EFTA01466586.pdf

Agenda Agenda January 10, 2014 I. Deutsche Bank Key Client Partners (KCP) Global Investment Team - Delivering the Institution II. KCP Outlook into 2014 III. Epstein DB Account Summary IV. Epstein Position Review V. Investment Ideas EFTA01466586 Summary Epstein DB Accounts Consolidated Overview as of Market Close 1/9/14 Cash 39596745+SFLLCI34+STC!H4+3EEPIH4+HAZE!- G4+63002=1.1138982975999999E8 B3/$B$28=0.5373875184085802 Fixed Income SUM(B6:611)=6.175711102497E7 B5/$B$28=0.2979401324995059 Bonds SUM(SFLLC!36:39)+SUM(STC!H6)+SUM(HAZE!G8:G10)=11281565 B6/$B$28=0.05442662253975506 Funds SUM(JEEPIH6)+SUM(HAZE!G6:G7)=6311594.704969999 B7/$B$28=0.03044956817882261 Structured Notes B8/$B$28=0 Preferreds/Hybrids SUM(SFLLC!311:322)+SUM(STC1H8)+SUM(HAZE!- G12:G13)=3.73852025E7 B9/$B$28=0.18036064190028664 Asset Backed SUM(SFLLC!324:327)+SUM(HAZE!G15)=6778748.819999999 B10/$B$28=0.03270329988064156 Equities SUM(B13:617)=2.985246398003E7 B12/$B$28=0.14401980478087278 Options (OTC/Listed) SUM(SFLLC!329:J30)=900000 B13/$B$28=0.004341947264034694 Stocks SUM(SFLLC!331:J42)=2.054548636E7 B14/$B$28=0.09911935365451569 Funds SUM(SFLLC!343:344)=5209977.62003 B15/$B$28=0.02513494230330138 Structured Notes SUM(SFLLCLJ45:J46)=3197000 B16/$B$28=0.015423561559021018 Commodities SUM(B19:620)=2293600 B18/$B$28=0.01106521138309997 Funds SUM(SFLLC!348)=342000 B19/$B$28=0.0016499399603331836 Structured Notes SUM(SFLLC!349)=1951600 B20/$B$28=0.009415271422766786 FX SUM(B23:626)=1987264.955201 B22/$B$28=0.009587332927941122 Currency SFLLCI351=396999.025201 B23/$B$28=0.0019152764792176914 Funds B24/$B$28=0 Structured Notes STC!H1O+STC1H11=1560000 B25/$B$28=0.007526041924326802 Options (OTC/Listed) SFLLCI352=30265.93 B26/$B$28=1.460145243966284E-4 Total SUM(B3,65,612,618,622)=2.07280269720201E8 B28/$B$28=1 EFTA01466587 SFLLC &P Southern Financial, LLC Discussion Description Ticker/ Cusip Sec. Description Acct. Sec. Type Quantity Last Price3 Cost Basis / Unit Position Val. Cost Basis / Total Unrealized G/L % Unrealized G/L (Price Apr/Depr) Purchase Date Previous Day's Close Change Pvs. Day % Change Pvs. Day ABS Quantity Cash MONEY MARKET INSURED DEPOSITS PROGRAM SFLLC Cash 1.829629005E7 Fixed Income Hold EARTHLINK INC GTD SR NT FULLY EXCHANGED CUSIP FROM 270321AB8 8.875% 05/15/19 B/E DTD 05/17/11 CLB CLB 05/15/15 @104.438 270321AC6 EARTHLINK INC GTD SR NT FULLY EXCHANGED CUSIP FROM 270321AB8 8.875% 05/15/19 B/E DTD 05/17/11 CLB CLB 05/15/15 @104.438 SFLLC Bond 1000000 98.50 102.6514 985000 1026514.79 (J6- K6)=-41514.79000000004 L6/K6=-0.04044246649383399 10/1/2012 99.50 -1 -0.010050251256281407 Hold HEADWATERS INC GTD SR NT 7.625% 04/01/19 B/E DTD 03/11/11 CLB CLB 04/01/15 @103.813 42210PAQ5 HEADWATERS INC GTD