4O. ' Current as of March 28, 2016 2 LTM stands for last twe€ve months. 3 PIE and EPS forecasts are according to Deutsche Asset & Wealth Management. 4 Direction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactS

4O. ' Current as of March 28, 2016 2 LTM stands for last twe€ve months. 3 PIE and EPS forecasts are according to Deutsche Asset & Wealth Management. 4 Direction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactS