Subject: DB CLO Pipeline [C] From: Tazia Smith ‹ > Date: Tue, 09 Se 2014 19:51:45 -0400 To: Cc: Paul Morris < Vahe Stepanian < Classification: Confidential Hi Rich - An FYI of DB's CLO pipeline. We've talked about CLO equity (or debt) in the past, and the illiquidity made it not a fit. But we wanted to keep you up on the DB CLO Pipeline in case JE changed his mind on on the underlier, liquidity, or in case this spurs additional dialogue. Please let us know if you'd like to learn more about the short duration structure (Regiment is doing one early Oct. below). Also attached is a primer for your reference (note page 18 which illustrates to-date-2014 returns for vintages of the issuance-year you see noted). Best Regards, Tazia (See attached file: CLO Primer Q1.pdf) DB NI CLO Pipeline 1. ACAS 2012-1 re-fi: Pricing by Sept 12 Refinancing of 2012 deal Prudential is back up manager 2. Deutsche Asset Management — Flagship VIII: Target Pricing Late September/Early Oct In process of opening a warehouse 3. Regiment Capital — Cavalry V (Short Duration): Target Pricing Late September/Early Oct Warehouse open Equity - have majority equity, will have minority available Lead AAA/ vertical slice investors 4. Q4 Ares: Target Pricing Mid/Late October Equity — open for warehouse equity Lead AAA/ vertical slice investors 5. Q4-Q1 Deals: Want to speak to accounts about equity/warehouse equity and AAA's for each of these: Q4 Mountain Hawk IV (WAMCO) EFTA01479717

04 Benefit Street VI (Providence) — Warehousing now 01 LCM 01 Blackrock 01 Regiment Cavalry VI (regular way) (Embedded image moved to file: pic16983.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Fax Mobile Email (Embedded image moved to file: pic17218.gif) EFTA01479718