Deutsche Bank Corporate Investment Bank Macro Markets Perspectives

Deutsche Bank Corporate & Investment Bank Macro & Markets Perspectives June 2018

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 2

Role of Treasury in a Bank The Treasury Department manages the consolidated funds of a bank optimally and profitably within acceptable level of risk • The Treasury Department of a bank is responsible for balancing and managing daily cash flow and liquidity of funds within the bank • The department also handles the bank’s investments in securities, foreign exchange, asset/liability management and cash instruments • The Treasury acts as the custodian of cash and other liquid assets Primary Responsibilities: • To deploy surplus funds profitably • To raise funds at competitive rates from domestic & global markets • To gain from daily fluctuations in financial markets through trading activities • To remove asset-liability mismatches • To hedge open positions (for mitigating interest rate / exchange rate risks) Three Lines of Defence: Front Office Risk & Compliance Legal & Audit • Involved in day-to-day risk management • Develop risk management framework • Review 1 st & 2 nd line of defense • Follow risk processes • Oversee & challenge risk management • Apply internal controls and risk processes Deutsche Bank Corporate & Investment Bank CIB • Provide guidance & direction • Provide an independent perspective & challenge the process • Assess effectiveness of the bank’s processes 3

Role of Treasury in a Bank Treasury Market Making Client Coverage Risk Management • Spot Institutional Client Coverage Market Risk Management • Forwards • Rates • Primary focus on financial clients such as asset funds, sovereign wealth funds, insurance companies, pension funds, hedge funds • Monitoring of Value at Risk (Va. R), Stress Va. R, Scenario Analysis, Event Risk Scenarios • Balance Sheet Management (ALM & Gapping, Transfer Pricing, Banking Book, Maintenance of reserve requirements) Corporate Client Coverage Credit Risk Management • Primary focus on non financial institutes such as corporations, companies, non financial entities • Determining settlement limits & Potential Future Exposure (PFE) • Derivatives Deutsche Bank Corporate & Investment Bank CIB 4

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 5

India Macro Outlook Key reforms: (1) Demonetization Deutsche Bank Corporate & Investment Bank CIB (2) GST implementation (3) Insolvency & Bankruptcy code 6

Growth & Fiscal Outlook India is enjoying a cyclical upswing in growth and we expect the recovery to continue through FY 19 (RBI growth estimate: 7. 4%) Potential downside risks: • Higher global oil prices • Negative monsoon outcome • Earlier than anticipated rate hike cycle • Negative impact of the banking sector fraud on credit and overall growth Deutsche Bank Corporate & Investment Bank CIB 7

Higher Global Oil Prices The rise in global oil prices have pushed up oil imports and trade deficit Impact Brent up by 15% Deutsche Bank Corporate & Investment Bank CIB Inflation Growth Current Account Deficit 25 – 30 bps 10 bps 40 bps of GDP 8

Negative Monsoon Outcome The Indian Meteorological Department has forecasted a normal summer monsoon this year, which is good news for the Indian economy Deutsche Bank Corporate & Investment Bank CIB 9

Rate Hike RBI hiked the repo rate by 25 bps in June (to 6. 25%), reversing the 25 bps rate cut of August last year, and likely hiking another 25 bps by the end of this calendar year and another 25 bps by early next year. Expectation: Guidance in June: Hawkish Cumulative rate hike in cycle: 75 bps Given the sharp and substantive increase in crude oil prices, we now expect the rate hike cycle to be brought forward Deutsche Bank Corporate & Investment Bank CIB 10

Banking Sector Credit Growth The authorities have chosen to initiate reforms which will make the banking sector more accountable and productive, which augurs well for the medium term outlook of the industry • Banking sector stressed assets have increased significantly in the last few years but the implementation of the Insolvency & Bankruptcy Code to resolve NPA issues have started yielding desired results. • We expect further resolution to NPA problems in the coming quarters, leading to a reduction in stressed assets by the end of FY 19, from current levels. Deutsche Bank Corporate & Investment Bank CIB 11

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 12

Balance of Payments (BOP) A swift correction in global oil prices could improve the BOP outlook and sentiment, more so in India’s case, given the economy’s increased sensitivity to global oil prices Bouts of global volatility or geo-political event related risk aversion could easily impact flows and sentiments, and could increase the pressure on rupee. Consequently, unless oil prices come down below USD 60/barrel, investors ought to remain cautious about India’s BOP dynamic over the next few quarters, in our view Deutsche Bank Corporate & Investment Bank CIB 13

