eutsche Bank Shipments Figure 15: Core non-defense capital goods new orders & shipments -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% Non defense Capital Goods ex. Aircraft (Core) 3mo average y/y y/y growth was double-digit y/y growth has slowed down since late 2014, and new orders 3mo average started