Speculative Grade Defaults
(US Trailing 12-month Issuer-Weighted)
• Speculative grade defaults have dropped to near historical lows, and are projected to remain low based on positive
fundamentals and technicals
Moody's Default Rate (Quarterly)(t)
16.00%
—Moody's Default Rate (Quarterly) US Baseline Forecast
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2 00%
0 00%
lac
Ac) \p"' 0 0 0. A' sk \sin 5§' 3° Al Al A0 0' / e /4
1° /41 1' /41' NI' sti <') /41'3 /4
° /4 1°' .4*
v'leP v' V) 1 t V) 1 "Y 1 1 0 1
Deutsche Bank 11
(1) Source: Moody's Monthly Default Roped -Jan 2014
Corporate Banking & Securities
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124597
CONFIDENTIAL SDNY_GM_00270781
EFTA01462179