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sd-10-EFTA01437228Dept. of JusticeOther

EFTA Document EFTA01437228

Subject: RE: RIN follow up [I] From: Vahe Stepanian Date: Thu, 19 Apr 2018 12:25:24 -0400 To: Stewart Oldfield Classification: For internal use only Yep, working on it From: Stewart Oldfield Sent: Thursday, April 19, 2018 12:06 PM To: Paul Barrett Cc: Vahe Stepanian < Subject: RE: RIN follow up 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 q

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Dept. of Justice
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sd-10-EFTA01437228
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Subject: RE: RIN follow up [I] From: Vahe Stepanian Date: Thu, 19 Apr 2018 12:25:24 -0400 To: Stewart Oldfield Classification: For internal use only Yep, working on it From: Stewart Oldfield Sent: Thursday, April 19, 2018 12:06 PM To: Paul Barrett Cc: Vahe Stepanian < Subject: RE: RIN follow up 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 q

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Subject: RE: RIN follow up [I] From: Vahe Stepanian Date: Thu, 19 Apr 2018 12:25:24 -0400 To: Stewart Oldfield Classification: For internal use only Yep, working on it From: Stewart Oldfield Sent: Thursday, April 19, 2018 12:06 PM To: Paul Barrett Cc: Vahe Stepanian < Subject: RE: RIN follow up 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? EFTA01437228 Thanks Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) From: Stewart Oldfield ‹ > Sent: Tuesday, April 17, 2018 10:00 AM To: Paul Barrett <a> 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. EFTA01437229 Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (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 <image001.png> Stewart Oldfield, CFA, CAIA Director Deutsche Deutsche 345 Park Tel. Mobile Email Bank Trust Company Americas Bank Wealth Management Avenue. New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. EFTA01437230 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. 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. EFTA01437231

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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: 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: RE: DB tech conference - Sep. 12/13 Las Vegas [I] From: Nina-X Nevidzanska ‹ > Date: Tue, 31 Jul 2018 11:45:59 -0400 To: Stewart Oldfield Cc: Alison Sinicropi Terri Sohrab Bradley Gillin Hi Stew, Happy to. May need more information in terms of her contact details but we can connect on that once the DB Access team creates her registrants profile from their end. Thank you Nina From: Stewart Oldfield Sent: Tuesday, July 31, 2018 11:41 AM To: Nina-X Nevidzanska Cc: Alison Si

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