EFTA01361127

From: Paul Morris [paul.morris@db.com) Sent: 1/28/2015 10:23:58 AM To: Stewart 0ldfield [stewart.oldfield@db.comi Subject: FW: Coned and GE through TRS [CI Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank From: Daniel Sabba Sent: Wednesday, January 28, 2015 9:54 AM To: Jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Coned and GE through TRS [C] Classification: Confidential Jeffrey, Per Rich's suggestion, we priced long TRSs for GE and ConEd (without the sale of a call option). We could provide the same financing terms on a $20mm notional equivalent (1mL+75bps, with $0.03 commissions in and out). The IA for these names would be 20%. As discussed, you could use equities at a 50% haircut as this IA. GE and ED have had high dividend history (GE has a 12m yield of 3.67% and ED, 3.51%). Regards, Daniel Daniel Sabba Key Client Partners Email daniel.sabba@db.com CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0050017 CONFIDENTIAL SDNY_GM_00196201 EFTA01361127