EFTA Document EFTA01459633

0 Deutsche Bank Securities Inc. (Figure 18: Current valuation of S&P 500 banks and their fair value under our assumed 7% real CoE IPS WM EPS Groat% PE loot Valm Per Share Pa BM Diridend FaUr Value ma Moaned 7% Real Cot Seta ROE Bawd PE on on Ow 3016E 2016 20160 20160 00y00% EPS 2016E EPS EPS ROE ROE EPS 12016E 20016E wah EPS Growth with laud and wet EPS 10Year EPS 8% Growth mth 8% PE or, PC on 8% TaMI Price/ an on 8% indkat with.% Fair 5 10 2