EFTA01459061.pdf
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Deutsche Bank Securities Inc.
!gum 91 S&P EPS Model by sector - 2016 S&P El's cut from $128 to S '25 on stronger dollar, lower oil assumptions
E;5 ktont0 OS US EWAN Stnhate Forma red 2015
20(64 20014 x074 20CeA 2CO3A 2010A 20114 20124 20114 2011A 'A 2015E ,,. 2016E 0 2015E 0 2016E A SI % d 2015
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SAP 500 EPS (curt constituents/ $7/43 911.14 INN 171.79 Nal 110.34 101.73 $10509 1111.03 1117.75 65% 11111.14 079% $12066 82% 3119 11% 112% 3016 1122 103%
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119274
CONFIDENTIAL SDNY_GM_00265458
EFTA01459061
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