er intake backs thesis of stronger growth ahead 40 35 30 25 20 15 10 0 2010 2011 2012 2013 2014 2015 2016 2017 Source: Company data Deutsch* Bank Research' European Equity Focus - Jemmy 21:18 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0086808 CONFIDENTIAL SDNY_GM_00232992 EFTA01385522