EFTA Document EFTA01459032

Volatility is the degree of variation of a trading-price series over time. The Japanese yen LIP(?) is the official currency of Japan. Yield is the income return on an investment referring to the interest or dividends received from a security and is usually expressed annually as a percentage based on the investments cost, its current market value or its face value. A yieldco is a publicly traded company that is formed to own operating assets that produce a predictable cash flow, primarily through long term contracts. The goal is to reduce financing costs (for example by securing cheaper debt financing). Investment traffic lights (pages 10-11): comments regarding our tactical and strategic view Tactical view: The focus of our tactical visw for fixed income is on trends in bond prices, not yields. Strategic view: — The focus of our strategic view for sovereign bonds is on yields, not trends in bond prices. — For corporates and securitized/specialties bonds, the arrows depict the respective option-adjusted spread. — Both spread and yield trends influence the bond value. Investors who aim to profit only from spread trends must hedge against changing interest rates. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00265416 i et 0,1 DB-SDNY-0119232 EFTA01459032