rades and curve caps are more attractive now than before, relative to outright duration plays. Page 6 Research Analyst (4 Research Analyst (4 Stuart Sparks Research Analyst Oanni Souks Research Analyst 1+ - Stavin Zeno. CFA Research Analyst Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO

ared, (44) 20 7545 4017 Jerome Saragoussi, +1(212)250-3529 Abhishek Singhania, (44) 20 7547 4458 Dominic Konstam, (1) 212 250 9753 EFTA01476098 Stuart Sparks, (1) 212 250 0332 Page 48 Deutsche Bank AG/London EFTA01476099 8 December 2015 World Outlook 2016: Managing with less liquidity US Credit Stra