Epstein Secrets

Samsung) at around 14 telcos for the initial phase of 3G/4G small cells rollouts -followed by +15 carriers in the subsequent phases. Sales of the Neuron chip into TCAM use cases is pointing to a CY15+ event, with Neuron chip revs likely to be less than 10% of CY15 revs by the company's estimate. Man

o be an incremental revenue growth driver for Cavium in CY15 (early revs for Octeon3 starting O4 CYI4), we think that the ARM SOC solutions sale is Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110517 CONFIDENTIAL SDNY_GM_00256701 EFTA01453097

by +15 carriers in the subsequent phases. While we are constructive on Cavium's CY15+ rev growth opportunities for the new chips - Octeon3, Fusion, Neuron, etc - we remain with our neutral near-term view and our Hold-rating on the stock - noting balanced risk/reward at current levels - i.e. the stock

we would like to see them gain traction in the mobile operator space, an area where we believe if won, would begin to justify their P/E multiple. Deutsche Bank Securities Inc. Pago 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110505 CONFIDENTIAL SDNY_GM_00256689 EFTA01453090

th investors, at the present. In summary, while we are constructive on Cavium's CY15+ rev growth opportunities for the new chips - Octeon3, Fusion, Neuron, etc - we remain with our neutral near-term view and our Hold-rating on the stock - noting balanced risk/reward at current levels - i.e. the stock t

in the mobile operator space, an area where we believe if won, would begin to justify their price multiple. We maintain our Hold rating. Page IS Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110518 CONFIDENTIAL SDNY_GM_00256702 EFTA01453098