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sd-10-EFTA01401864Dept. of JusticeOther

EFTA Document EFTA01401864

Subject: Paul/Stew/Martin lunch From: Date: Stewart Oldfield ‹ > Thu, 02 Au 2018 13:54:31 -0400 To: Martin Zeman 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/d

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Dept. of Justice
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sd-10-EFTA01401864
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Subject: Paul/Stew/Martin lunch From: Date: Stewart Oldfield ‹ > Thu, 02 Au 2018 13:54:31 -0400 To: Martin Zeman 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/d

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
Subject: Paul/Stew/Martin lunch From: Date: Stewart Oldfield ‹ > Thu, 02 Au 2018 13:54:31 -0400 To: Martin Zeman 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 disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01401864

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URLhttps://db.com/disclosures

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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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