91229 2125 $130 2136 6.00% 2227 2270 2313 2377 2484 2591 Re.I 5.25% 2124 2106 2206 2267 2370 2472 tostol 6.60% 2031 2070 21091 2168 2266 2383 equity 5.75% 1945 1983 2020 2077 2170 2264 6.00% 1867 1903 1939 1993 2083 2173 San Pun Bet CONFIDENTIAL - PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00265474 DB-SDNY-0119290 EFTA01459074