EFTA01447914

From: Tazia Smi Sent: 7 1 201410:2S:38AM To: Sather CC: Nay Gupta Paul Morris Subject: Banco Espirito continued [C] Attachments: pic30203.gif; pic12612.gif; pic22599.gif; pic26649.gif; pic15304.gif; pic16952.gif Classification: Confidential Rich - vinit highlights the BESP 7.125 2023s LT2 (ISIN PTBEQ)0M0012). This is subordinated Banco Espirito credit. Trading —94.125x95.375 or 8.4% (bloomberg). DB trader is wide on these given volatility his indicative market is 93.5x95.5, so we'd clearly work a level if interested. vinit - care to opine further? Thanks, Tazia (Embedded image moved to file: pic30203.gif) (Embedded image moved to file: pic12612.gif) From: To: Cc: Paul Morris, Date: 07/01/2014 09:49 AM Subject: 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) DB-SDNY-0 102700 CONFIDENTIAL SDNY_GM_00248884 EFTA01447914