INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Walgreen Company (WAG) Updated: Oct 1, 2015 Trade Idea: o Walgreen: stable operating and credit outlook. Spreads reflect the weaker credit metrics from the recent debt financed acquisition of Alliance Boots as well as weaker technicals from the additional S7 bn in debt issued. Investment Rationale: 0 Bonds no longer look attractive relative to peers Recommendation(s): Trade Ratings Issue Spread Cash View Horizon Ticker CPN Maturity CCY S&P kioody s Size Yield Entry Price 'SIN Outperform 6-12 months WAG 450 11/18/2034 BBB Baal USD 500 507 236 206 256 9305 U593142 7AB40 Deutsche Asset & Wealth Management 24 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0075492 SDNY_GM_00221676 EFTA01378323