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sd-10-EFTA01434294Dept. of JusticeOther

EFTA Document EFTA01434294

Subject: Have you spoken to Paul Barrett about Harvest? [I] From: Vahe Stepanian Date: Wed, 24 Jan 2018 15:49:14 -0500 To: Stewart Oldfield Cc: Martin Zeman Classification: For internal use only Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of ev

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sd-10-EFTA01434294
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Subject: Have you spoken to Paul Barrett about Harvest? [I] From: Vahe Stepanian Date: Wed, 24 Jan 2018 15:49:14 -0500 To: Stewart Oldfield Cc: Martin Zeman Classification: For internal use only Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of ev

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
Subject: Have you spoken to Paul Barrett about Harvest? [I] From: Vahe Stepanian Date: Wed, 24 Jan 2018 15:49:14 -0500 To: Stewart Oldfield Cc: Martin Zeman Classification: For internal use only Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non-advisory basis. The KCP Americas desk does not provide investment advice. EFTA01434294 The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. EFTA01434295

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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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