I September 2015 Corporate Credit: Back to school - The edge of normality [Figure 47: EUR-GBP Bond Yield and Spread Differentials 50 0 *Yield • ASW (local) ASW (EUR) • ," •e • . • • iiti I WINO on • rate ri iff le -50 a • qui It • ils la is IN a 3 OE • II IIII * II M • • • • • -100 • II •• • • • • a -150 -200 Ste a • •• • • S. $1 4% I • • • II. •• e • • • *•.. • . • • • • • • • ** • • • -250 0 2 4 6 8 10 17 14 16 Life (Years) Sant Datum Ber.t. looney manor UP Overall it does appear that even once we've taken into account the yield and currency impacts USD and GBP credit is starting to look more attractive. Page 26 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118127 CONFIDENTIAL SDNY_GM_00264311 EFTA01458284