EFTA Document EFTA01459246

Deutsche Bank AG e an raup SOUTHERN FINANCIAL, LLC 18 Far Sales Inquirles Contact Daniel Sabba Tel OEF,na I, For quesbons relating to Nis statement contact Valuations NY iTe. SOUTHERN FINANCIAL. LLC To: Jabwcpa Gmail (Email) 19.ichard Kahn 12 (Email Hm./ Clientservices (Email) Mark Whyman (Email) amanda Kuby (Email) Paul Morns (Email) Gedeon Pinedo (Email ahe Stepanian (Email) Daniel Sabba (Email) Anane Dwyer (Email) 08 Jan 2016 Page 1 Of 2 FX RISS USDJEUR = 923361042 Note:-AX Values are shown kom the DB Group's perlt 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 vonebons of each transaction are specified In the relevant trade Confirmabon. Deutsche Bank Group ("DB") is providing the valuations set fort above as an accommodabon 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. DB's economic assessment is typicalty derived all or in part from model pnces, external sources, market prices and/or DB's intemal 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 tat 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 decfine over time, which will lead to lower valuations in the absence of changes in market oonditions. Valuations, including those containing Premium Adjusbnents, may not represent the terms at which new transactions c instruments could be entered into with DB or the tenns at which existing transacbons or instruments could be liquidated or unwound with DB. OB may change its valuation methodology and the related adjustments and assumpbons 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 crindillans. Valuations based on ddferent assumpbons or calculated using other methodologies may also yiekl different results and any adjusbnents may not apply for the duration of the transaction or instrument. Any subsequent valuabons provided to you will almost certainly differ from this valuation. This difference can be less favourable to you. and due to the volatility ot market conddions, the size or nobonal amount of the decrease or increase and other factors. the differential could be substanbal. DB shall not be lieble tor any errors or omissions made in calculabng or disseminating valuations. or for any inaccuracies or flaws in the methodologies. adjustrnents of assumpbons. DB specifically disclaims liability for any losses or damages (incidental. conseouential or otheiwise) that may arise from valuations Met are either used or relied upon by you or any other party for any reason including, without limitabon, your use of valuations in preparabon of your own financial books and records. Statement ID 18229820160107_20160108_1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119551 CONFIDENTIAL SDNY_GM_00265735 EFTA01459246