Current Account Deficit (CAD) Deutsche Bank Corporate & Investment Bank CIB 14

FDI/FII Flows FDI (USD 35 bn) + FII (USD 20 bn) + other capital (USD 10 bn) cumulatively should result in about USD 65 bn of flows, as per our projections, which will be just sufficient to finance the current account deficit in FY 19 (we estimate USD 59 bn; 2% of GDP) Deutsche Bank Corporate & Investment Bank CIB 15

INR Performance INR has fared the worst among Asian peers YTD led by rising CAD, broad USD strength, FII outflows In our view, most of the stress in rupee is due to the sharp increase in global oil prices, though the broad Dollar strength has also contributed to a weaker rupee. Deutsche Bank Corporate & Investment Bank CIB 16

INR Performance Correction in rupee, which was long overdue, is underway; but the last leg of the move has been swift We would expect RBI to stem the depreciation pressure on rupee at these levels so as to • Reduce FX pass-through risks to inflation • Prevent further potential outflows from offshore debt investors • To make it clear that the central bank intervenes on both the sides, with the sole objective of curbing volatility Deutsche Bank Corporate & Investment Bank CIB 17

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 18

Inflation & Monetary Outlook Inflation expectations of households have also fallen sharply and stabilized just below 9% for over a year now (FY 19 DB estimate: 4. 6%, worst case scenario: 5. 0 - 5. 5%) Latest survey conducted in May 2018 has shown 1% move upwards for 3 months ahead (~8. 5% in Mar 2018 to ~9. 5%) while estimate for 1 year ahead is at 9. 7% Major recent concerns to rising inflation • High oil prices • Rupee depreciation • Larger increase in MSP prices Deutsche Bank Corporate & Investment Bank CIB 19

Inflation & Monetary Outlook Potential risks to medium-term CPI inflation outlook: 1. Narrowing output gap 2. Implementation of HRA allowances 3. GST 4. Ongoing increase in administered prices of various items 5. Rising rural wages 6. Risk of subnormal monsoon 7. Return of pricing power 8. Imported inflation on account of higher global commodity prices 9. Exchange rate volatility 10. Geo-political risks Deutsche Bank Corporate & Investment Bank CIB 20

Inflation Deutsche Bank Corporate & Investment Bank CIB 21

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 22

Real GDP Growth India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 23

CPI Inflation India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 24

Current Account Balance India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 25

General Government Budget Balance India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 26

General Government Debt India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 27

Short Term Government Debt India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 28

Total External Debt India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 29

Import Cover India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 30

FX Reserves India vs EM countries Deutsche Bank Corporate & Investment Bank CIB 31

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 32

Political Snapshot Deutsche Bank Corporate & Investment Bank CIB 33

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 34

Prompt Corrective Action (PCA) Gross Non-Performing Assets for Indian Banks Q 1 2018 Q 4 2017 Change 10. 25 8. 86 1. 39 (+16%) 21 PSB Banks 8. 97 7. 77 1. 19 (+15. 4%) 18 Private Banks 1. 28 1. 09 0. 19 (+17. 9%) Gross NPAs *all figures in INR lakh crore Deutsche Bank Corporate & Investment Bank CIB 35

Prompt Corrective Action (PCA) PSB Gross NPAs (in INR crores) Top 10 banks with highest Gross NPAs (in INR crores) Deutsche Bank Corporate & Investment Bank CIB 36

Prompt Corrective Action (PCA) RBI has issued a policy action guideline in the form of Prompt Corrective Action (PCA) Framework if a commercial bank’s financial condition worsens below a mark Objective: To facilitate the banks to take corrective measures including those prescribed by the RBI in a timely manner, in order to restore their financial health. Features: • PCA norms allow the regulator to place certain restrictions such as halting branch expansion and stopping dividend payment. • It can even cap a bank’s lending limit to one entity or sector. • Other corrective action that can be imposed on banks include special audit, restructuring operations and activation of recovery plan. • Banks’ promoters can be asked to bring in new management, too. • The RBI can also supersede the bank’s board, under PCA. Intervention levels: Asset Quality Risk Category 1 Risk Category 2 Risk Category 3 6% < NPA Ratio < 9% 9% < NPA Ratio < 12% NPA Ratio > 15% 5. 125% < CET-1 Ratio < 6. 25% 3. 625% < CET-1 Ratio < 5. 125% CET-1 Ratio < 3. 625% 7. 75% < CRAR < 10. 25% 6. 25% < CRAR < 7. 75% - Leverage > 25 x Tier-1 Capital Leverage > 28. 6 x Tier-1 Capital - Negative Ro. A for 2 consecutive years Negative Ro. A for 3 consecutive years Negative Ro. A for 4 consecutive years Capital Requirements Leverage Profitability Deutsche Bank Corporate & Investment Bank CIB 37

