A very similar bond which has rallied 30bp less than the BBVA is the Nationwide (uK Buil 6.875% perpetual which currently yields 6.4% and is likely to be called in Syears time. capital trigger of 7% and current tierl capital ratio is 13% which is fair margin. The Nationwide one I'm suggesting today is rated Fitch/S&P BB+, its parent is Fitch/S&P The BBVA bond we tried to buy earlier is rated Fitch BB-, its parent is S&P rated BBBI suggest scaling E2mm at 6.5% and f2mm at 6.75%. Transaction cost is 6bp from mid. Yield to call of Nationwide 6.875% perpetual ISIN X51043181269 (Embedded image moved to file: pic00256.gif) Tazia for any execution, Q&A to me. Best, Nav (Embedded image moved to file: pic02015.gif) Nam Gupta managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management rs Hall), EC2N lEN London, united Kingdom ding Society) It has a tierl rated single-A Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by miFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic23532.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101693 CONFIDENTIAL SDNY_GM_00247877 EFTA01447152