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e SMA sponsor platform. Creation date of Spectrum's SMA preferred securities composite is April 1. 2O36. Performance prior to April 1. 2006 reflects Spectrum's Intermediate Duration Preferred Securities institutional composite and does not reflect any actual SMA portfolios. Performance April 1. 2006 and t
ecurities Inc.. a broker-dealer and registered investment adviser. which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA NYSE and SIPC. Lending and banking services are offered through Deutsche Bank Trust Company Amencas, member FDIC, and other mem
e SMA sponsor platform. Creation date of Spectrum's SMA preferred securities composite is April 1. 2O36. Performance prior to April 1. 2006 reflects Spectrum's Intermediate Duration Preferred Securities institutional composite and does not reflect any actual SMA portfolios. Performance April 1. 2006 and t
ecurities Inc.. a broker-dealer and registered investment adviser. which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA NYSE and SIPC. Lending and banking services are offered through Deutsche Bank Trust Company Amencas, member FDIC, and other mem
t, 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 SM
estions. My contact info. is listed below. Best regards, Andrew King <i mage001.gi Andrew King, CFA Vice President I Investment Solutions Group Deutsche Bank Securities Inc. Deutsche Asset & Wealth Management 345 Park Avenue, New York, NY 10154 Tel. Fax CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-006219
Entities connected to both Spectrum and Deutsche Bank Securities Inc.

Marc Rich
PERSONDeutsche Bank Trust Company Americas
ORGANIZATIONthe Deutsche Bank Group
ORGANIZATIONTreasuries
ORGANIZATIONSMA Preferred Securities Composite
ORGANIZATIONSMA Preferred Securities
ORGANIZATIONThe Spectrum Asset Management SMA Preferred Securities Composite
ORGANIZATIONBofA Merrill Lynch Fixed
ORGANIZATIONMorningstar
ORGANIZATIONFINRA NYSE
ORGANIZATIONSpectrum Asset Management
ORGANIZATION