From: Stewart Oldfield Sent: 2/7/2018 5:17:56 PM To: Martin Zeman Subject: FW: bunched: [13.0]% p.a. Callable Yield Note with Contingent Coupon Maybe better to have a call to discuss. I'm happy to be on that. If he wants certainty of call under specific circumstances, need to structure as an autocall, but yield will be slightly lower From: Paul Barrett [mak° Sent: Wednesday, February 07, 2018 5:14 PM To: Martin Zeman 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 When do you think the issuer calls it? What conditions are necessary? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 646.876-5277(o) c) a ALPHA GROUP CAP I TAL From: Martin Zeman Imailto Sent: Wednesday, Februar 07, 2018 11:58 AM To: Paul Barrett Cc: Stewart Oldfield •; Xavier Avila Vahe Stepanian >; Davide-A Sferrazza >; Joshua Shoshan 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 don't need the foresight to invest prior to volatility going up — pricing continues to look good as long as implied volatility remains elevated. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091439 CONFIDENTIAL SDNY_GM_00237623 EFTA01388082