EFTA01378341

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield NCR Corporation Updated: November 4, 2015 Trade Idea: ► Buy NCR 5.875% Senior Unsecured Notes due 12/15/21 Investment Rationale: ► Leading position in ATM's and self check-out equipment as well as related software. ► Bonds traded off after a potential sale of the company fell through providing a buy opportunity. ► The Retail segment is back on track after lagging in recent quarters with a significant business win expected to lift revenues over the next three quarters. ► Strong and improving free cash flow generation (- $300mm) due in part to lower pension expense and new business wins. ► Strong full year 2015 guidance points to lower leverage by year end. View Trade Horizon Ticker Cpn Maturity Ratings S&P Moody's Ccy Issue Size YTW OAS $400 350 Cash Price 101.75 Target Loss 103 96 ISIN US62886EAR99 Deutsche Asset & Weah Management 5 0 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075510 SDNY_GM_00221694 EFTA01378341