Richard Kahn / Epstein Total Return Swap [I]

Classification: For Internal use only

Vahe,

Stew spoke to Richard yesterday who would like to move forward on a 520MM total return swap on a basket of preferreds.

We're going to put a basket together from the list of preferreds we originally provided, but I thought I'd check to see if Capital Markets might also be able to put together the basket for the swap.

Also, what are next steps to provide indicative terms to Richard?

Thanks in advance.

Best regards,
Andrew King

Andrew King, CFA
Vice President | Investment Solutions Group

Deutsche Bank Securities Inc.
Deutsche Asset & Wealth Management
345 Park Avenue, New York, NY 10154
Tel. +1(212)454-0043
Fax +1(646)257-3117
Mobile █████████████████
Email █████████████████
██████████████████

Passion to Perform

CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL

DB-SDNY-0067831
SDNY_GM_00214015
EFTA01373573