From: Tazia Smith Sent: 7 24 2014 6:05:28 PM To: CC: Paul Morris ahe Stepanian Subject: IG bonds.... IC Attachments: Corp 10yr Ladder 07.24.14.pdf; pic09894.gif; pic03864.gif Classification: Confidential Hey Rich - This is just an FYI to kind of see where things are in the Investment Grade space. Take a look at p 2 for a portfolio snapshot. For single names though, starting on p 3, look at the Kinder Morgan bond of '24 that is trading —3.9% (+140 to 10y)....Kinder Morgan Inc (KMI) is trading with a -.4.9% yield, and KMP (the MLP) is at -6.4% current yield. As you know, bonds are tight, tight, tight. Thought the yield context would be of interest. Best, Tazia (see attached file: Corp 10yr Ladder 07.24.14.pdf) (Embedded image moved to file: pic09894.gif) Tazia smith Director I Key client Partners - us D8 Securities Inc Deutsche Asset & wealth management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. +1(212)454-2889 Fax +1(646)257-3131 Mobile +1 (917)327-4107 Email tazia.smith04b.com (Embedded image moved to file: pic03864.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 124238 CONFIDENTIAL SDNY_GM_00270422 EFTA01461923