From: Stewart Oldfield Sent: 1/31/2017 9:3111 To: Richard Kahn Subject: RE: Thank you, it was great to get so much time together. Who was the other guy at the table next to Darren? I will send an overview of the muni structure and see if I can pull some exemplar bonds. Would he do this himself or recommend to someone else? Happy to focus on a particular state or show several if you like. Also, we didn't get to discuss his cash balances (mostly because I didn't want to bring it up in front of someone I don't know). We would love to move his cash to DB AG NY and pay him a materially higher rate than we do now. Hopefully that would cause him to bring more cash in from other places as well. Thanks From: Richard Kahn [mailto Sent: Tuesday, January 31, 2017 7:30 AM To: Stewart Oldfield Subject: great seeing you and meeting todd yesterday jeffrey likes muni idea a lot - would you be able to send over some info on trade ideas today thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor Neit York NY 10022 tel fax cell 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. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0080941 CONFIDENTIAL SDNY_GM_00227125 EFTA01381783