EFTA Document EFTA01378329

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade ENBW Updated: Aug 31, 2015 Trade Idea: BUY ENBW 3 V. 04/02/76 Investment Rationale: Corporate Hybrid Call in 2021 ( XS1044811591 ) - State owned German utility covering the whole value chain, better positioned than its German peers, conservatively managed and delivering on its targets, - Offers an attractive pickup to peers like National Grid, EDF & GDF - Offers a pick up of roughly 50