EFTA01458869

Deutsche Bank AG gY2fri e an roup SOUTHERN FINANCIAL. LLC .• Fa Sales Inquirles Contact Daniel Sabba Fivi I, For questions relating to this statement contact Valuations RV (Tel) (Email) SOUTHERN FINANCIAL, LLC To: Jabwcpa Gmail (Emainachard Kahn12 (Email) 25 Nov2015 Page 1 Of 3 Clrentservices (Email) Gedeon Pmedo (Email) flaVahe Stepanian (Email) .MarkWhyman (Email) amanda Knby (Email) Paul Morns (Email) Daniel Sabba (Email) Ariane Dwyer (Email) Fx Rat« USD/EUR = 9398054623 Note:-AN Values are shown from the DB Group's point of view. A negative Value therefore expresses an amount which is in your favour, while a positive amount is one which is in DB Group favour. The terms and conditions of each transaclion are specified in the relevant trade Confirmabon. Deutsche Bank Group ("DB") is providing the valuations set forti above as an accommodation to you solely for your own intemal use. Unless expressly stated othenvise. valuations represent DB's current economic assessment of the transaction or instrument as of the date specified. [es economie assessment is typically derived all or in part from model pnces. externe' sources, market prices and/or 0B's interne' books and records prices. Valuations may be adjusted to take into account market, bquidity, credit, operational or other risks, and/or to reflect adjustments based upon our willingness to unwind all or part of your position or revenue that has been generated but not yet recognized by DB ("Premium Adjustments"). Such Premium Adjustments will generally always decline over time. as DB's appetite to unwind at a premium will generally dedine over time, which will lead to lower valuations in the absence of changes in market conditions. Valuations, including those containing Premium Adjustments, may not represent the ferms at which new transactions or instruments could be entered into with DB or the tenns at which existing transactions or instruments could be liquidated or unwound with DB. DB may change its valuation methodology and the related adjustments and assumptions at any time. so Mat future valuations may be Ins favourable than the current ones, even in the absence of an adverse development in market conditions. Valuations based an ddferent assumptions or calculated using other methodologies may also yield different results and any adjustments may not apply for the duration of the transaction or instrument. Any subsequent valuations provided to you will almost certainly differ from Mis valuabon. This differente can be less favourable to you. and due to the volatility of market conditions, the size or notional amount of the decrease or increase and other factors. Me differential could be substantial. DB shall not be lieble for any errors or omissions made in calculabng or disseminating valuations. or for any inaccuracies or flaws in the methodologies. adjustments or assumptions. DB specifically disclaims liability for any losses or damages (incidental. consequential or otherwise) Mat may arise from valuations 'hat are either used or relied upon by you or any other party for any reason including, without limitation, your use of valuations in preparation of your own financial books and records. Statement ID 182298 20151121 20151125 1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118984 SDNY_GM_00265168 EFTA01458869