EFTA Document EFTA01462179

Speculative Grade Defaults (US Trailing 12-month Issuer-Weighted) • Speculative grade defaults have dropped to near historical lows, and are projected to remain low based on positive fundamentals and technicals Moody's Default Rate (Quarterly)(t) 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2 00% —Moody's Default Rate (Quarterly) US Baseline Forecast 0 00% Ac) \p"' 0 0 0. A' sk \sin 5§' 3° Al Al A0 0' / e 1/4° 1/4° 1/4' 1/4' NI' sti <') 1/4'3 1/4°' .4* lac v'leP v' V) 1 t V) 1 "Y 1 1 0 1 Deutsche Bank Corporate Banking & Securities (1) Source: Moody's Monthly Default Roped -Jan 2014 11 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124597 CONFIDENTIAL SDNY_GM_00270781 EFTA01462179