From: Martin Zeman Sent: 2/7/2018 5:47:29 PM To: Paul Barrett CC: Stewart Oldfield ; Xavier Avila Vahe Stepanian • Joshua Shoshan Davide-A Sferrazza Subject: RE: Launched: [13.0]% p.a. Callable Yield Note with Contingent Coupon Let's discuss tomorrow morning. From: Paul Barrett [mailto: Sent: Wednesday, February 07, 2018 5:14 PM To: Martin Zeman ic :• Cc: Stewart Oldfield Joshua Shoshan Davide-A Sferrazza < Subject: RE: Launched: [13.0]% p.a. Callable Yield Note with Contingent Coupon When do you think the issuer calls it? What conditions are necessary? ; Xavier Avila ; Vahe Stepanian Paul Barrett Alpha Group Capital LLC 142 W 57th Street 11* Floor New York, NY 10019 646-876-5277 (o) ALPHA GROUP CAPITAL From: Martin Zeman [mailtg Sent: Wednesday, February 07, 2018 11:58 AM To: Paul Barrett ••=1 Cc: Stewart Oldfield Xavier Avila ; Vahe Stepanian ; Joshua Shoshan ; Davide-A Sferrazza Subject: Launched: (13.0)% p.a. Callable Yield Note with Contingent Coupon Paul, Did you see this note we are issuing this week? Let's talk about it after lunch, and also about the rates trade. Martin Good morning, We are launching a 2 year Callable Yield Note (CYN) with Contingent Coupons for broad subscription through Friday, February 9, 2018 at 10 AM ET. The note is available to clients with either a DPM or DBSI brokerage account. See a summary of terms below. The CYN is one of the best ways for investors to take advantage of increased volatility — we've seen the issues with XIV and SVXY, while trading in VXX can be difficult to time and should only be for short-term positions. With the CYN you CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090770 CONFIDENTIAL SDNY_GM_00236954 EFTA01387686