Prompt Corrective Action (PCA) 9 out of 11 PSU banks under PCA have come up with 2 year recovery plans Risk Threshold 1: Restriction on dividend distribution/remittance of profits. Promoters/owners/parent in the case of foreign banks to bring in capital Risk Threshold 2: Restriction on branch expansion; domestic and/or overseas Higher provisions as part of the coverage regime Risk Threshold 3: Restriction on branch expansion; domestic and/or overseas Restriction on management compensation and directors’ fees, as applicable Deutsche Bank Corporate & Investment Bank CIB 38

Insolvency & Bankruptcy Code (IBC) The Insolvency and Bankruptcy Code, 2016 (IBC) seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy Preceding acts: • Presidency Towns Insolvency Act, 1909 • The Provincial Insolvency Act, 1920 • Sick Industrial Companies Act • The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the Sarfaesi Act) • Companies Act 2013 • Recovery of debts due to banks and financial Institutions Act The Insolvency and Bankruptcy Code, 2016 (IBC) Objective: To speed up resolution of stressed assets in the country Eligibility: Applicable to individuals, partnerships, LLPs and corporates Adjugating Authorities: Corporates: National Company Law Tribunal (NCLT) Individuals: Debt Recovery Tribunal (DRT) Timeline: 180 days from the date of filing + 90 days extension for complex cases Benefits: ü Improve India’s ranking in the World Bank’s ‘Ease of Doing Business”. Current ranking: 100/189 ü Promote investment and entrepreneurship in the economy ü Aid in resolving India’s bad debts problems by enabling banks to recover their loans from bankrupt companies in a timely manner ü Timely resolution of companies will free up bank’s resources and increase credit availability in the economy, potentially solving India’s twin balance sheet problem Deutsche Bank Corporate & Investment Bank CIB 39

Insolvency & Bankruptcy Code (IBC) Resolution to be completed in 180 days (90 days extension for complex cases) from day of filing 1 Application with Adjugating Authority (NCLT, DRT) When a loan default occurs, either the borrower or the lender can approach the NCLT or DRT for initiating the resolution process 2 Appointment of interim Insolvency Professional (IP) by creditors The interim Insolvency Professional (IP) takes control of the debtor’s assets and company’s operations, collects financial information of the debtor from information utilities, and constitutes the creditors’ committee. 3 Formation & confirmation of Committee of Creditors (Co. C) The committee has to take decisions regarding insolvency resolution by a 75% majority 4 Restructuring process discussion post committee resolution Option 1: Revised repayment plan for the company Option 2: Liquidation of assets 5 Final approval & implementation The resolution plan will be sent to the tribunal for final approval and implemented once approved Deutsche Bank Corporate & Investment Bank CIB 40

Insolvency & Bankruptcy Code (IBC) Bhushan Steel • First successful IBC case • Bamnipal Steel Ltd (BNPL), a subsidiary of Tata Steel, completed the acquisition of 72. 65% stake in Bhushan Steel Ltd (BSL) for around Rs 36, 400 crores • The lenders will receive around 65% of their outstanding Electrosteel Steels • Competitive bids between Vedanta and Renaissance Steel • Currently awaiting resolution by NCLT Monnet Ispat and Energy • JSW Steel-AION Capital consortium is the sole bidder • Currently awaiting approval by NCLT Era Infra Engineering, Jyoti Structures • Undergoing resolution process, 180 day deadline valid till December 2018 Essar Steel, Bhushan Power • 180 day period expired, cases near resolution but held up by appeals • Attractive bids came after the expiry of initial deadlines leading to legal issues Jaypee Infratech, Bhushan Power and Steel, Amtek Auto • 180 day period expired, cases near resolution but held up by appeals Alok Industries, Lanco Infratech • Currently facing prospects of liquidation Deutsche Bank Corporate & Investment Bank CIB 41

Bank Recapitalization is injection of capital mainly through equity investment by the government to financially strengthen Public Sector Banks (PSBs) Recapitalization bonds Deposits Government Equity infusion Public Sector Banks (PSBs) PSB Equity ownership 1. 35 trillion (Recap loans) Reasons for recapitalization: 0. 76 trillion (Budgetary support & market raising) 2. 11 trillion (Bank Recapitalization) • Rising volume of bad assets has led to erosion of capital • The Basel III capital norms requires higher capital in banks • Expanding credit needs in the economy can be met with higher capital Impact on growth: Deutsche Bank Corporate & Investment Bank CIB • Gradual medium term growth in the economy expected 42

