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sd-10-EFTA01381071Dept. of JusticeOther

EFTA Document EFTA01381071

From: Stewart Old Sent: 4/2/2018 5:23:46 PM To: Martin Zeman Subject: Re: Trade Details 04/02/2018 [ij I think you only need to price two pairs with a couple of different structures (maturity and strike). Should be enough there for him to understand how it all works. I would be targeting greater than 10pct annualized coupon. Given some of the tech names, could be even higher. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management

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From: Stewart Old Sent: 4/2/2018 5:23:46 PM To: Martin Zeman Subject: Re: Trade Details 04/02/2018 [ij I think you only need to price two pairs with a couple of different structures (maturity and strike). Should be enough there for him to understand how it all works. I would be targeting greater than 10pct annualized coupon. Given some of the tech names, could be even higher. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management

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From: Stewart Old Sent: 4/2/2018 5:23:46 PM To: Martin Zeman Subject: Re: Trade Details 04/02/2018 [ij I think you only need to price two pairs with a couple of different structures (maturity and strike). Should be enough there for him to understand how it all works. I would be targeting greater than 10pct annualized coupon. Given some of the tech names, could be even higher. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. 212 454-2881 Mobile 917 209-0686 Email Securities offered through Deutsche Bank Securities Inc. On Apr 2, 2018, at 5:10 PM, Martin Zeman <martin.zeman@db.com> wrote: Classification: For Internal use only Working on it. I talked to Paul today briefly and want to have a more detailed conversation tomorrow on what he imagines in terms of levels so we target the request in GM better. They hate it when we ask for 3 million prices without the client being clear on what they want. Had a great trip. Hope you have the same.... From: Stewart Oldfield Sent: Monday, April 02, 2018 5:01 PM To: Martin Zeman < Subject: Re: Trade Details 04/02/2018 III Thanks. Did you get him some worst-of put prices? We made some KYC progress while you were out. Hope you had a good trip Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. 212 454-2881 Mobile 917 209-0686 Email Securities offered through Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0079809 CONFIDENTIAL SDNY_GM_00225993 EFTA01381071

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From: Stewart Oldfield Sent: 4/2/2018 5:49:52 PM To: Martin Zeman Subject: Re: Trade Details 04/02/2018 II] And don't forget that we pitched this to him, not vice versa. So he doesn't necessarily have a view how terms should look. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. On Apr 2, 2018, at 5:10 PM, Martin Zeman < > wrote: C

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Subject: RE: DB Conference From: Stewart Oldfield a> Date: Fri, 07 Sep 2018 11:56:00 -0400 To: Nina-X Nevidzanska ‹ > On a call that I hope wraps up soon. Will do From: Nina-X Nevidzanska Sent: Friday, September 07, 2018 11:42 AM To: Stewart Oldfield a> Subject: RE: DB Conference Hi Stew, Tried you earlier. Please give me a ring when you have a moment. Thank you Nina From: Stewart Oldfield Sent: Friday, September 07, 2018 11:24 AM To: Nina-X Nevidzanska Cc: Martin Zeman Subject:

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From: Stewart Oldfield Sent: Monday, March 12, 2018 5:07 PM To: Paul Barrett <= > Cc: Martin Zeman Subject: Invitation: Frieze New York preview day - May 2, 2018 Paul, Would love to have you join us at Frieze this year. Please RSVP through the link below. Hope all is well, Stew 4: > Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management New York, NY 10154 Tel. This communication may contain confidential and/or privileged informat

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Subject: RE: RIN follow up From: Vahe Stepanian Date: Fri, 20 Apr 2018 14:16:02 -0400 To: Paul Barrett Cc: Stewart Oldfield Martin Zeman No problem, happy to help. The team assumes a 50bps p.a. default rate, and I would point you to page 29 of the book to support this point. Also worth looking at the scenario analysis on pg. 40 — think scenarios 1-7 are particularly relevant because the 50bp issuance costs are in line with RIN I (vs. 2% for a BSL). Thank you, Vahe From: Paul Barrett

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Subject: DB Force From: Stewart Oldfield Date: Wed, 20 Sep 2017 12:22:13 -0400 To: Bradley Gillin ‹ > We need to add Paul S. Barrett and Alpha Group Capital to DB Force. Can add to the Epstein relationship or keep separate, whichever is easiest. Thanks From: Richard Kahn [mailto: Sent: Tuesday, September 19, 2017 4:06 PM To: Stewart Oldfield Cc: Alpha Group Capital Subject: 9-20-2017 meeting @ 9:30am please confirm address and floor for tomorrows meeting thank you Richard Kahn HBRK

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Subject: FW: DB CIO Economic Outlook Lunch — Jan. 23, 2019, New York From: Stewart Oldfield Date: Tue, 22 Jan 2019 14:36:43 -0500 To: Martin Zeman ‹ > From: Stewart Oldfield Sent: Thursday, Januar 03, 2019 3:47 PM To: Paul Barrett ( ) ‹ > Subject: DB CIO Economic Outlook Lunch — Jan. 23, 2019, New York Please join us on Wednesday, January 23, 2019 for lunch and a presentation: CIO Economic Outlook. If you are interested in attending, click the R.S.V.P. button on the invitation below.

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