-recur.impact -3.50 -5.00 -6.00 Recurring impact 7.00 1.50 -3.50 One-time repat. tax 8.50 -8.50 Source: BofAML US Equity & Quant Strategy, FactSet, Compustat, S&P “Assumes end to interest deductibility only applies to new debt, where we estimate 70-90% of debt is long-term. Note: For this exhibit, we assu

obal Research. Daily data from 7-Nov-16 through 18-Sep-17. Source: BofA Merrill Lynch US Equity & Quant Strategy, Russell Investment Group, I/B/E/S, Compustat. Monthly data shown from Aug-03 through Aug-17. Source: BofA Merrill Lynch Global Research. Weekly data from 1-Jan-13 through 12-Sep-17. Futures p

Health Care vs. Energy & Financials 10 15 20 25 30 35 40 45 0 5 Tech + Health Care Energy + Financials Source: Deutsche Bank Research, Compustat, S&P Earnings weights of Tech & Health Care vs. Energy & Financials S&P EPS estimates & targets: 2015E S&P EPS: $119 2015 end S&P target: 2100

oil and strong $ weighed on S&P EPS Weak oil and Russian default weighed on S&P EPS Recession S&P 500 Trailing 4-qtr EPS (y/y) Source: IBES, Compustat, Deutsche Bank CAGR avg. Page 10 Deutsche Bank Securities Inc. 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986

49 47 60 138 EFTA01476503 49 393 83 53 90 112 308 84 66 187 54 55 54 74 35 341 69 20 95 62 37 112 Source: Deutsche Bank, Compustat, Thomson Reuters *Net Buyback Yield is calculated as (trailing 12-month buyback expenditures less option exercise proceeds and less stock option ex