Epstein Secrets

oduct cycle drivers for revenue growth in CY14/15. Cavium - Small Cells, but not lemto's Our MWC conversation with senior management suggests that Cavium's Fusion chip shipments (likely a S20-30 part) into 3G and 4G small cells rollouts is still in early stage at the present - likely a 2H14+ revenue

al for ARM SOC chip sales into 64 bit ARM servers in Cloud-scale datacenters. While Octeon3 is likely to 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

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

TE, RCS. and messaging services rollouts in these customer wins later this year. Cavium: Our MWC conversations with senior management suggests that Cavium's Fusion chip shipments (likely a $20-30 part) into 3G and 4G small cells rollouts is still in early stage at the present - likely a 21114+ revenue

ound 14 telcos for the initial phase of 3G/4G small cells rollouts -followed 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 o

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

and mostly an out quarter growth story opportunity for management to share with 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 o

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