EFTA01378331

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade La Mondiale Updated: Oct 28, 2015 Trade Idea: Buy Investment Rationale: o Large and diversified French life and protection insurance group, recently upgraded by S&P to A- (sub: BBB) o Recent merger provides further solvency buffers and risk management's improvements 0 Increased automatic solidarity links between AG2R Prevoyance and La Mondiale to 30% of shareholders equity o High likelyhood that the French regulator will assess AG2R La Mondiale as a prudentially regulated group", which is credit positive Eur denominated 0 Lower Tier 2 instrument, coupons could be deferred in case of a solvency event. Perpetual with first call in 2024. o A yield to call of 4.7% is still compelling given the rating upgrade, the rarity of the instrument and the overall improving fundamental picture. Recommendation(s)": View Trade Ticker Coupon Maturity S&P kloodys Ccy Issue Size Yiekl Horizon Entry Target Risk Cash Isin Siread read Level Price Structure Capital Security des rutperfonn 12m LAhCN 5C5 r12/17004 888 INA NA FUR • 76841 r 4.7 • Levels as of 10/28/2015 427 350 550 v10234 X$1155697243 low erTer 2 r LAWN 5 106 1229/49 38 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075500 SDNY_GM_00221684 EFTA01378331