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sd-10-EFTA01433740Dept. of JusticeFinancial Record

EFTA Document EFTA01433740

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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sd-10-EFTA01433740
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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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EFTA Disclosure
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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? Thanks Paul Paul Barrett Alpha Group Capital LLC New York, NY 10019 EFTA01433740 From: Stewart Oldfield ‹ > Sent: Tuesday, April 17, 2018 10:00 AM To: Paul Barrett 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. Paul Barrett Alpha Group Capital LLC New York, NY 10019 (c) EFTA01433741 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 Bank Trust Company Americas Deutsche Bank Wealth Management York, NY 10154 Tel. Mobil 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. EFTA01433742 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. EFTA01433743

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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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