EFTA01446971.pdf

2 March 2014 Wireless Equipment Signals to Noise (S2N) Networking Sector Valuation and Risks Stocks in our data networking peer group trade at a forward PIE in the 18-19x CYIS consensus EPS estimates range - a modest premium to the market multiple; given the above market growth prospects of the networking universe. Key risks (on the downside and upside) are from unanticipated shifts in enterprise and telco IT spending, share shifts from competitive new product launches, and from technology disruptions - creating new market entry opportunities. Deutsche Bank Securities Inc. Pago 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101431 CONFIDENTIAL SDNY_GM_00247615 EFTA01446971