From: Vahe Stepanian Sent: 4/11/2018 6:07:47 PM To: Stewart 0ldfield Subject: RE: RIN Materials - so they're at top of your inbox. ll] Classification: For internal use only Ok, cool. I'll put in a reminder in the calendar to follow up with him on Monday. From: Stewart Oldfield Sent: Wednesday, April 11, 2018 6:03 PM To: Vahe Stepanian Subject: Re: RIN Materials - so they're at top of your inbox. II] I think so. He sounded pretty jammed today working on a request for Jeffrey. So let's check in Monday if we don't hear back. He knows there's a finite window to get into the deal. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. Mobi Email Securities offered through Deutsche Bank Securities Inc. On Apr 11, 2018, at 5:57 PM, Vahe Stepanian wrote: Classification: For internal use only Cool — so ball is in his court to follow up? Anything we need to do on our end? Best, Vahe From: Stewart Oldfield Sent: Wednesday, To: Vahe Stepanian Subject: RE: RIN Materials - so they're at top of your inbox. Paul says he will do the work on this. He's trying to sort out whether it is better for him to buy a BB piece of a traditional CLO that yields mid to high single digits but has reasonable secondary market liquidity, or to buy and hold RIN for the long term From: Vahe Stepanian Sent: Tuesday, April 10, 2018 3:57 PM To: Stewart Oldfield <stewart.oldfield@db.com> Subject: FW: RIN Materials - so they're at top of your inbox. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087500 CONFIDENTIAL SDNY_GM_00233684 EFTA01385995