20 November 2015 US Equity Insights high foreign currency sales, they demonstrated that the stronger dollar didn't hurt margins much despite a significant hit to sales as foreign currency revenue and costs were fairly well aligned. Energy margins were 5.4% in 3Q and flattish from 1H, but much lower than the 8%a before the oil price plummet. [Figure 53: Summary statistics on 30 2015 EPS reporting 3015 Summary (Band an reported crompaniss) %of EPS reported a Cos reported EPS (% of of co's) EPS EPS % beat % miss surprise l%) yty 1%) Sales I% of co's) % beat 0/0 miss Sales Sales surprise f%) y/y 1%) S&P 600 97.8% 479 82% 26% 3.8% 0.0% 33% 50% -0.4% -4.4% SR& 500 ex. Financials 97.3% 392 65% 23% 5.3% -2.1% 34% 52% .0.5% -5.1% S&P 500 ox. Energy 97.7% 439 62% 25% 3.2% 7.4% 33% 49% .0.6% 1.3% S&P ex Tech 98.6% 413 61% 26% 3.6% -1.8% 31% 54% -0.5% .5.0% Consumer Discretionary 97.9% 77 57% 26% 4.2% 17.6% 43% 56% 0.0% 3.0% Consumer Maples 95.5% 32 63% 19% 2.6% -2.8% 34% 60% -1.2% 1.4% Energy 100.0% 40 70% 26% 20.9% -57.0% 30% 65% 1.3% -36.6% Financials 100.0% 87 52% 34% -1.2% 9.2% 28% 43% 0.0% -0.1% Health Care 97.0% 52 79% 10% 7.5% 14.3% 62% 31% 0.6% 8.6% Industrials 913.7% 63 68% 21% 3.8% 1.8% 17% 67% -1.2% -4.7% Information Technology 95.1% 66 68% 16% 6.4% 8.1% 39% 24% 0.6% 1.2% Materials 100.0% 28 46% 46% -2.1% -16.6% 14% 75% -5.1% -13.3% Telecommunication Services 100.0% 5 80% 20% 3.5% 15.3% 40% 20% -2.1% 12.3% Utilities 100.0% 29 52% 38% 0.3% -2.0% 21% 72% -4.6% -2.0% San* AS(S. Omesase I Figure 54: Fish hooks: S&P 500 quarterly btm-up EPS Figure 55: Change in quarterly EPS before and during revisions !reporting (1O11 - now) 33 • I a3 32 • SSP 500 quarterly nmen EPS Ninon a 132 31 4 40 i 31 30 . 30 29 ‘14.,. MO 29 27 . 25 26 24 ••••4Th ,0,. .r [ 24 23 I [ 23 22 .,—.• r V -1 . (22 ii 3 VVi i g i i - 3) a II i i i i i I i San. ISM Gnat, Sank 4% 2% 0% -2% -4% 414 4% -10% Ong (i0i1•2015) 3. . . . . " Mg 49% N Na a a ...... 92279251792R 9913279R 51 as bast Sag rowing I EPS cul pat 10 repawg Saver WA Ofteds Ink Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119297 CONFIDENTIAL SDNY_GM_00265481 EFTA01459078