From: Andrew King 1 11 Sent: 6/7/2016 6:09:13 PM To: Stewart Oldfield I; Joseph Dursi CC: Daniel Sabba I J; Vahe Stepanian Subject: RE: (No Subject) II) Attachments: Spectrum_Asset_ManagementPrincipaln1Q_16firofile.pdf ; Brianna Fowler Classification: For Internal use only Spectrum might be a good fit here. Spectrum is a preferred equity SMA manager on the Adviser Select platform. They have over 29 years of experience investing in issues that offer high quality, attractive risk adjusted yield premiums, and have historically outperformed their benchmark by 80 bps net of fees. I've listed some key stats below and have attached the factsheet. I'll reach out to lending to see what type of UN we can offer on the portfolio. 5 year sharpe: 1.4 5 year std dev.: 5.26% 5 year return: 7.5% per annum Average Credit Quality: BB Modified Duration: 3.14 YTM: 5.43% From: Stewart Oldfield Sent: Tuesday, June 07, 2016 5:18 PM To: Joseph Dursi; Andrew King Cc: Daniel Sabba; Vahe Stepanian; Brianna Fowler Subject: FW: (No Subject) [I] Classification: For Internal use only Have you guys looked at preferreds? From: Daniel Sabba Sent: Tuesday, June 07, 2016 5:01 PM To: Vahe Stepanian; Stewart Oldfield Subject: FW: (No Subject) Did u get this? Stew maybe this topic is a perfect entree for 1SG? Original Message From: Richard Kahn Sent: Tuesday, June 07, 2016 04:49 PM Eastern Standard Time To: Subject: can you please look into a basket of preferred stocks (probably via a structured note) that we can lever 2-3x in a margin account thank you CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0067038 CONFIDENTIAL SDNY_GM_00213222 EFTA01373047