EFTA01459212

Deutsche Bank AG gY2fri e an raup SOUTHERN FINANCIAL. LLC 182298 15 Fee Sales Inquirles Contact Daniel Sabba !Email) For questions relating to this statement contact Valuations MV (Tel) 1-212-250-2600 (Email) [email protected] SOUTHERN FINANCIAL, LLC To: Jabvecpa Gmail (Email) 03 Jan 2016 Page 1 Of 3 Richard Kahn12 (Email) .Hnw Chentservices (Email) hnw clientservicesnAgb com.Gedeon Pinedo (Email) Mark Whyman (Email) Amanda FCuhse (Email) Paul Morns (Email) Daniel Sabba (Email) Vahe Stepanian (Email) Ariane Dwyer (Email) Fx Ree: USD/EUR = 9181471809 • Values are shown from the DB Group's point of view. A negative Value therefore expresses an amount which is in your favour, white a positive amount is one which is in DB Group favour. The terms and conditions of each transaction 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 typicalty derived all or in part from model pnces, externe' sources, market prices and/or 0B's intemal books and records prices. Valuations may be adjusted to take into account market, bquidity, credit, operational or other risks, and/or to refleet 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 uriwund with DB. DB may change its valuation methodology and the related adjustments and assumptions at any time. so Mal future valuations may be less favourable than the current ones, even in the absence of an adverse development in market conditions. Valuations based an different 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 timt 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 I° 18229820151231 20160104 1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119504 SDNY_GM_00265688 EFTA01459212