gY2fri e an raup 03 Jan 2016
SOUTHERN FINANCIAL. LLC Page 1 Of 3
182298
15
Deutsche Bank AG
Fee Sales Inquirles Contact
Daniel Sabba !Email)
For questions relating to this statement contact
Valuations MV (Tel) 1-212-250-2600 (Email) valuabons.ny@db.com
SOUTHERN FINANCIAL, LLC
To: Jabvecpa Gmail (Email) Richard Kahn12 (Email) .Hnw Chentservices (Email) hnw clientservicesnAgb com.Gedeon Pinedo (Email) Vahe Stepanian (Email)
Mark Whyman (Email) Amanda FCuhse (Email) Paul Morns (Email) Daniel Sabba (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) DB-SDNY-0119504
CONFIDENTIAL SDNY_GM_00265688
EFTA01459212