EFTA01459570

Global Fixed Income Combing the Field for Yield Convertibles Carelawn 091.„ Historically, convertibles have a high correlation to equities. D4 '05 '08 '07 '08 '09 '10 '11 12 '13 '14 '15 — Barclays U.S. Convertibles Composite Total Return 12 Mo — 1YR) SAP 500 Index Total Return Level 12 Mo Footnotes. Data is monthly and as of December 2015. Source. FactSet, Deutsche Bank Wealth Management. High Yield Selective 120 110 100 93 80 70 • 60 -252 -201 -150 -99 -48 3 54 105 156 207 —High Yield Spreads in Tightening Cycle Current Cycle Footnotes: Data as of December 31, 2015 Source. FactSet. Deutsche Bank Wealth Management. First Fed Rate Hike Investment Grade Credit 240 220 200 180 160 140 120 100 The balance sheets are the healthiest for the largest SSP 500 companies on record. 91 '93 '95 '97 '99 '01 '03 t5 t7 09 11 '13 '15 •••• S&P 100 - Taal Debt % Total Eguty Footnotes. Data as of December 31. 2015. Source' FactSet. Deutsche Bank Wealth Management EM Debt Cautious 0.0% -0.5% I I -1.096 - -1.5% A -2.0% - -2.5% Volatile currencies and -3.0% weak fiscal heath keeps 3 .5% us cautious on EM debt. -4.0% -4.5% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 • (AVG) EM Fiscal Deficit as % GDP Footnotes Data as of December 2015. IMF estimate for 2015 Source- Bloomberg Finance LP. Deutsche Bank Wealth Manag,,,rnent Deutsche Bank Wealth Management 19 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120068 SDNY_GM_00266252 EFTA01459570