EFTA Document EFTA01462185

Post-Crisis CLO Issuance — Investors Recognize the Performance CLO Issuance 2008 - 2014 120 •CLO Issuance ::Projection 100 2° 1 $13.33 514 56 59.13 0 1999 2000 2001 CLOs, Prime Funds, Hedge Funds & HY Funds 17% Insurance Companies 6% Finance Companies 5% $25.49 $12.14 $12.14 1C 2002 2003 2004 $52 59 2005 $97 01 2006 $88.94 2007 $13.53 $1233 pal $0.83 $4 05 WO= Pro 2008 2009 2010 2011 1994 Composition of Buyers in the Leveraged Loan Market Deutsche Bank Corporate Banking & Securities Securities Firms 1% Foreign/Domestic Banks 71% 2012 $82 60 172 $50.00 deals 55.58 2013 2014 Q412 Foreign/Domestic Banks Securities Firms 5% 1% CLOs. Prime Funds, Hedge Funds & HY Funds 88% Source: S&P LCD CLO ActIvny as of Decanter 31. 2012. S&P CLO Databank as of February 13. 2014. CLO issuance for March 2008 excludes 3 Markel Value vehicles restructured to cash taw. Finance Companies 1% Insurance Companies 5% 19 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124605 CONFIDENTIAL SDNY_GM_00270789 EFTA01462185