Subject: RE: indication on WTI From: Andrew King Date: Thu, 09 Jun 2016 To: Stewart Oldfield Vahe Stepanian Richard Kahn Cc: Daniel Sabba Joseph Dursi <[email protected]> Rich, risk reversals 14:14:06 -0400 First, as a quick introduction, I'm an investment specialist on Stew Oldfield's team. I look forward to working with you. I've attached a factsheet for Spectrum, the SMA manager of preferred equities Stew referenced. We took a look at the loan-to-value available on a portfolio of preferreds (including the SMA portfolio) and unfortunately, due to Reg-T, we'd be limited to a 50% LTV (2x leverage) using a traditional margin facility. We're exploring solutions using a total return swap to provide potentially greater leverage and will be back to you as soon as possible with some ideas. Please let us know if you have any questions. My contact info. is listed below. Best regards, Andrew King fcid:[email protected] Andrew King, CFA Vice President I Investment Solutions Group Deutsche Bank Securities Inc. Deutsche Asset & Wealth Management 345 Park Avenue, New York, NY 10154 EFTA01421828