Epstein Secrets

4 3 3 SAP 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Tech

America as of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers. Source: General Motors, FactSet, DataStream, History News Network. www.kpcb.com USA Inc. | Consequences of Inaction 432 HOUSE_OVERSIGHT_021057 Comparing GM & USA, Inc... General

P 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Technology R&D

chmark Bond 10 Year Yield — Spain Benchmark Bond 10 Year Yield - France Benchmark Bond 10 Year Yield Footnotes: Data as of March i C . Source. FactSet, Deutsche Bank Wealth Managemeni 10,000 • 9.000 8.000 al 7.000 6.000 5.000 4,000 According to the Department of Energy total oil production

Footnotes: Data rs as of March 18. 201E Source. Bloomberg Finance LF, Deutsche Bank Wealth Management Deut

emium collapsing. — As a result, the U.S. has been outperforming the emerging markets. Footnotes: Data as of 3Q15. Source: Bloomberg Finance LP, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data as of December 31, 2015. Source: FactSet, Deutsche Bank Wealth

11 Footnotes: Data as of December 2015. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. Aug

chmark Bond 10 Year Yield — Spain Benchmark Bond 10 Year Yield - France Benchmark Bond 10 Year Yield Footnotes: Data as of March i C . Source. FactSet, Deutsche Bank Wealth Managemeni 10,000 • 9.000 8.000 al 7.000 6.000 5.000 4,000 According to the Department of Energy total oil production

Footnotes: Data rs as of March 18. 201E Source. Bloomberg Finance LF, Deutsche Bank Wealth Management Deut

Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. This is a s

ealth Care Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. Th

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

ex/depreciation - 2yma pushed 2y fwd (RS, %) Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Factset Margin upside, capex discipline and FX tailwind provide additional support. Third, profit margins in Europe are not elevated: in the bottom third of