EFTA Document EFTA01367794

22 May 2015 US Equity Insights (Figure 7: Current trailing PE vs 1995-2014 avg by sector 'Figure 8: 1015 net margin vs. 1995-2014 avg by sector 26.0 21% 20% 29.0 itnei • Too 22.0 ; se% -I • Anne •.dnsoisc • CopsStaples 214%1 20.0 • Heatthcafe rilatenals 12%1 44P 500 18.0 • S&P 500 ilem/f .„ • Industrials • Tech 10% ta910“. • idea.% • Utilities"' • MnIals 16.0 • Financials ens. ♦ Ehsgy 14.0 -I _T• Telecom ....-°,44rsui 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Sawn WS SSP. Data. & 4% 6% 4% I" 11% 14% 16% Average Trailing Pt In 1995-2014 Mtn.' prolamin*, mem 41 1995.2014 Sas ea nanwerineuvra Dean . ate 'Figure 9: PE premium vs. net margin premium 3 20% 20% -30% • tAlbea y • 41562‹ +atm Ri •O 2153 • Tecn • Thiecom 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Cured net martins vs. 1995.2014 average (inverted/ Seen MET. Remo Mon Drat* IbM Pagu 4 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059407 CONFIDENTIAL SDNY_GM_00205591 EFTA01367794