SR NT 7.625% 04/01/19 B/E DTD 03/11/11 CLB CLB 04/01/15 @103.813 SFLLC Bond 1000000 109.25 102.7279 1092500 1027279.56 65220.439999999944 0.06348850161099277 10/22/2012 108.50 0.75 0.0069124423963133645 Hold SERVICEMASTER CO SR NT - CUSIP FULLY EXCHANGED FROM OLD CUSIP 81760NAL3 8.000% 02/15/20 B/E DTD 02/13/12 CLB CLB 02/15/15 @106.000 81760NAN9 SERVICEMASTER CO SR NT - CUSIP FULLY EXCHANGED FROM OLD CUSIP 81760NAL3 8.000% 02/15/20 B/E DTD 02/13/12 CLB CLB 02/15/15 @106.000 SFLLC Bond 2500000 104.25 105.7024 2606250 2642561.51 -36311.50999999978 -0.013741027356445444 Multiple 104.25 0 0 Hold/Watch PETROLEOS DE VENEZUELA NOTES SENIOR 5.000% 10/28/15 REG DTD 10/28/09 X50460546525 PETROLEOS DE VENEZUELA NOTES SENIOR ISIN#XS0460546525 5.000% 10/28/15 REG DTD 10/28/09 SFLLC Bond 2500000 84 90 2100000 2250000 -150000 -0.06666666666666667 9/16/2013 82.74 1.2600000000000051 0.01522842639593915 Preferreds/Hybrids Sell JPMORGAN CHASE & CO 6.000% 09/01/88 B/E DTD 07/29/13 N/C (3mL +3.3%) 48126HAA8 JPMORGAN CHASE & CO 6.000% 09/01/88 B/E DTD 07/29/13 N/C SFLLC Hybrid 750000 96.671 100 725032.50 750000 -24967.50 -0.03329 7/22/2013 96.486 0.18500000000000227 0.0019173766142238488 Sell GENERAL ELEC CAP CORP PERP PFD SER C FIXED TO FLTG 5.250% 06/03/63 B/E DTD 06/03/13 CLB CLB 06/15/23 @100.000 (Floats 3mL+2.967%) 369633ST3 GENERAL ELEC CAP CORP PERP PFD SER C FIXED TO FLTG 5.250% 06/03/63 B/E DTD 06/03/13 CLB CLB 06/15/23 @100.000 SFLLC Hybrid 1400000 94.299 100 1320186.0000000002 1400000 -79813.99999999977 -0.05700999999999983 5/29/2013 94.211 0.08800000000000807 9.340735158315704E-4 Watch LBG CAPITAL NO 1 PLC 144A 8.000% 09/15/88 REG DTD 12/15/09 CLB 2020 EFTA01466588 (Floats3mL+6.405%) X50473106283 LBG CAPITAL NO 1 PLC 144A ISIN#XS0473106283 8.000% 09/15/88 REG DTD 12/15/09 SFLLC Hybrid 3000000 107.06 108.25 3202500 3247500 -45000 -0.013856812933025405 5/21/2013 #N/A Invalid Security #VALUE! #VALUE! Watch LLOYDS TSB BK PLC EURO ISSUE MEDIUM TERM NOTES 9.875% 12/16/21 REG DTD 12/16/11 CLB (Floats 3mL+6.405%) X50717735822 LLOYDS TSB BK PLC EURO ISSUE MEDIUM TERM NOTES ISIN#XS0717735822 9.875% 12/16/21 REG DTD 12/16/11 CLB SFLLC Hybrid 1500000 120.70 108.50 1810500 1627500 183000 0.11244239631336406 5/10/2012 121 -0.29999999999999716 -0.002479338842975183 Watch BANK AMER CORP PERP NON COMULATIVE DEP SHS FIXED TO FLOAT 8.125% 04/30/58 B/E DTD 04/30/08 CLB CLB 05/15/18 @100.000 (Float 3mL +3.64%) 060505DT8 BANK AMER CORP PERP NON COMULATIVE DEP SHS FIXED TO FLOAT 8.125% 04/30/58 B/E DTD 04/30/08 CLB CLB 05/15/18 @100.000 SFLLC Hybrid 2000000 112.296 102.75 2245920 2055000 190920 0.09290510948905109 1/10/2011 112.152 0.14400000000000546 0.001283971752621491 Watch SOUTHERN CALIF EDISON CO PREF SER E 6.250% 