Epstein Secrets

s am unlikely to have clarity into the impact of recent fonvard curve price changes in the short-term. Using the current forward curve (accessed in Bloomberg by NGA <CMDTY> <GO> CCRV <GO>) and assuming that natural gas price changes result in heat rate changes, we estimate that the company generates $77

50% 2016 vs. HY Split B Source& ...organ Tight -1466bp Wide: 1381bp Avenge: -10 Current dill.( ov-11): 874bp Curren! (EIX 7. SO% 2016 1753bp Curren! (HY Sp1it B): 879b Curren! Price ( IX 7.750% 6): 69.50 L/ Spread (bp) 975 475 -25 -525 -1025 -1525 - Dille ence Avg DWI. EIX 7.750% 2016

(bp) EDC 7.000% 2017 vs. HY Spilt B Spread (bp) Souza M . Morgan Tight: -15110p Wide: 126.4bp Average: -12 Cloven! dill. ( Current (61%7 Curren! (MY Curren! Price 899bp 1778bp mum ml 1 °A ,g Dille ence Avg Dill. r i-EIX 7.000% 2017 — HY Split B 1500 1000 500 0 2000 1500 1000

of than U.S. dollars shall continue to be based on either (0 a LIBOR, as such rate is compiled by the British Bankers Association and published on Bloomberg or Reuters, or (ii) any other rate quoted by Reuters that is applicable to the currency in which the obligation is denominated Or. if a rate for su

e Market Value of Your Portfolio MONEY MARKET RAO ENAND 4,173.687 Casa a EquissleM — S4.171887 I 51279.950 NET EQUICY THIS MEMO 54.173,687 Curren( marker value Last statement's minim value NET EQUITY LAST STATD/INT 4.279.960 CHANGE SINCE LAST STATEMENT -106.273 There ate no 'Stop Loss ord

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

sche Bank Research Deutsche Bank AG/London Page 59 Nov 76-May 81 Nov 82-Aug 84 Aug 86-May 89 Sep 92-Feb 95 Nov 98-May 00 Jun 03-Jun 06 2016 Curren t 3M0 6M0 1YR 2YR 3YR 4YR 5YR 10YR EFTA01476136 8 December 2015 World Outlook 2016: Managing with less liquidity (iv) Ongoing QE in Jap

12.000) 12.063 144.75 (137.25) 7.50 S 5/10 5/15 Sale High Cost PEOPLES UNITED FINANCIAL INC 0 12.1425 24.29 BROKERAGE 0.04 TAX 8/OR SEC .01 BLOOMBERG TRADEBOOK LLC (ID: 712704.10-5) (2.000) 12.12 24.24 (EVA 1.36 S Total Settled Safes Maturities/Redemptions $7,805.60 (57,775.24) $30.42 J.

s (17.631 (181.73) Interest Income 0.05 0.32 Realized Gain Loss (517.63) ($181.73) Taxable Income $48729 62,004.87 Current Year-to-Date Curren) Year-to-Date Period Value Value Period Value Value Cost Summary Cost Equity 147.770.42 Cash 8 Fixed Income 4,335.62 Total 8152,108.04