EFTA01459747

8 February 2016 US Equity Insights Energy exposures of S&P Banks Overall energy exposure remains relatively modest (1-4% of total loans outstanding) and reserves on these loans already range from 2-7%. ' Figure 27: Ban! entrgv loan d'scbwr Bank by bank energy ban disclosure Ticker Total Funded Energy subsectors crabbed Reserves as % of bans Total Exposure Icons ($m) % E8P OFS Integrated M other (Inc Unfunded) % IG BAC 21 257 65% 4.900 3.100 5 600 7.200 22% 23% 43,811 80% C 20,500 68% 6.200 5600 1,910 4.1% 58.000 79% CFG 1 603 700 Elm 1300 748 306 36% 48% FHN • GS 1,803 /T% 10.600 60% HBAN 250 60% 13,800 50% 60% 42.100 66% KEY 1,200 1,203 31% 60% M6 400 1100 16.000 60% pos • PNC 2,600 700 1,000 AF 3,214 910 7t 1.264 26% 60% 511 3,002 3340% 1.201 1.031 20% 45% USE 3203 70% 2.112 320 769 54% WFC 17.000 4250 6.750 7.1% San.. Company asolosn. Deaulso Sent "canons BAC BO% ay vas, eavosve es Axel non the .40 74 cwmws car GAG 1700m e, 0:Onewled Anne based and ors atom JPAI Atertm • Anal 01 500 Pion 57I a hi resew b eed ni amain &Mona& inana PG DS tomes NYC. AR ew inciales 52 Si et easy and akr emesnons newel b SAC C Ana -at &loam° a &canon. aawwa no DB nehmen Figure 2;31 High Yield Energy credit spreads (bps) 2.000 1,803 1.m 1.403 1.203 1.003 803 603 403 203 ANY Energy Fig re 29: High Yield Energy basket price FA total returns 6110 700 5110 51CO 500 593 583 570 510 1C0 550 2000 2002 2004 2006 2006 2010 2012 2014 2003 2032 2004 2006 20011 2010 2012 2014 2016 Source Oart7. are Dttni Deutsche Bank Securities Inc. Savor. Oeuro:he dra DIII0 01ts) Return Index (ms) 0 2016 Page 13 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120407 CONFIDENTIAL SDNY_GM_00266591 EFTA01459747