EFTA Document EFTA01377135

CDS spreads do not reflect Deutsche Bank's risk or funding costs CDS spreads have had limited correlation with DB's cost of funding or issuance plans - DB Syr EUR-CDS in bps - DB average issuance spread, in bps)' ) ■ DB debt issuance, in EUR bn 300 250 200 150 ■ 4Q'15 1Q'16 20'16 2.8 3Q'16 Comments Single-name CDS trading volumes are lower than pre-crisis making movements in prices more erratic The movement in Deutsche Bank CDS spreads since early 2016 reflects the introduc