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40% 20% 0% <10% 10%-20% 20%-30% 30%•40% 40%-50% 50%60% 60%-70% 70%80% 80%-90% Eqtity Cushion (%) (1) Instrument Discounted Recovery from Moody's 'Lessons from a Trillion Dollars in Defaults-April 2017. An equity cushion may not guarantee against a potential rating down-grade Deutsche Asset Man