Italy Germany Spain Belgium Austria 0% 100% 175% 363% 106% 387% 130% EFTA01477395 489% 117% 396% 200% 300% 400% 500% 600% % of Negative Yielding Govt Bonds 0% 10% 20% 30% 40% 50% 60% 70% Dec-15 30% Footnotes: Data as of December 2015. Source: Deutsche Bank Global Markets, Deutsche Bank