From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Brazil CDS Payment Date: Fri, 16 Oct 2015 17:03:46 +0000 Attachments: Executed_Brazil_CDS_Confirm_1.26.15.pdf Inline-Images: image001.png; image002.gif; image003.gif Jeanne and i verified interest payment of 25,277.78 below is accurate Attached is P&L of Brazil position to date: value of Position 10-15-2015 1,193,159.86 Premium paid to enter position (491,941.00) Total Interest Paid thru 9-21-2015 (75,833.33) Unrealized gain 10-15-2015 625,385.53 Please advise if ok to pay Thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Ariane Dwyer < Subject: Brazil CDS Payment Date: October 15, 2015 at 12:11:30 PM EDT To: Richard Kahn < Cc: Vahe Ste anian < Indyke < Hi Rich, >, Jeanne Brennan < >, Daniel Sabba < , Darren Can you please confirm you agree with the below details of the quarterly Brazil CDS payment. Southern Financial pays a fixed rate of 1% per annum on a quarterly basis (executed confirm attached) and is due to pay DB $25,277.78 for the September payment. EFTA00639877 Once you confirm I will call Darren to verbally confirm the wire transfer to DBAG London. g star EM Days E Rue E spread E Naked E Date Flora E Type Days E C.ey 22/062015 21/092015 91 1.0 Peifentin Best, Ari Arian Dwyer Analyst I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26 New York. NY. 10154-0004 10.000.000.00 21/09/2015 25277.78 INT USD This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00639878