EFTA01367802.pdf

22 May 2015 US Equity Insights Figure 26: Blended (actual for reported and estimate for Figure 27: Change in btin-up 2015 EPS since 12/3 I i2014 remaining) 1O EPS and sales yly growth 30% 10% 137%130% 0.4% 2C% is 4.3% 0%i%. • 100% 5% 32% -L .-y , L A 08% . a 2n 56% Mg 23% .10% Mr 0%.7,0% % 418% lir —ran. 40144-Iii. 4611 an ill ; ICS • -AV"' .10% -10% 31% 4.9% 43 7% -20% i ' MI i 40% -50% -40% 40% 4 -53 5% -70% 4 -50% -42 5% An tl I 61 a 0. AI ; • 30 EPS wy 04343 .30 %Ms ry Ow.% Source /855. Ottani, Bra Sane ea Cones BMA Figure 28: Trend in S&P 500 quarterly btm-up EPS (Figure 29: Change in quarterly El's before and during lepo ling (1O11 - now) 33 32 6% 31 Avg (10114014) 3 1% 4% 30 29 2% A4 q4 )01 14 21 YJIP ‘^ L N404 0% 27 (Ohl :OP 26 4% 25 713 4% Avg .3.7% 24 21 23 .10% .. .;••• . 4 Akii.401/-‘1011 4.1i*Wit •O'll bum Gong rowing .110m pur reparOng Soy,. :MS. Own.S. 64-4 totter /855. Coasts Sint Pail Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059415 CONFIDENTIAL SDNY_GM_00205599 EFTA01367802