EPSTEIN
page 3 / 269 . OCR, unverified
•
•
•
•
CEN
6,626
6.710
1238
6,179
4.500
2256
2,183
2,158
1,565
932
381
392
352
12039101
14,620
9.366
5.323
2.913
1.793
503
1,299
1,330
1.221
1,150
1.322
1,504
Total Unit Shipmenb
677.183
945.768
1.129.492
1,338131
1927.778
1,544.086
1.447.144
2213.756
2.429.587
2.547.259
2.916.618
2.783,406
2979.363
In growth
155%
39.
111
141%
1.1%
116%
254%
13%
4.95
42%
1.3%
11%
Deutsche Bank Securities Inc.
San' Dovnaw Pee, compatv
CONFIDENTIAL - PURSUANT TO FED R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0 101434
SDNY_GM_00247618
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March 2014
Wireless Equipment
Signals to Noise (S2N)
Regulatory Disclosures
1. Important Additional Conflict Disclosures
Aside from within this report, important conflict disclosures can also be found at https://gm.db.congequities under the
"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.
2. Short-Term Trade Ideas
Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are
consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the
SOLAR link at httofiam.db.com.
3. Country-Specific Disclosures
Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the
meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.
Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and
its(their) securities, including in relation to Deutsche Bank. The compensation of the equity research analyst(s) is
indirectly affected by revenues deriving from the business and financial transactions of Deutsche Bank. In cases where
at least one Brazil based analyst (identified by a phone number starting with +55 country code) has taken part in the
preparation of this research report, the Brazil based analyst whose name appears first assumes primary responsibility for
its content from a Brazilian regulatory perspective and for its compliance with CVM Instruction # 483.
EU
countries:
Disclosures
relating
to
our
obligations
under
MiFiD
can
found
at
htto://www.alobalmarkets.db.comiriskdisclosures.
Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc.
Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau
(Kinship) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures
Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for
stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the
commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations
and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange
fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating
agencies in Japan unless "Japan" or "Nippon" is specifically designated in the name of the entity. Reports on Japanese
listed companies not written by analysts of Deutsche Securities Inc. (DSI) are written by Deutsche Bank Group's analysts
with the coverage companies specified by DSI.
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Page 24
Deutsche Bank Securities Inc.
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DB-SDNY-0101436
CONFIDENTIAL
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David Fo!kens-Landau
Group Chief Economist
Member of the Group Executive Committee
Guy Ashton
Marcel Cassard
Richard Smith and Stove Pollard
Global Chief Operating Officer
Global Head
Co-Global Heads
Research
FICC Research & Global Macro Economics
Equity Research
Michael Spencer
Regional Head
Asia Pacific Research
International iocations
l).tuiscii.: Blink Ai:,
Deutsche Bank Place
Level 16
Poutricrie Card AG London
I Great Winchester Street
London EC2N 2E0
Deutsche Bank Secuntrets In;
Wall Street
New York. NY 10006
Global Disclaimer
Ralf Hoffmann
Regional Head
Deutsche Bank Research. Germany
Oman hir ktkni AG
Grote GallusetraGe 10-14
60272 Franklun am Main
Andreas Neubauer
Regional Head
Equity Research. Germany
Omits( h., Kink AG