02/01/22 B/E DTD 01/17/12 CLB CLB 02/01/22 @100.000 (Floats 3mL+4.199%) 842400FU2 SOUTHERN CALIF EDISON CO PREF SER E 6.250% 02/01/22 B/E DTD 01/17/12 CLB CLB 02/01/22 @100.000 SFLLC Hybrid 3000000 103.883 99.7867 3116490 2993601.03 122888.9700000002 0.04105055041352662 1/30/2012 103.849 0.033999999999991815 3.273984342650561E-4 Watch GENERAL ELEC CAP CORP NON CUM PFD SER A 7.125% 06/12/62 B/E DTD 06/12/12 CLB CLB 06/15/22 @100.000 (Floats 3mL+5.296%) 369622SN6 GENERAL ELEC CAP CORP NON CUM PFD SER A 7.125% 06/12/62 B/E DTD 06/12/12 CLB CLB 06/15/22 @100.000 SFLLC Hybrid 2000000 113.167 105.5302 2263340 2110605.12 152734.8799999999 0.07236544560263355 6/27/2012 111.44 1.7270000000000039 0.015497128499641098 Watch JPMORGAN CHASE & CO DEP SHS REPSTG 1/10TH PFD SER 1 FIXED TO FLTG RT BD 7.900% 04/29/49 B/E DTD 04/23/08 CLB CLB 04/30/18 @100.000 (Float 3mL+3.47%) 46625HHA1 JPMORGAN CHASE & CO DEP SHS REPSTG 1/10TH PFD SER 1 FIXED TO FLTG RT BD 7.900% 04/29/49 B/E DTD 04/23/08 CLB CLB 04/30/18 @100.000 SFLLC Hybrid 5000000 110.738 107.25 5536900 5362500 174400 0.032522144522144525 6/1/2011 110.614 0.12399999999999523 0.00112101542300247 Hold BARCLAYS BK PLC CONTINGENT CAP NT ISIN#U506739FHK03 7.750% 04/10/23 B/E DTD 04/10/13 CLB CLB 04/10/18 @100.000 (Float USSWS +6.83%) 06739FHK0 BARCLAYS BK PLC CONTINGENT CAP NT ISIN#U506739FHK03 7.750% 04/10/23 B/E DTD 04/10/13 CLB CLB 04/10/18 @100.000 SFLLC Hybrid 300000 109.75 100 329250 300000 29250 0.0975 4/3/2013 110 -0.25 -0.0022727272727272726 Hold GMAC CAP TR I GTD TR PFD SECS SER 2 8 125% FIXED RATE / FLTG CLB 2016 (3mL+5.785%) 361860208 GMAC CAP TR I GTD TR PFD SECS SER 2 8 125% FIXED RATE / FLTG SFLLC Preferred 80000 27.04 23.5346 2163200 1882773.60 280426.3999999999 0.14894323990946118 2/22/2012 26.94 0.09999999999999787 0.003711952487008087 Hold ALLY FINL INC PERP PFD FIXED/FLTG RATE SER A CALLABLE 2016 (Floats 3mL+6.243%) 02005N308 ALLY FINL INC PERP PFD FIXED/FLTG RATE SER A CALLABLE SFLLC Preferred 126600 27.24 20.3828 3448584 EFTA01466589 2580473.76 868110.2400000002 0.3364150620155891 2/1/2012 27.11 0.129999999999999 0.004795278495020251 Hold ROYAL BANK SCOTLAND GROUP PLC 7.25% SPON ADR REPSTG SER T PFD SHS CALLABLE ON OR AFTER 12/31/2012 @ 25 7.80097713E8 ROYAL BANK SCOTLAND GROUP PLC 7.25% SPON ADR REPSTG SER T PFD SHS CALLABLE ON OR AFTER 12/31/2012 @ 25 SFLLC Preferred 120000 24.94 24.37 2979600 2924400 55200 0.01887566680344686 Multiple #N/A Invalid Security #VALUE! #VALUE! Asset Backed Hold COUNTRYWIDE HOME LOANS SER 03-1 CL B1 4.090% 03/25/33 B/E DTD 01/30/03 N/C 12669DYS1 COUNTRYWIDE HOME LOANS SER 03-1 CL B1 4.090% 03/25/33 B/E DTD 01/30/03 N/C SFLLC Asset Backed 4,500,000 (face)/ 1,211,860.04 (current) 85.11730194091797 1032047.66 1157326.33 -125278.67000000004 -0.10824835377244034 4/6/2013 #N/A Field Not Applicable #VALUE! #VALUE! 