Epstein Secrets

supply and an increase in household formation look most likely to keep things on the mend. Credit looks less likely to change. And for investors in MBS, that means supply generally running below the pace that built the $5.4 trillion market outstanding today. (Bump Moe RV ievirfrireci Selling shor

and Zs, and CMO floaters over open window structures to benefit from flatter curve and add convexity • Long 110 backed by MHA95 and MHA100 pools Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0116639 CONFIDENTIAL SDNY_GM_00262823 EFTA01457201

/2016 4:19:02 PM To: Andrew King Subject: RE: MBS Factor Adjustment II] Classification: For intern

t 9!91 Voir; 2f 46.54095 ixi. if Copr)tCov Sr.% scAt% Best regards, Andrew King 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 Mo Em CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDN

ook in MSS and Securitized Products. Slow motion housing The slow rebound in US housing since the 2008 crisis at some point has to put a limit on MBS supply. Although this year is still likely to put up more net supply than last, it all starts with housing where a lingering overhang of supply, we

St*.re Alx.thhim Research Analyst Research Analyst Research Analyst 1. e.,:no Research Analyst Research Analyst hMt F;y:, Research Analyst Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00233597 DB-SDNY-0087413 EFTA01385945

wth and decelerating home price appreciation. Adding up to fair value in 62/FN With the first month of MIP-induced prepayments behind us and agency MBS prices showing some signs of stability post the March FOMC meeting, now presents a fine time to revisit relative value in agency pass-throughs. Sti

ote however that hedge adjusted carry for the 62/FN 4.5% short is slightly negative, but is marginally positive for the G2/FN 4.0% short. Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087417 CONFIDENTIAL SDNY_GM_00233601 EFTA01385949

supply and an increase in household formation look most likely to keep things on the mend. Credit looks less likely to change. And for investors in MBS, that means supply generally running below the pace that built the $5.4 trillion market outstanding today. (mime Moe RV it:yr-Aired Selling short

and Zs, and CMO floaters over open window structures to benefit from flatter curve and add convexity • Long 110 backed by MHA95 and MHA100 pools Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087416 CONFIDENTIAL SDNY_GM_00233600 EFTA01385948

4:19:15 PM To: Cynthia Rodriguez Subject: FW: MBS Factor Adjustment [I) Classification: For intern

Sa 759 2C $560 9S 393i16 C€1$21C-01: alVt 19.9063i Best regards, Andrew King 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, F Mobi Email CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-

preciation. Apollo Residential Mortgage aims to achieve this objective by selectively constructing a portfolio of assets that will consist of Agency MBS. non-Agency MBS. residential mortgage loans and other residential mortgage assets. Financial Credit Investment I, LP. In 2010. we established Financ

Smith Incorporated acted as representatives of the underwriter and. together with Citigroup Global Markets Inc.. Credit Suisse Securities (USA) LLC. Deutsche Bank Securities Inc.. UBS Securities LLC, Barclays Capital Inc.. Morgan Stanley & Co. Incorporated and Wells Fargo Securities. LLC. acted as joint book-running managers