From: Vahe Stepanian

From: Vahe Stepanian To: "jeffrey E." <jeevacation@gmail.com> CC: Daniel Sabba , Ariane Dwyer >, Paul Morris , Stewart Oldfield , Richard Kahn Subject: Brazil CDS Update [C] Date: Tue, 22 Sep 2015 15:07:04 +0000 Attachments: 182298_20150921 20150922_1.pdf Inline-Images: image001.png Classification: Confidential Jeffrey — please find below the current Brazil 5y CDS chart (i.e. on the run), which is currently near its five year historical high. Per today's valuation statement (attached; as of 9/21), your MTM is +$1.21mm. ■ Last Price 446.500 T High on 09/22/15 446.500 verage I Low on 10/30/14 149.000 Thank you, Vahe Sep Dec Mar Jun Sep 2014 I 2015 CBRZ1US Curncy (BRAZIL CDS USD SR SY D14) Daily Z2SEP2014-Z2SEP2013 Copyrights 201S Bloomberg Finance . 22-Sep-201510:52:43 Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel Mobile Email 400 350 300 250 200 150 All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account EFTA01193410 statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01193411