I September 2015 Corporate Credit: Back to school - The edge of normality [Figure 40: GBP Benchmark Spreads Percentiles by Rating and Maturity Buckets (All Corporate) e ,e4eirtar,o The e >30 rtirice, Sear e 4rf 1' • Pal' e-rPPPPrPC,r effCFeet,4e,r re te.felete et,e4r 4e fir tr., 4' (CC, el" everseefecoefie ovc• over Bar* orrereefene etteeetireee erf4recerceir etreeetted,e reef areeiree, etellefleede !Figure 41: USD Benchmark Spreads Percentiles by Rating and Maturity Buckets (All Non-Financial) °tontine,'" enteentee oteleseseitsfr teeteeteete retersenee reeetreeete eretereeen eteseinese Save. atatscha Sant ISA INCA Gaol AP Yr aft nintonn ettereetne tees eeeee rt netnenn Gas 49, eireeente etreiereete a a e este tee el So our analysis suggests that there is potential relative value in the long-end of the IG credit market, particularly as we move down the rating spectrum and particularly in the USD market. Furthermore we would argue that current longdated spreads are at the wide end of normal (non-crisis) times. So given that Page 22 fro l n... filetertaele." w i etreeeeseet a a a 4.eireetene Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118123 CONFIDENTIAL SDNY_GM_00264307 EFTA01458281