Epstein Secrets

ts. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst ' s judgment. The financial instruments discussed in this report may not be suitable fo

e of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the

nly. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy Target prices are inherently imprecise and a product of the analyst judgement. Foreign exchange transactions carry risk and may not be appropriate for al

of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating EFTA01464564 agencies in Japan unless "Japan" or "Nippon" is specifically

O equity can be an attractive alternative for today's market environment — Equity like returns generated by exposure to senior secured bank loans — Target returns of [10-15]%(1) delivered primarily through quarterly distributions — A CLO, by simply following a loss avoidance strategy, will allow term,

2 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Deutsche Bank Corporate Banking & Securities (1) Source: Standard & Poor's LCD Lending Quarterly 04-13. 22 EFTA01479746 CLO Funding: AAA CLO Spreads AAA Spreads L+100 L+110 L+120 L+130 L+140 L+150 L+160 L+170 L