1211860.04 Hold GLOBAL MTG SECURITIZATION LTD/ GLOBAL MTG SCTZN ISIN#US378961AV83 5.250% 04/25/32 B/E DTD 04/28/05 N/C 378961AV8 GLOBAL MTG SECURITIZATION LTD/ GLOBAL MTG SCTZN ISIN#US378961AV83 5.250% 04/25/32 B/E DTD 04/28/05 N/C SFLLC CORPORATE BOND 8,250,000 (face)/ 3,078,210.68 (current) 98.6541976928711 2848124.11 2831953.82 16170.290000000037 0.005709941272983059 10/16/2013 #N/A Field Not Applicable #VALUE! #VALUE! 3078210.68 Hold IMPAC CMB TR 2005-2 ASSET BKD BD CL 1-M-2 0.899% 04/25/35 B/E DTD 03/03/05 N/C 45254NNC7 IMPAC CMB TR 2005-2 ASSET BKD BD CL 1-M-2 0.899% 04/25/35 B/E DTD 03/03/05 N/C SFLLC CORPORATE BOND 10,000,000 (face)/1,500,553.84 (current) 65.03450012207031 1061305.83 1046636.31 14669.520000000019 0.014015871473062136 7/10/2013 #N/A Field Not Applicable #VALUE! #VALUE! 1500553.84 Hold WASHINGTON MUT MTG SECS CORP 2004-RA2 MTG PASSTHRU CTF CL C-B-1 VAR RATE 6.972% 07/25/33 B/E DTD 06/01/04 N/C 939336S20 WASHINGTON MUT MTG SECS CORP 2004-RA2 MTG PASSTHRU CTF CL C-B-1 VAR RATE 6.972% 07/25/33 B/E DTD 06/01/04 N/C SFLLC CORPORATE BOND 1,290,000 (face)/ 837,722.83 (current) 98.5281982421875 719659.83 645046.58 74613.25 0.11567110393795128 11/19/2013 #N/A Field Not Applicable #VALUE! #VALUE! 837722.83 Equity/Equity Derivatives AMERICAN AIRLINES (AAL) JAN15 $20 CALL BOUGHT AAL JAN'14 $20 CALLS SFLLC EQUITY OPTION 1000 10.2 8.0331 H29*G29*100=1020000 803314.50 145685.50 0.1813554965085281 12/11/2013 9.49 0 0 AMERICAN AIRLINES (AAL) JAN15 $20 PUT (SOLD) AAL JAN'14 $20 PUTS SFLLC EQUITY OPTION -1000 1.20 1.977 H30*G30*100=-120000 -197702 (J30-K30)=77702 0.9747094111339288 12/11/2013 0.05 0 0 Hold (buy-and-write, post-erngs) APPLE INC COM AAPL APPLE INC COM SFLLC EQUITY 2000 536.519 529.0602 1073038 1058120.50 14917.50 0.01409811075392642 10/28/2013 536.519 0 0 Hold FACEBOOK INC CL A FB FACEBOOK INC CL A SFLLC EQUITY 17500 57.22 38 1001350 665000 336350 0.5057894736842106 5/17/2012 57.22 0 0 EFTA01466590 Discuss TWITTER INC COM TWTR TWITTER INC COM SFLLC EQUITY 1500 57.05 26 85575 39000 46575 1.1942307692307692 11/7/2013 57.05 0 0 Hold APOLLO GLOBAL MGMT LLC CL A APO APOLLO GLOBAL MGMT LLC CL A SHS SFLLC EQUITY 263157 35.14 19 9247336.98 4999983 4247353.98 0.8494736842105264 3/29/2011 35.14 0 0 Hold ARIAD PHARMACEUTICALS INC ARIA ARIAD PHARMACEUTICALS INC SFLLC EQUITY 16535 6.76 17.5988 111776.59999999999 290997.4 -179220.80000000005 -0.6158845405491596 Multiple 6.76 0 0 Hold SANGAMO BIOSCIENCES INC COM SGMO SANGAMO BIOSCIENCES INC COM SFLLC EQUITY 50000 18.88 8.4442 944000 422214 521786 1.2358330135902647 5/28/2013 18.88 0 0 Hold BIOGEN IDEC INC BIIB BIOGEN IDEC INC SFLLC EQUITY 2095 