21 November 2013 Semiconductors Intel [Figure 2: Investments as % of revenue !Figure 3: Opex per employee 40% 35% 30% 25% 20% 15% 10% 34% 39% 30% 30% 34% 35% 35% I 201 21% ■ 13't 12% ■ II um 21% 20% I I I 494) cs6.14/ (SP te (34) cS`‘ cSk ...4" fr et. % 19 19 tiCapex % of revenue Opex % of revenue Sourc• Avact•54,4 Deutsche Bank Securities Inc. 5190 5170 5150 5130 5110 $90 570 550 1 5118 ititilliii eecoepeeis, e 45‘ tfr rt. ti ti) ttOpex employee out, o CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0123041 CONFIDENTIAL SDNY_GM_00269225 EFTA01461177