EFTA01370199

From: Andrew King Sent: 6/9/2016 3:O4:21 PM To: Stewart Oldfield Subject: FW: indication on WTI risk reversals [C] Classification: Confidential FYI From: Vahe Stepanian Sent: Thursday, June 09, 2016 2:55 PM To: Andrew King Subject: RE: indication on WTI risk reversals [C] Classification: Confidential Andrew — not sure as we don't get this request too often. My initial thought is to wait and see if they have any feedback on your email first. Don't want to spin AFS or Global Markets wheels if there isn't anything actionable. Best, Vahe From: Andrew King Sent: Thursday, June 09, 2016 1:56 PM To: Vahe Stepanian Subject: FW: indication on WTI risk reversals [C] Classification: Confidential Vahe, Are we able to do TRS on a SMA strategy or basked of preferreds? If not, maybe we should look at a TRS on a preferred index or ETF? Open to other ideas you might have around getting leverage on preferreds. From: Andrew King Sent: Thursday, June 09, 2016 11:38 AM To: Stewart Oldfield Subject: FW: indication on WTI risk reversals [C] Classification: Confidential On Spectrum, max is 50% LTV or 1 turn of leverage (2x return function) From: Stewart Oldfield Sent: Wednesday, June 08, 2016 10:01 AM To: Vahe Stepanian; Richard Kahn Cc: Daniel Sabba; Joseph Dursi; Andrew King Subject: RE: indication on WTI risk reversals [C] Classification: Confidential CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0062853 CONFIDENTIAL SDNY_GM_00209037 EFTA01370199