289.75 119.5489 607026.25 250454.95 356571.30 1.4236943610018487 2/14/2012 289.75 0 0 Discuss ASCENA RETAIL GROUP INC ASNA ASCENA RETAIL GROUP INC COM SFLLC EQUITY 70500 21.86 21.2765 1541130 1500000 41130 0.02742 1/16/2001 21.86 0 0 Discuss BOMBARDIER INC CLASS B BBD/B CN BOMBARDIER INC CLASS B SFLLC EQUITY 20000 4.06 6.285 81199.99999999999 125700 -44500.000000000015 -0.3540175019888625 7/10/2007 4 06 0 0 Hold GENERAL ELECTRIC CO COM GE GENERAL ELECTRIC CO COM SFLLC EQUITY 23000 27.22 21.5699 626060 496109.08 129950.91999999998 0.2619402168571476 4/23/2013 27.22 0 0 Hold GENERAL MTRS CO COM GM GENERAL MTRS CO COM SFLLC EQUITY 97525 40.49 36.7697 3948787.25 3585969.22 362818.0299999998 0.10117711774447405 40.49 0 0 JP MORGAN CHASE & CO COM JPM JP MORGAN CHASE & CO COM ISIN#US46625H1005 SFLLC EQUITY 21753 58.76 488.4844 1278206.28 10626002 -9347795.72 -0.879709576565109 7/14/2005 58.76 0 0 Hold WISDOMTREE TR JAPAN HEDGED EQUITY FD DXJ WISDOMTREE TR JAPAN HEDGED EQUITY FD SFLLC EQUITY 60000 49.98 49.4349 2998800 2966098.50 32701.50 0.011025089018453029 12/11/2013 49.98 0 0 Sell (Buy SPY; highly correlated and 9.5bps expense ratio vs. 74bps) JP MORGAN VALUE ADVANTAGE FUND INSTITUTIONAL CLASS JVAIX JP MORGAN VALUE ADVANTAGE FUND INSTITUTIONAL CLASS SFLLC MUTUAL FUND 81563.173 27.11 25.41 2211177.62003 2000000 211177.62002999987 0.10558881001499994 7/9/2013 27.11 0 0 Hold HSBC USA INC MEDIUM TERM NTS BUFFERED NOTES LKD TO EURO STOXX 50 0.000% 08/29/14 B/E DTD 05/30/13 (4% contingent minimum coupon, lx upside to Eurostoxx 50, Max return 17%, 80% barrier; Initial Level 2764.29, current 3090.26, +11.8%. —5% remaining upside, barrier >30% away) 40432XFP1 HSBC USA INC MEDIUM TERM NTS BUFFERED NOTES LKD TO EURO STOXX 50 0.000% 08/29/14 B/E DTD 05/30/13 SFLLC STRUCTURED NOTE 2000000 (J45/G45)*100=107.59 100 2151800 2000000 151800 0.0759 EFTA01466591 5/30/2013 #N/A Invalid Security #VALUE! #VALUE! Hold (-2% tracking spread, bullish european banks) JPMORGAN CHASE & CO MEDIUM TERM NTS CAPPED CONTINGENT BUFFERED EQUITY NTS 0.000% 10/16/14 B/- E DTD 09/27/13 (Delta 1 upside STOXX Europe 600 Banks Index, Max upside 25%; Downside barrier 85%; 190.0 strike, 202.28 last +6.5%; downside to barrier: 21.5%, remaining upside 18.5%) 48126NVE4 JPMORGAN CHASE & CO MEDIUM TERM NTS CAPPED CONTINGENT BUFFERED EQUITY NTS 0.000% 10/16/14 B/- E DTD 09/27/13 SFLLC STRUCTURED NOTE 1000000 104.52 100 1045200 1000000 45200 0.0452 9/27/2013 #N/A Invalid Security #VALUE! #VALUE! Commodities Sell DEUTSCHE BK AG LONDON BRH DB AGRIC DOUBLE LONG TRADED NT (DAG) DAG DEUTSCHE BK AG LONDON BRH DB AGRIC DOUBLE LONG TRADED NT SFLLC EQUITY 50000 6.84 7.0505 342000 352529 -10529 -0.029867046399019655 7/12/2010 6.84 0 0 Hold; Discuss WTI Put