EFTA01378324

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade ASR Updated: Oct 28, 2015 Trade Idea: r Buy Investment Rationale: r ASR has presented strong numbers. Credit metrics are sound, business risks are concentrated on the Netherland though. Sound Solvency 2 numbers (according to the issuer). 0 After the announcement of ABN's IPO, ASR's IPO may be announced earlier than expected (as early as 4O15-1Q16) r Low instrument rating (BBB-) due to HolcCo entity (-2 notches). The opco financial strength rating of life and P&C is single-A rated. Eur denominated 0 Tier 2 instrument, coupons could be deferred in case of a solvency event. Perpetual with first call in 2024. r A yield to call of 5.0% is still compelling given the fundamental profile. With general market conditions starting to improve, there is still room for further compression. Recommendation(s)*: View Trade Entry Target Ticker Coupon Maturity S&P Moodys Ccy Issue Size Yield et Risk Cash BM CaPnal Security_des Winton S • read S•read Level Price Structure outperform 12rn ASRB) 5125 r WM2025 '88B- 'MA B.R 50000 • Levels as of 10/28/2015 Deutsche Asset & Wealth Managemere ao 458 600 603 1000.9 X51233505639 UpperTer2 rASINED 5 118CEM45 25 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075493 SDNY_GM_00221677 EFTA01378324