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SOUTHERN FINANCIAL, LLC Page 1 Of 3
Request 182298
As of 27 Oct 15
Deutsche Bank AG
Fa Saks Inquirles Contact
Daniel Sabna
For questions relating to Mis statement contact
Valuations NY
SOUTHERN FINANCIAL, LLC
To: Jabwcpa Gmail (Email) Richard Kahn12 ClentgerviceS (Email edeon Pmedo Vahe Stepanian (Email)
Werk Whyman Kirby (Emai Paul Morns (Email)IMMIBM/aniel Satte (Email) iane Dwyer (Email)
Fx Rat« USD/EUR 4 904813638
Note:-All 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 transaction are specified In the
relevant trade Confirmation.
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 prises, externe' sources, market prices and/or DB's interne' books and records prises. Valuations may be adjusted to take into account market, tiquidity, 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 anpeilte 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 Chose containing Premium Adjustinents, may not
represent the terms 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 Mal future valuations may be Iss favourable Khan the current ones, even in the absence of an adverse development in market conditions. Valuations based on ddferent assumptions 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 valuations provided to you will almost certainly differ from Mis valuation. 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. the differential could be substantial. DB shall not be lieble lor any errors or omissions made in calculating 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) that may arise from valuations that 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 18229820151027 20151028_1
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118796
CONFIDENTIAL SDNY_GM_00264980
EFTA01458736