EFTA01453856

4) Scale into E4mm Nationwide (UK Building Society) 6.875% perpetual which yields 6.4% in GBP and is likely to be called in 5years European Bank AT1 HyBrid Bonds (aka CoCo's) have rallied significantly. We were unable to get the BBVA issue at the right levels. A very similar bond which has rallied 30bp less than the BBVA is the Nationwide (UK Building Society) 6.875% perpetual which currently yields 6.4% and is likely to be called in 5years time. It has a tierl capital trigger of 7% and current tierl capital ratio is 13% which is fair margin. The Nationwide one I'm suggesting today is rated Fitch/S&P BB+, its parent is Fitch/S&P rated single-A The BBVA bond we tried to buy earlier is rated Fitch BB-, its parent is SW rated BBB- I suggest scaling £2mm at 6.5% and £2mm at 6.75%. Transaction cost is 6bp from mid. Yield to call of Nationwide 6.875% • er tual ISIN X81043181269 7.000 6.900 6.800 6.700 6.600 6.484 6.400 Mar 7 Mar 14 Mar 21 Mar 31 Apr 8 2014 EK100011 Corp (NATIONWIDE BLDG SOCIETY) Copyrigh0 2014 Bloomberg Finance L.P. 14-Apr-2014 17:08:59 Tazia for any execution, Q&A to me. Best, Nav Nav Gupta Managing Director Deutsche Bank AG. Fatale London Deutsche Asset & Wealth Management CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 111696 CONFIDENTIAL SDNY_GM_00257880 EFTA01453856