Epstein Secrets

an in the White House planning to re-boot the FCC and DOJ, it seemed that a wave of telecom M&A was imminent, right? Wrong. The perception was that Sprint and T-Mobile were going to merge and that it was going to set off a wave of intra•sector and multi-sector convergence deals. Fueling this view was

start in 5G via fixed wireless and fiber is most likely to positively impact the small cell / metro fiber specialists which include CCI and ZAYO. Deutsche Bank Securities Inc. Everything seemed to be lining up perfectly /ors tsunami-lee wave of consolidadon and convergence M&A trades in 2017: Nopa Presented with the

ier initiatives created device financing plans, altered funding options, and unleashed a slew of plan offerings that has pressured ARPUs for years. Sprint and T-Mobile positioned themselves in the market as the mobile companies with the best value, which opened up more GBs I $, and eventually led the

half of 2018 k a sensible timeline around whkt we might see more concrete for around DISH', plans for the Mum &Its wirekes broadband SG network Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086767 SDNY_GM_00232951 EFTA01385481

Trade Ideas Sprint — BUY: Although bondholders didn't get the outcome they wanted as it relates to the highly publicized merger discussions between Sprint and T- Mobile, we believe Sprint's standalone operational plan coupled with its vast optionality around liquidity make Sprint bonds attractive. We a

ade idea in 2018, recommending the compression trade between higher dollar bonds and lower dollar bonds as we expect further signs of stress in the Deutsche Bank Securities Inc. Risks include mental of subsaiber trend; no inflecdon in revenues, downward spiral in ARPU, and higher then anticipabsti CapEx *sirs !,d

Industrials 18% Other EFTA01398249 Greg Martin SOF & SOF D Overall transaction summary as of September 30, 2017 Project name 1- Leonardo 2- Sprint 3- Constellation 4- Crown 5- Freedom 6- Pigeon 7- Hoover I 8- Hoover II 9- Amadeus I 10- Hoover III 11- Amadeus II 12- Hoover IV 13- Hoove

ter the Interests under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01398277 Greg Martin Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o

EFTA01396889 GLDUS126 Pacific Life Insurance Co SOF & SOF D Overall transaction summary as of September 30, 2017 Project name 1- Leonardo 2- Sprint 3- Constellation 4- Crown 5- Freedom 6- Pigeon 7- Hoover I 8- Hoover II 9- Amadeus I 10- Hoover III 11- Amadeus II 12- Hoover IV 13- Hoove

the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01396917 GLDUS126 Pacific Life Insurance Co Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o

% Other EFTA01397562 GLDUS127 Annandale Capital SOF & SOF D Overall transaction summary as of September 30, 2017 Project name 1- Leonardo 2- Sprint 3- Constellation 4- Crown 5- Freedom 6- Pigeon 7- Hoover I 8- Hoover II 9- Amadeus I 10- Hoover III 11- Amadeus II 12- Hoover IV 13- Hoove

ts under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01397590 GLDUS127 Annandale Capital Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o

ls 18% Other EFTA01396212 GLDUS125 Gerald Ford SOF & SOF D Overall transaction summary as of September 30, 2017 Project name 1- Leonardo 2- Sprint 3- Constellation 4- Crown 5- Freedom 6- Pigeon 7- Hoover I 8- Hoover II 9- Amadeus I 10- Hoover III 11- Amadeus II 12- Hoover IV 13- Hoove

nterests under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01396240 GLDUS125 Gerald Ford Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o