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sd-10-EFTA01387695Dept. of JusticeOther

EFTA Document EFTA01387695

From: Stewart Oldfield < Sent: Tuesday, April 17, 2018 10:00 AM To: Paul Barrett < Subject: RE: RIN follow up Just tried you. I'm around all day. Thanks From: Paul Barrett [mailto: Sent: Monday, April 16, 2018 7:45 PM To: Stewart Oldfield < Cc: Vahe Stepanian Subject: Re: RIN follow up Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57i0 Street, 11th Floor, New York, NY 10019 On Apr 16, 2018, at 6:11 PM, Stewart Oldfield < > wrote: Paul, Please let us kno

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From: Stewart Oldfield < Sent: Tuesday, April 17, 2018 10:00 AM To: Paul Barrett < Subject: RE: RIN follow up Just tried you. I'm around all day. Thanks From: Paul Barrett [mailto: Sent: Monday, April 16, 2018 7:45 PM To: Stewart Oldfield < Cc: Vahe Stepanian Subject: Re: RIN follow up Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57i0 Street, 11th Floor, New York, NY 10019 On Apr 16, 2018, at 6:11 PM, Stewart Oldfield < > wrote: Paul, Please let us kno

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From: Stewart Oldfield < Sent: Tuesday, April 17, 2018 10:00 AM To: Paul Barrett < Subject: RE: RIN follow up Just tried you. I'm around all day. Thanks From: Paul Barrett [mailto: Sent: Monday, April 16, 2018 7:45 PM To: Stewart Oldfield < Cc: Vahe Stepanian Subject: Re: RIN follow up Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57i0 Street, 11th Floor, New York, NY 10019 On Apr 16, 2018, at 6:11 PM, Stewart Oldfield < > wrote: Paul, Please let us know when it makes sense to follow up next on RIN. I'd also like to chat a bit about your inventory finance trade when you have a few minutes. Hope all is well, Stew <image00 I .png> Stewart Oldfield. CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management P rk Av n New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https //db.com/disclosures for additional EU corporate and regulatory CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090788 CONFIDENTIAL SDNY_GM_00236972 EFTA01387695

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a ALPHA GROUP CAPI TAL From: Stewart Oldfield Sent: Tuesday, April 17, 2018 10:0OAM To: Paul Barrett Subject: RE: RIN follow up Just tried you. I'm around all day. Thanks From: Paul Barrett [mailt Sent: Monday, April 16, 2 : To: Stewart Oldfield Cc: Vahe Stepanian Subject: Re: RIN follow up Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57th Street 111° Floor. New York, NY 10019 On Apr 16, 2018, at 6:11 PM, Stewart Oldfield wrote: Paul, Please let us

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From: Stewart Oldfield Sent: 4/16/2018 6:10:55 PM To: Paul Barrett CC: Vahe Stepanian BCC: Subject: RIN follow up Paul, Please let us know when it makes sense to follow up next on RIN. I'd also like to chat a bit about your inventory finance trade when you have a few minutes. Hope all is well, Stew Stewart Oldfield, CFA, CAIA Director Deutsche Bark Trust Company Americas Deutsche Bark Wealth Management 345 Park Avenue. New York. NY 10154 Tel. Mobile Email Secunties offered

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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: FW: RIN follow up From: Stewart Oldfield ‹ > Date: Thu, 19 Apr 2018 12:06:02 -0400 To: Matt Glassman fyi From: Paul Barrett [mailto: Sent: Thursday, April 19, 2018 12:00 PM To: Stewart Oldfield Cc: Vahe Stepanian Subject: RE: RIN follow up Stu 2 questions for the team: Are the loans on completed infrastructure projects or more like construction loans? How do we have recourse on an essential infrastructure asset? Thanks Paul Paul Barrett Alpha Group Capital LLC 142 W 57

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Subject: RE: RIN follow up From: Stewart Oldfield < › Date: Thu, 19 Apr 2018 12:06:24 -0400 To: Paul Barrett Cc: Vahe Stepanian Will come back with answers shortly. Thanks From: Paul Barrett [mailto: Sent: Thursday, April 19, 2018 12:00 PM To: Stewart Oldfield Cc: Vahe Stepanian < Subject: RE: RIN follow up Stu 2 questions for the team: Are the loans on completed infrastructure projects or more like construction loans? How do we have recourse on an essential infrastructure asset?

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Subject: Re: Technology Co-Invest From: Stewart Oldfield e > Date: Wed, 07 Feb 2018 00:42:15 -0500 To: Vahe Stepanian e > No reason not to. Thanks. 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 Email Securities offered through Deutsche Bank Securities Inc. On Feb 6, 2018, at 7:39 PM, Vahe Stepanian wrote: > Should we show to Paul Barrett? From: Vahe Stepanian

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