ould offer a PD-L I positive market potential of $5.5bn. • Estimates trimmed post 1Q sales for slightly increased FX headwind: We have reduced our Core EPS estimates by 1% for 2014-2017 based on a 1% increase to the FX headwind on sales and Corc Operating income. Roche (ROG.VX;ROG VX) PIE Dec 2013A

20,000 15,000 10,000 5,000 0 2015A 2016A 2017E 2018E 2019E 2020E 2021E 2022E Source: Deutsche Bank. company data Total revenues (Sm) —Core EPS (S) Deutsche Bank Research* European Equity Focus —Jemmy 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086801 SDNY

guiding to a c.500bp drag on margins for the FY partly as a result of greater than expected costs from the acquired vaccines division of Novartis. Core EPS of 17.3p (-16% CER) was 2% below consensus. investor Event Credible plans, now all down to execution At its investor event management presented det

11 May 2016 Pharmaceuticals GlaxoSmithKline Performance review charts 'Figure 6: Quarterly and annual Core EPS growth (CER, %) 15 10 - 5 - 0 -to - -15 - 9 9 7 I 01 2 ; 4 .5 - -g -11 Ca N NCI CV IV e) 9R2g92289Rg99 -12 el Ir O LT LS

celled B share scheme and a further reset in margins, partly offset by GSK's accelerated E3bn cost saving and synergies programme. This reduces our Core EPS forecasts by 11% in 2015 and 7.8% thereafter. Our "return to growth" assumptions are little changed with a 2015-19E EPS CAGR of 7.6% (from 7.1%) al

rs Bloomberg FRC.N FRC UN Exchange NYS Ticker FRC Core NIM Upside in FY14, Growth Normalizing But Still Strong Reiterate Buy: TP +$4 to $52, Core EPS to $2.56/$2.70/$3.15 for FY13/14/15 We continue to view the stock as one of our top growth picks in the mid cap bank space. We raised our core EPS

public Bank Alert FP.0 N Twi.t; FRC UN NYS FRC Core NIM Upside in FY14, Growth Normalizing But Still Strong Re:itorote Buy. IP t St. to $52. Core EPS to $2 56:S2.70S3.15 for FYI3/14/ I 5 We continue to view the stock as one of our top growth picks in the mid cap bank space. We raised our core EPS

public Bank Alert FP.0 N FRC UN Twi.t; NYS FRC Core NIM Upside in FY14, Growth Normalizing But Still Strong Re:;torote Buy. IP t St. to $52. Core EPS to $2 SCPS2.70 $3.15 for FYI3/14/ I 5 We continue to view the stock as one of our top growth picks in the mid cap bank space. We raised our core EP