27 March 2015 US Fixed Income Weekly / We are dealing with mostly deeply distressed names here, with an average dollar price of 50-80pts in between the two baskets. Readers should realize that many of these names are unlikely to survive to pay off these bonds - and therefore this recommendation is not made under assumption of a credit continuing to perform to maturity. Rather, we suggest that divergences from fair value in these cases are too extreme and support a short-term tactical trading opportunity. Deutsche Bank Securities Inc. Page 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087412 CONFIDENTIAL SDNY_GM_00233596 EFTA01385944