Bank Recapitalization (2017 -2018) Total capital infusion: Rs. 88, 139 crores • Recap bonds: Rs. 80, 000 crores Budgetary support: Rs. 8, 139 crores PSB performance based bonds • Maturity: 10 – 15 years • Issued in 6 tranches • Bonds will be non-SLR and non-tradeable bonds priced at a 3 month average plus a government decided spread Enhanced Access and Service Excellence (EASE) • Government reform plan consisting of 6 key pillars • Customer responsiveness • Responsible banking • Credit offtake • PSBs as Udyami Mitra • Deepening financial inclusion • Digitalisation and developing personnel Bank Recap Impact • No impact on fiscal deficit as they would be cash neutral • Support for PCA banks maintain regulatory capital requirements • Strengthen governance and operations • For investment in growth capital Deutsche Bank Corporate & Investment Bank CIB 43

1. Role of Treasury in a bank 2. Growth & Fiscal Outlook 3. External Sector & INR Outlook 4. Inflation & Monetary Outlook 5. India vs EM Countries 6. Political Snapshot 7. Non Performing Assets 8. ODI / FDI / ECB Deutsche Bank Corporate & Investment Bank CIB 44

ODI in India: Overview What is Direct Investment outside India? What is Automatic Route and Approval Route? Direct investment outside India means investments signifying a longterm interest in the foreign entity (JV or WOS), either under the Automatic Route or the Approval Route, by way of – 1. contribution to the capital or, 2. subscription to the Memorandum of a foreign entity or, 3. purchase of existing shares of a foreign entity either by market purchase or private placement or through stock exchange. I. Under the Automatic Route, the Indian Party can approach an Authorized Dealer Bank with an application in Form ODI and the prescribed documents for effecting the remittances and the AD Bank being satisfied with the documents and the conditions covered under the automatic route can proceed with the remittance. II. Proposals not covered under by the conditions under the automatic route require prior approval of the Reserve Bank for which application in Form ODI with the documents prescribed is required to be made through the AD Bank. With effect from August 05, 2013, a resident individual can make overseas direct investment in the equity shares and compulsorily convertible preference shares of a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) outside India under Liberalized Remittance Scheme (LRS) What are the ODI transactions which require prior RBI approval ? What are the limits for overseas direct investment to be made under Automatic Route ? I. II. IV. V. VI. Foreign entity engaged in real estate (buying and selling of real estate or trading in Transferable Development Rights), Indian party undertaking financial commitment without equity contribution in JV / WOS, Proposals exceeding the prescribed limit of the net worth of the Indian companies as on the date of the last audited balance sheet, Investments by Trusts / Societies engaged in the manufacturing / educational / hospital sector in the same sector in a JV / WOS outside India, Capitalization of export proceeds remaining unrealized beyond the prescribed period of realization, Investment in the financial services sector. II. III. IV. The Indian Party can invest up to 400% of its net worth as per the latest audited balance sheet, The aforementioned prescribed limit will not be applicable where the investment is made out of balances held in the EEFC account, The Indian Party is not on the Reserve Bank’s exporter’s caution list / list of defaulters to the banking system published by the Credit Information Bureau of India Ltd. (CIBIL) / RBI or any other credit information company as approved by the Reserve Bank or under investigation by the Directorate of Enforcement or any investigative agency or regulatory authority, The Indian Party routes all the transactions relating to the investment in a JV/WOS through only one designated AD Bank only. Source: Deutsche Bank research Deutsche Bank CIB 45

ODI in India: Overview Eligible methods of funding an ODI remittance Overseas Direct Investment Process Flow I. III. IV. Under Automatic Route: i. The client has to submit the prescribed documents to the AD Bank. ii. The AD Bank on satisfying themselves with the bonafide documents and valuation norms can proceed with the ODI remittance. iii. Post remittance, the AD Bank has to report the transaction to Reserve Bank of India through the online OID portal. iv. The reporting has to be completed within 15 days of the remittance. v. On successful submission of the reporting, Unique Identification Number (UIN) is allotted in the name of JV / WOS abroad. V. VI. withdrawal of foreign exchange from an AD bank in India, capitalisation of exports, swap of shares, proceeds of External Commercial Borrowings (ECBs) / Foreign Currency Convertible Bonds (FCCBs), in exchange of ADRs/GDRs, balances held in EEFC account of the Indian Party. Overseas Direct Investment Process Flow Under Approval Route: i. The client has to approach the AD Bank with the proposal which shall be submitted to Reserve Bank after due scrutiny and with the recommendation of the AD Bank. ii. The AD Bank before forwarding the physical application to RBI should submit the Form ODI in the online OID portal under approval route and the transaction number generated by the application should be mentioned in the letter. iii. The letter from the AD Bank should mention the following details: a) Brief details of the Indian entity, b) Brief details of the overseas entity, c) Brief details of the transaction, d) Reason/s for seeking approval mentioning the extant FEMA provisions. iv. In case the proposal is approved, the AD bank should effect the remittance under advice to Reserve Bank, so that the UIN is allotted. Deutsche Bank CIB What are the obligations of the Indian Party and Resident Individual post investment ? I. III. Submit documentary evidence of investment like share certificate to the AD Bank within 180 days of the remittance, Submit Annual Performance Report in RBI prescribed format to the AD Bank, with audited financials of the overseas entity, every year on or before December 31. The Indian Party should report to RBI through the AD Bank, details of setting up of step down subsidiary / alteration in the shareholding pattern in the overseas entity within 30 days of those decisions. 46

