Text extracted via OCR from the original document. May contain errors from the scanning process.
20 November 2015
US Equity Insights
Figure 62: S&P 500 quarterly EPS
071.4P
EPS
SW SOO Ounderly EN MAN
Pro
-forma
EPS
litigation
Wnteoffs
EPS
y/c. %
Charges
EPS ox.
Litigation
EPS
y& %
S&P MO
S&P 500Ø
Pro-fornm Nat Son. CS On)
Pinar«Is
Non.financials
v5r %
WV%
viv ili
2007 01
22.79
026
23 06
104%
180 4
12.0%
472
14%
133.1
71%
02
2338
143
24 81
I00%
1943
7/.7%
48.9
72%
145.4
72%
03
23 16
021
23 36
36%
184 9
39%
Me
-7%
145.0
7%
04
18 02
221
2024
117%
161 8
-85%
8.4
.87%
153.4
77%
War
67.35
4.11
91.47
721.4
144.4
676,9
200601
18.35
2.16
20.60
-II I%
166 7
-76%
188
-60%
147.9
rs%
02
1823
424
22 47
-9.4%
182 9
-59%
228
-53%
160,1
70%
03
1536
469
2006
44.2%
165.5
-105%
6.0
49%
160.6
71%
04
•1718
23 84
666
-67I%
54.9
46 I%
46.7
NM
121.7
47%
Var
34.77
34.92
69.69
5'70.0
-20.1
680.1
2009 01
9.01
437
13 39
347%
1105
-337%
8.1
-57%
102.6
-37%
02
14 70
133
1603
-286%
133 5
-270%
215
4%
112.0
-30%
03
1623
094
17.17
444%
13.6
-720%
171
244%
128.6
-20%
04
7692
018
17 10
1569%
1448
1674%
3.5
NM
1433
19%
We
5617
633
63.80
536.5
50.3
496.2
2010 01
1918
129
20 47
530%
020
20.68
I782
612%
319
795%
146.3
43%
02
21.44
027
22.31
391%
0.00
22.31
194 8
459%
31.1
44%
163.7
46%
03
21 74
106
22 81
329%
015
22.96
I992
368%
336
96%
165.7
29%
04
22 01
125
2325
360%
030
23 55
Ø5
393%
322
872%
172.3
20%
Year
84.37
4.47
88.85
0.85
89.60
776.7
1287
647.9
2011 01
22 76
127
2403
174%
021
24.24
172%
2130
196%
385
rsx
176.5
21%
02
24.38
0.40
24.75
71.0%
0.33
25.09
125%
219 3
126%
25.7
-17%
193,6
78%
03
24 38
168
2606
142%
0.20
26.25
144.3%
2301
75.5%
343
2%
196.8
78%
04
22 36
296
2532
89%
0.26
2558
8.6%
2220
85%
340
6%
187 9
9%
War
11306
6.30
100.18
1.00
101.10
884.4
190.8
763.9
2012 01
24 49
169
26 18
89%
0.27
26.45
9. 1%
2306
82%
424
162%
188.2
66%
02
23 21
309
2630
62%
0.04
26.33
5.0%
233 0
62%
397
54.5%
193.3
-02%
03
22 74
375
26 49
I7%
024
26.74
1.8%
234 1
17%
419
222%
192 2
-78%
04
22 91
371
28 62
57%
039
27.01
5.6%
235 8
62%
30 2
152%
1968
46%
We
9334
12.24
105.59
594
101.53
933.5
163.1
770.4
2013 01
2806
105
27 12
36%
021
27.33
3.3%
239 8
40%
478
12.8%
192 0
20%
02
27 34
042
27.76
56%
0.13
27.89
5.9%
245.5
53%
574
295%
194.1
044%
03
26 58
116
27 74
44 7%
092
2966
72%
245 1
4796
416
49%
2035
59%
04
27 72
136
2908
92%
0.34
29.42
89%
256 4
87%
489
24.7%
207.6
56%
Year
107.70
3.99
111.69
1.61
11330
903.8
189.8
797.2
2014 01
25.13
266
27.79
25%
0.64
28.33
3.7%
248 3
3.5%
477
-03%
200.7
45%
02
27 64
213
29.78
73%
0.79
30.66
9.6%
265.1
80%
477
-7.1%
217.4
12.0%
03
2804
219
30 23
90%
0.81
31.04
9.3%
268 5
96%
482
/59%
220.3
83%
04
2316
726
3043
a 7%
0.48
30.90
57%
2936
4 7%
46 5
49%
223.2
75%
War
103.56
14.25
115.23
2.61
120.84
10619
180.0
861.5
2016 01
21.95
6.62
28.68
28%
0.14
28.70
13%
2623
2.8%
641
14.3%
187.8
4.4%
02
2240
772
30 12
7.2%
0.23
30.35
-07%
2863
72%
66.1
15.5%
210.3
33%
03E
2444
558
3002
-07%
0.23
30.25
46%
2648
-07%
52.0
79%
212.8
-34%
04E
23 26
700
30 25
-06%
010
30 35
-18%
2780
-06%
NA
248%
220.0
-14%
Year E
92.04
26.91
118.95
0.70
119.66
1080.4
219.5
840.9
2018 Year E
113.00
12.00
125.00
0.20
125.20
11149
233.0
864.9
.,Seri. 4-a tts ce,ren MIS
Page 32
Deutsche Bank Securities Inc.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0119301
CONFIDENTIAL
SDNY_GM_00265485
EFTA01459081