EFTA01378326

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade Axa Sa Updated: Oct 28, 2015 Trade Idea: ► Buy Investment Rationale: ► Fundamentally very sound issuer with a diversified cash flow profile and a strong capital basis. ► S&P Rating outlook is positive, thus the risk for Non-IG rating to be low. ► Very debt friendly behaviour. Strong call track record for institutional debt. ► Issuer is likely to optimize maturity profile, i.e. increasing likelihood for an exchange offer (similar for Euro bonds) ► USD denominated ► Tier 1 instrument, coupons could be optimal upon dividend pusher. Maturity is perpetual with call in 2018. ► Isin in RegS format ► The instrument is attractive on a 4.9% yield level. The bond is still outperforming during October's market recovery. Yield still compensates versus potential S rate hikes. Recommendation(s)•: View Trade Pori Ticker Coupon Maturity S&P Moodys Cc), Issue Size Yield Entry Target Ask Cash Isis S•read S• ad vel Pric `rut to Capital Security des pulped oim 12m AXASA r 6.463 '19/14018 rEs313/ Baal r USD 75000 4.9 • Levels as of 10/28/2015 Deutsche Asset & vtisalth Managernere 331 300 553 r104Z USF060StrAP36 Terl FAXASA 6.463 12/349 28 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075495 SDNY_GM_00221679 EFTA01378326