Can Indian Party transfer/write-off the shares of a JV / WOS ? I. III. IV. An Indian Party, without prior approval of the Reserve Bank, may transfer shares by way of sale to another eligible Indian Party or to a person resident outside India. Annual Performance Report for preceding years prior to the disinvestment year has been reported to the Reserve Bank, The Indian Party should not be in the Reserve Bank’s exporter’s caution list / list of defaulters to the banking system as approved by the Reserve Bank or under investigation by any regulatory authority, In case of write-off, subject to the following conditions: Deutsche Bank Corporate & Investment Bank CIB 47

FDI Inflow into the Company An Indian company that is issuing shares or convertible debentures under FDI, can receive the money for such shares or debentures through one of the following modes: Guideline Details § § § Remittance through normal banking channels. Debit to NRE/FCNR account of a person concerned maintained with a Bank. Conversion of royalty/lump sum/ technical know how fee due for payment or conversion of ECB, shall be treated as consideration for issue of shares. Conversion of import payables/pre incorporation expenses/share swap can be treated as consideration for issue of shares with the approval of FIPB. Debit to non-interest bearing Escrow account in Indian Rupees in India which is opened with the approval from AD Category – I bank and is maintained with the AD Category I bank on behalf of residents and non-residents towards payment of share purchase consideration To hedge exchange rate risk of transactions denominated in foreign currency but settled in INR, including hedging the economic (currency indexed) exposure of importers in respect of customs duty payable on imports. Hedging Economic Exposure: RBI Guidelines Deutsche Bank Corporate & Investment Bank CIB 1. 2. 3. Forward foreign exchange contracts covering such transactions will be settled in cash on maturity. These contracts once cancelled, are not eligible to be rebooked. In the event of any change in the rate(s) of customs duties, due to Government notifications subsequent to the date of the forward contracts, importers may be allowed to cancel and/or rebook the contracts before maturity. 48

81 nid. Zp. Gqzk. SDMp. D Facilities for Hedging Foreign Direct Investment in India Hedging onshore • • • The matrix below is a snapshot of regulatory framework and documents required for hedging investment in India Since the onshore market is highly liquid and deliverable, Client will not run any basis risk, which is significant Onshore hedge can be undertaken upon ensuring that the necessary regulatory approvals (where applicable) are in place Hedging Proposed Investments • RBI allows non-residents to directly hedge inflows under proposed FDI in India for a period of six months, beyond which permission of the RBI is needed Regulatory Framework • Rollover of the hedge is possible • Excerpt from the relevant RBI regulatory circular permitting the hedge is given below “In respect of proposed foreign direct investments, following conditions would apply: • • Contracts to hedge exchange rate risk arising out of proposed investment in Indian companies may be allowed to be booked only after ensuring that the overseas entities (Hedging Foreign Direct Investments) have completed all the necessary formalities and obtained necessary approvals (wherever applicable) for the investment. • The tenor of the contracts should not exceed six months at a time beyond which permission of the Reserve Bank would be required to continue with the contract. Documentation Requirement Deutsche Bank Corporate & Investment Bank • • These contracts, if cancelled, shall not be eligible to be rebooked for the same inflows. • Exchange gains, if any, on cancellation shall not be passed on to the overseas investor” A Board Resolution passed by Client to invest is taken as proof of investment and shall suffice as underlying 49

ECB – Ambit and Routes ECB = Commercial loans availed by eligible resident entities from recognized non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end uses, maximum all-in-cost ceiling etc. Deutsche Bank Corporate & Investment Bank CIB 50

ECB - Key parameters Deutsche Bank Corporate & Investment Bank CIB 51

Thank you Deutsche Bank Corporate & Investment Bank CIB 52