EFTA01379429

Liquidity: Avg. ticket size: Bid/ask spread: Avg. daily vol: Ref. Source: Fixing: Non-Deliverable Op.ri 0 Regulatory: Liquidity: Avg. ticket size: Bid/ask spread: Avg. daily vol: 22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Deposit Regulatory: Liquidity: Avg. daily volume For bank time deposits (CDB), offshore investors must open special non-resident accounts. Good BRL 9bn Offshore BRL products Non-Deliverable Forward (NDF) Regulatory: ISDA documentation applies. Standard does available at EMTA (www.emta.org) For offshore contracts, in the event of the unavailability of the PTAX fixing for whatever reason, two daily EMTA surveys are available as back-up fixings (EMTA BRL Industry Survey Rate - BRL12; and EMTA BRL Indicative Survey Rate - BRL13) available at www.emta.org Good USD 10mn 10bp (in first future) USD 14 bio (onshore and offshore on BM&F) LATAMNDF=DBNY, Bloomberg: DBLMl<GO> PTAX (Bloomberg: BZFXPTAX Index, Reuters: BRLPTAX= and page BRFR) (NDO) ISDA documentation applies. Standard dots available at EMTA (www.emta.org) Good USD 30/60mn 0.6 vols USD 2.5 bn Non-rinliverable Swap (NOS) Regulatory: ISDA documentation applies. Liquidity: Avg. ticket size: Tenor: Bid/ask spread: Fixing page: Very poor. USD 10-15mm 1 m - 10Y 10-20bps up to 2Y and as wide as 35bps for the 10Y tenor Bloomberg ODA <comdty.> CT Deutsche Bank Securities Inc. Page 97 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00223084 DB-SDNY-0076900 EFTA01379429