FX masks margin expansion and mid-teens EPS growth in 18E 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2014 2015 2016 Source: Deutsche Bank. Company dala Infineon EPS —% EPS growth (RI-IS) 2017E 2018E 2019E 60% 50% 40% 30% 20% 10% 0% ctse.he, Bank Rth>earch. Etzopec:n Focus — .jar!LiaTy 2018 CONFIDENTI