20 November 2015
US Equity Insights
[Figure 23: S&P Sales growth lags US GDP growth... Figure 24: ... even though GDP
particularly strong
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iFigure 25: Capex growth is key for healthier S&P Sales growth
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Figure 26 Spenders of capex (S&P 500 capex by sectors) Figure 27: Receivers of capex (GDP accounts - US capex
by type)
2014
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Deutsche Bank Securities Inc. Page II
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0119280
CONFIDENTIAL SDNY_GM_00265464
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