EFTA01461965

From: Vahe Stepanian Sent: 7/28/2014 1:18:19 PM To: Paul Morris Subject: Re: Mortgage Bonds [CI Attachments pic24214.gif; pic24450.gif; pic25800.gif classification: confidential Hi Paul - these are the illiquid positions for which we'd have to go to the desk (and likely street for a bid from 3PM, etc.) that aren't priced accurately on bbg. Thank you, Vahe (Embedded image moved to file: pic24214.gif) vahe Stepanian Associate I wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & wealth Management 345 Park Avenue - 26th Floor New York. NY 10154-0004 Tel. Fax Mobile Email All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. (Embedded image moved to file: pic24450.gif) From: Paul Morris/db/dbcom To: Vahe Stepanian/db/dbcom, Date: 07/28/2014 01:14 PM Subject: Re: Mortgage Bonds [C] classification: confidential thx where is the market for these vs his cost? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 office: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 124285 CONFIDENTIAL SDNY_GM_00270469 EFTA01461965