Overlay SG STRUCTURED PRODS INC COMMODITY LKD MKT PLUS PROTECTED NOTES 0.000% 08/05/14 B/E DTD 07/30/13 (10% contingent minimum return, WTI Barier 78.765%, or 83.87) 78423EHS6 SG STRUCTURED PRODS INC COMMODITY LKD MKT PLUS PROTECTED NOTES 0.000% 08/05/14 B/E DTD 07/30/13 SFLLC STRUCTURED NOTE 2000000 (J49/- G49)*100=97.58 100 1951600 2000000 -48400 -0.0242 7/30/2013 #N/A Invalid Security #VALUE! #VALUE! FX Euro Demoniated Bond/FX Deposit EUR CURNCY EURO CURRENCY SFLLC FX Currency 291846.67 1.3603 NA 396999.025201 NA NA 1.3608 -4.999999999999449E-4 -3.6743092298643806E-4 Add 101 Strike USDcJPYp Zero Cost Triple One Touch 30265.93 0 H52=30265.93 I52=0 SUM(J3:J52)=9.245600891523099E7 SUM(L3:L52)=-1184008.6499699997 Source: Pershing LLC, Bloomberg as of 1/9/14; DB FX Valution Statement as of 1/8/14. CASH + NOTES PRICING MUST BE UPDATED MANUALLY! ABS quantities will vary. ABS MUST BE UPDATED MANUALLY! &P EFTA01466592 STC Southern Trust Company, Inc Discussion Sec. Description Ticker/ Cusip Sec. Type Quantity Last Price, Cost Basis / Unit Position Val. Cost Basis / Total Unrealized G/L % Unrealized G/L (Price Apr/- Depr) Purchase Date Previous Day's Close Change Pvs. Day % Change Pvs. Day Cash Money Market 1695733.06 Fixed Income Hold/Watch PETROLEOS DE VENEZUELA NOTES SENIOR 5.000% 10/28/15 REG DTD 10/28/09 X50460546525 CORPORATE BOND 2000000 84 I6/- E6*100=90 1680000 1800000 H6-I6=-120000 J6/- I6=-0.06666666666666667 9/17/2013 BDP($A6,$M$1)=#N/A Invalid Security F6-M6=#VALUE! N6/M6=#VALUE! Preferreds/Hybrids Hold ALLY FINL INC PERP PFD FIXED/FLTG RATE SER A CALLABLE 2016 (Floats 3mL+6.243%) 02005N308 PREFERRED STOCK 57000 27.24 26.14 1552680 1489980 H8-I8=62700 J8/I8=0.042081101759755164 6/11/2013 BDP(A8,$M$1)=#N/A Invalid Security F8-M8=#VALUE! N8/M8=#VALUE! FX Hold (asymmetric risk/return) HSBC USA INC MEDIUM TERM NTS BRAZILIAN REAL RELATIVE TO USD 0.000% 03/27/14 B/E DTD 03/20/13 N/C 40432XD32 CORPORATE BOND 1000000 77 100 770000 1000000 H10-I10=-230000 J10/I10=-0.23 3/13/2013 77 F10-M10=1/0/1900 N10/M10=0 Hold (asymmetric risk/return) HSBC USA INC MEDIUM TERM NTS BRAZILIAN REAL RELATIVE TO USD 0.000% 04/21/14 B/E DTD 04/12/13 N/C 40432XE56 CORPORATE BOND 1000000 79 100 790000 1000000 H11-I11=-210000 J11/I11=-0.21 4/5/2013 79 F11-M11=1/0/1900 N11/M11=0 SUM(H4:H11)=6488413.0600000005 SUM(34:J11)=-497300 Source: Pershing LLC, Bloomberg as of 1/9/14 CASH + HSBC NOTE PRICING MUST BE UPDATED MANUALLY! &P EFTA01466593 JEEP Jeepers, Inc Discussion Sec. Description Ticker/ Cusip Sec. Type Quantity Last Price3 Cost Basis / Unit Position Val. Cost Basis / Total Unrealized G/L % Unrealized G/L (Price Apr/- Depr) Purchase Date Previous Day's Close Change Pvs. Day % Change Pvs. Day Cash MONEY MARKET CASH - MMF 4.414887737E7 Fixed Income Add JP MORGAN FLOATING RATE INCOME FUND SELECT SHARES JPHSX MUTUAL FUND 155169.539 10.14 10.07 1562557.25773 1554187.31 8369.947729999898 0.005356570255965732 2/1/2013 10.14 1/0/1900 0 4.571143462773E7 SUM(J4:36)=8369.947729999898 CASH MUST BE UPDATED MANUALLY! Source: Pershing LLC, Bloomberg as of 1/9/14 &P EFTA01466594 HAZE The Haze Trust PRIOR_CLOSE_MID Discussion Sec. Description Ticker/ Cusip Quantity Last Price; Cost Basis / Unit Position Val. Cost Basis / Total Unrealized G/L % Unrealized G/L Purchase Date Previous Day's Close Change Pvs. Day % Change Pvs. Day Cash Money Market 7589182.28 Fixed Income Add JP MORGAN FLOATING RATE INCOME FUND SELECT SHARES JPHSX 206029.66 10.14 10.11 2089140.7524 2078678.85 10461.90240000002 0.005032957544163217 1/22/2013 10.14 0 0 Sell JP MORGAN HIGH YIELD FUND SELECT CLASS OHYFX 331657.942 8.02 8.2 2659896.6948399995 2742813.03 -82916.33516000025 -0.03023040005027257 5/10/2011 8.02 0 0 Hold KINDRED HEALTHCARE INC 8.250% 06/01/19 B/E DTD 06/01/11 CLB CLB 06/01/14 @106.188 494580AB9 1000000 105.719 105.75 1057190 996761.06 60428.939999999944 0.06062530171473587 10/2/2012 107.50 1.781000000000006 0.01656744186046517 Hold PEABODY ENERGY CORP SR NT 7.375% 11/01/16 B/E DTD 10/12/06 N/C 704549AE4 1200000 112.75 113 1353000 1292351.59 60648.409999999916 0.04692872316580654 5/10/2011 112.88 0.12999999999999545 0.0011516654854712568 Discuss IPAYMENT INC GTD SR NT 10.250% 05/15/18 B/E DTD 11/15/11 CLB CLB 05/15/15 @105.125 46262EAE5 500000 81.525 79 407625 453291.02 -45666.02000000002 -0.1007432708461774 10/2/2012 81.166 -0.35900000000000887 -0.004423034275435636 Preferreds/Hybrids Watch BANK AMER CORP PERP NON COMULATIVE DEP SHS FIXED TO FLOAT 8.125% 04/30/58 B/E DTD 04/30/08 CLB CLB 05/15/18 @100.000 (Float 3mL +3.64%) 060505DT8 3000000 112.296 111.50 3368880 3389620.83 -20740.830000000075 -0.006118923336920865 5/10/2011 112.152 -0.14400000000000546 -0.001283971752621491 Watch JPMORGAN CHASE & CO DEP SHS REPSTG 1/10TH PFD SER 1 FIXED TO FLTG RT BD 7.900% 04/29/49 B/E DTD 04/23/08 CLB CLB 04/30/18 @100.000 (Float 3mL+3.47%) 46625HHA1 3000000 110.738 110.50 3322140 3337958.33 -15818.330000000075 -0.0047389237480385425 5/10/2011 110.614 -0.12399999999999523 -0.00112101542300247 Asset Backed Hold GS MTG SECS CORP 2005-5F MTG PASSTHRU CTF CL B1 VAR 5.764% 06/25/35 B/E DTD 05/01/05 N/C 1,500,000 (face)/ 1,211,860.04 (current) 88.33429718017578 1117611.39 NA NA NA #N/A Field Not Applicable #VALUE! #VALUE! 