EFTA01459570.pdf

Global Fixed Income Combing the Field for Yield Convertibles Investment Grade Credit Carelawn 091.„ 240 The balance sheets are the healthiest for the Historically, convertibles have a 220 largest SSP 500 companies on record. high correlation to equities. 200 180 160 140 120 D4 '05 '08 '07 '08 '09 '10 '11 12 '13 '14 '15 — Barclays U.S. Convertibles Composite Total Return 12 Mo 100 91 '93 '95 '97 '99 '01 '03 t5 t7 09 11 '13 '15 — 1YR) SAP 500 Index Total Return Level 12 Mo •••• S&P 100 - Taal Debt % Total Eguty Footnotes. Data is monthly and as of December 2015. Footnotes. Data as of December 31. 2015. Source. FactSet, Deutsche Bank Wealth Management. Source' FactSet. Deutsche Bank Wealth Management High Yield Selective EM Debt Cautious First Fed Rate Hike 120 0.0% -0.5% I I 110 -1.096 - 100 -1.5% A -2.0% - 93 -2.5% Volatile currencies and 80 -3.0% weak fiscal heath keeps 3 .5% us cautious on EM debt. 70 • -4.0% -4.5% 60 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -252 -201 -150 -99 -48 3 54 105 156 207 • (AVG) EM Fiscal Deficit as % GDP —High Yield Spreads in Tightening Cycle Current Cycle Footnotes: Data as of December 31, 2015 Footnotes Data as of December 2015. IMF estimate for 2015 Source. FactSet. Deutsche Bank Wealth Management. Source- Bloomberg Finance LP. Deutsche Bank Wealth Manag,,,rnent Deutsche Bank Wealth Management 19 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120068 CONFIDENTIAL SDNY_GM_00266252 EFTA01459570