EFTA01447597

Forwarded by Nav Gupta/db/dbcom on 10/07/2014 17:08 From: vinit To: [email protected], Cc: Paul Morris/c Nav Gupta Date: 09/07/2014 14:41 Subject: Re: Jeffrey - can we have a quick chat this am ? [C] classification: confidential Hi Jeffrey - looping in Nay and Paul. To recap: we will find a few funds, which we think have best performance characteristic and best fees for u. Loan Funds better than single loans as u don't need to bother booking single loans and servicing them. If we do decide to go bespoke best to do it in stage 2. just giving u broad characteristics of loan funds so that we are on the same page. 1) typical ratings for loans range between single B to BBB, the best loan funds concentrate on first lien collateralized senior loans 2) have daily NAV and MIM typically (to clarify these funds are not money market funds where price is par). Redemption liquidity ranges from daily to 90 days depending on fund. 3) spreads still around L + 3%-3.S%, duration close to zero as floating rate product. 4) size we are thinking is 10mm of cash from you, with 70% LTV so total size is 33mm levered right ? vinit • (Embedded image moved to file: pic29943.gif) vinit sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management 105/108 old Broad St (Pinners Hall), EC2N lEN London united Kingdom Tel. mobil Email Any proposed ideas are being delivered to you by the DeAwm Key client Partners ("KcP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic11187.gif) From: "jeffrey E." <[email protected]> To: vinit sahni/ Date: 09/07/2014 11:59 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102273 CONFIDENTIAL SDNY_GM_00248457 EFTA01447597