EFTA Document EFTA01378324

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade ASR Updated: Oct 28, 2015 Trade Idea: r Buy Investment Rationale: r ASR has presented strong numbers. Credit metrics are sound, business risks are concentrated on the Netherland though. Sound Solvency 2 numbers (according to the issuer). 0 After the announcement of ABN's IPO, ASR's IPO may be announced earlier than expected (as early as 4O15-1Q16) r Low instrument rating (BBB-) due to Ho