1211860.04 SUM(G3:G15)=2.296466611724E7 SUM(I3:I15)=-33602.262760000536 CASH MUST BE UPDATED MANUALLY! Source: Pershing LLC, Bloomberg as of 1/9/14 &P EFTA01466595 Disclaimer Important Information This material has been prepared at your request and is intended for informational purposes only as of the date set forth above. It should not be relied on solely t o make an investment decision. The report does not constitute investment advice or a recommendation or an offer or a solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG and its of filiates to enter into or arrange any type of transaction as a consequence of any information contained herein. The information in this summary has been compiled from and does not replace the official account statements issued by Deutsche Bank. If there ar e any inconsistencies between this summary and those reports, the information contained in the reports shall govern. We have gathered the information contained in this report from sources we believe to be reliable; but we do not guarantee the accuracy o r completeness of such information, and we assume no liability for damages resulting from or arising out of the use of such information. Past performance is not indicative to future returns. The value of investments and income arising there from can fall a s well as rise, the investor may get back less than was invested and no assurance can be given that any portfolio or investment described herein would yield favorable investment results. Asset classes, and the mapping of individual investment securities to such, are based on your Client Advisor EFTA01466596 s assessment and categorization. More detailed information is available upon request. This information is prepared as of trade date rather than settlement date and was prepared as of a different date than your st atement. Deutsche Bank AG, including its subsidiaries and affiliates, does not provide legal, tax or accounting advice. This communication was prepared solely in connection with the promotion or marketing, to the extent permitted by applicable law, of t he transaction or matter addressed herein, and was not intended or written to be used, and cannot be used or relied upon, by any taxpayer for purposes of avoiding any U.S. federal tax penalties. The recipient of this communication should seek advice from an independent tax advisor regarding any tax matters addressed herein based on its particular circumstances. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. Deutsche Bank Private Wealth Management refers to Deutsche Bank's wealth ma nagement activities for high net worth clients around the world. Brokerage services are offered through Deutsche Bank Securities Inc., a registered broker EFTA01466597 dealer and investment adviser, which conducts investment banking and securities activities in the Un ited States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. co 2013 Deutsche Bank AG. All rights reserved. EFTA01466598