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sd-10-EFTA01435663Dept. of JusticeOther

EFTA Document EFTA01435663

Subject: Re: RIN follow up From: Stewart Oldfield e > Date: Mon, 16 Apr 2018 22:42:12 -0400 To: Paul Barrett Cc: Vahe Stepanian Sounds good. We will call you. Thanks. Stewart Oldfield, CFA, CAIA Director Deutsche Deutsche 345 Park Tel. Mobi Email ■ Bank Trust Company Americas Bank Wealth Management Avenue, New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. On Apr 16, 2018, at 7:45 PM, Paul Barrett <a> wrote: Let's chat tomorrow morning. Paul Barrett

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Subject: Re: RIN follow up From: Stewart Oldfield e > Date: Mon, 16 Apr 2018 22:42:12 -0400 To: Paul Barrett Cc: Vahe Stepanian Sounds good. We will call you. Thanks. Stewart Oldfield, CFA, CAIA Director Deutsche Deutsche 345 Park Tel. Mobi Email ■ Bank Trust Company Americas Bank Wealth Management Avenue, New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. On Apr 16, 2018, at 7:45 PM, Paul Barrett <a> wrote: Let's chat tomorrow morning. Paul Barrett

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Subject: Re: RIN follow up From: Stewart Oldfield e > Date: Mon, 16 Apr 2018 22:42:12 -0400 To: Paul Barrett Cc: Vahe Stepanian Sounds good. We will call you. Thanks. Stewart Oldfield, CFA, CAIA Director Deutsche Deutsche 345 Park Tel. Mobi Email ■ Bank Trust Company Americas Bank Wealth Management Avenue, New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. On Apr 16, 2018, at 7:45 PM, Paul Barrett <a> wrote: Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 On Apr 16, 2018, at 6:11 PM, Stewart Oldfield e > wrote: > Paul, EFTA01435663 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 <image001.png> Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. Mobi Email 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 disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01435664

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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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From: Paul Barrett Sent: 4/16/2018 7:45:25 PM To: Stewart 0ldfield ■ CC: Vahe Stepanian Subject: Re: RIN follow up Let's chat tomorrow morning. Paul Barrett Alpha Group Capital LLC 142 W 57m Street, 11''' Roo New YorL NY 10019 (c) 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 <i mage0

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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: 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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Subject: RE: RIN follow up From: Paul Barrett <~ > Date: Fri, 20 Apr 2018 12:12:54 -0400 To: Vahe Stepanian Cc: Stewart Oldfield Martin Zeman One more — what default/cumm loss assumptions are they using to get the expected return of 12-1590 Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 646-876-5277 (o) (c) From: Vahe Stepanian <~ > Sent: Thursday, April 19, 2018 5:53 PM To: Paul Barrett Cc: Stewart Oldfield Subject: RE: RIN follow up Pau

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