EFTA01447914

From: Tazia Smi Sent: 7 1 201410:2S:38AM To: CC: Subject: Attachments: Nay Gupta Banco Espirito continued [C] pic30203.gif; pic12612.gif; pic22599.gif; pic26649.gif; pic15304.gif; pic16952.gif Classification: Confidential Rich - Sather Paul Morris vinit highlights the BESP 7.125 2023s LT2 (ISIN PTBEQ)0M0012). credit. Trading —94.125x95.375 or 8.4% (bloomberg). DB trader is wide indicative market is 93.5x95.5, so we'd clearly work a level if vinit - care to opine further? Thanks, Tazia (Embedded image moved to file: pic30203.gif) (Embedded image moved to file: pic12612.gif) From: To: Cc: Date: Subject: This is subordinated Banco Espirito on these given volatility his interested. Paul Morris, 07/01/2014 09:49 AM Fw: DB Early Morning Reid 7/1/14 + some Banco Espirito (BES PL) trading color [C] Classification: Confidential Hey Rich - Just an FYI , pls see color on BES PL as an FYI (have seen some HF interest in the name) also some follow through in incremental demand for euro Banca MDnte Dei Paschi (BMPS IM). Let me know if you want more flow color or if peripheral banks are not of interest. Thx, Tazia Forwarded by on 07/01/2014 09:45 AM From: To: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 102700 SDNY_GM_00248884 EFTA01447914