EFTA01458275

I September 2015 Corporate Credit: Back to school - The edge of normality [Figure 19: EUR and USD fly Average Yields and Spreads by Rating/Maturity 'fiats re 41. 0-5yr 5.1CM ".1(her 05yr OAS (bp%) 5 Ovi .,10yr EUR Non-Fn BB 2.95 4.14 4.84 291 367 377 8 5.62 6.21 4.91 540 583 401 CCC 14.30 7.38 1,178 700 Fin 88 2.89 4.29 4.54 275 386 367 B 4.32 5.72 5.18 432 539 383 CCC 30.41 4.47 2.608 426 USD Non.Fin BB 4.95 6.05 7.06 394 424 470 8 7.98 6.84 8.15 702 506 592 CCC 14.81 10.95 9.30 1,398 942 707 Fin 88 6.00 6,07 6.88 404 419 349 B 8.58 7.26 754 549 CCC 18.65 10.73 1.746 906 SCUM* Deabf 64M. Socentsvg Ferro Lilt Mote Game iFigure 20: EUR, GBP and USD IG Average Yields and Spreads by Rating/Maturity \Ad N1 CAS ibps1 0.5yr Senior 5. I 0yr >10yr 0-Sw Sub 5-10yr >1Oyr O5•n Senior S•10yr ECM 05yr Soh 5.10y1 ,10a EUR Non-Rn AA 0.38 1.15 1.88 47 77 96 A 0.53 1.29 2.19 1.70 3.05 59 86 121 172 228 BBB 0.82 1.79 2.81 2.77 3.54 4.31 89 136 184 272 288 319 Fin AA 0.48 1.24 2.20 2.83 55 84 117 154 A 0.59 1.43 2.09 1.41 2.69 3.49 67 100 123 140 220 261 BBB 1.07 1.97 2.53 1.65 3.22 4.09 115 156 167 166 266 318 GBP Non-Rn AA 1.77 2.34 3.48 83 87 128 A 1.81 285 3.81 94 130 162 BBB 2.30 3.34 4.14 3.28 4.67 5.69 146 178 202 244 313 386 Fin AA 1.88 2.63 3.56 94 114 133 A 1.95 227 3.69 3.27 4.01 4.68 105 136 159 201 246 261 BBB 2.29 3.46 3.88 3.58 4.36 5.09 143 188 180 225 287 311 USD Non-Fin AA 1.73 3.13 4.37 72 121 174 A 1.90 3.21 4.55 90 131 194 BBB 2.66 4.21 5.58 168 232 299 Fin AA 1.73 2.89 4.46 4.90 79 109 185 234 A 2.06 3.46 4.61 2.63 3.76 4.84 107 165 202 159 184 233 BBB 2.90 4.28 5.02 4.10 4.52 5.24 189 237 254 253 269 277 Sant Annex Boa. 8Axmlairg font lift ANA.A. Group Page 12 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118113 CONFIDENTIAL SDNY_GM_00264297 EFTA01458275