EFTA Document EFTA01435594

Subject: Argentina Long Dated Bonds EUR XCCY From: Xavier Avila <xavier.avila@db.com> Date: Tue, 10 Apr 2018 12:42:26 -0400 To: Paul Barrett <~~~> Cc: Martin Zeman Davide-A Sferrazza Stewart Oldfield Paul, we have done some more homework with research and trading, let's discuss the below. Thanks Bond ISIN CCY Size(bio) Maturity Type Clean Price Bond Coupon Basis Last Coupon Next Coupon Fixed (Semi,30/360) Floating (Q, Act/360) ARGENT 5 01/11/28 Corp US040114HQ69 USD 4.20 11-Jan-28 Bullet 95.62% 5.87% Semi, 30/360 11-Jan-18 11-Jul-18 6.48% 3.68% ARGENT 5 1/4 01/15/28 Corp XS1715303779 EUR 1.00 15-Jan-28 Bullet 100.45% 5.25% Ann, Act/Act 15-Jan-18 15-Jan-19 7.90% 5.00% ARGENT 7.82 12/31/33 Corp XS0205545840 EUR 2.20 31-Dec-33 Amortizing 114.25% 7.82% Semi, 30/360 31-Dec-17 29-Jun-18 9.30% 6.30% Cross Currency Prices 1) EUR ARGENT 2028 Notional Exchange EUR Notional USD Notional Swap Start Swap End Client Pays Initial and Final [ ]mio EUR Notional * 1.2340 T+2bd 15 Jan 2028 EUR Notional * 5.25% (Ann, Act/Act) Full Coupon 15 Jan 18 to 15 Jan 19 Client Recs Floating USD Notional * [ 3m Libor + 5.00% ] (Quarterly, Act/360) First Short Coupon Swap Start to 15 Apr 18 Client Recs Fixed USD Notional * [ 7.90% ] (Semi, 30/360) First Short Coupon Swap Start to 15 Jul 18 2) EUR ARGENT 2033 Notional Exchange EUR Notional USD Notional Swap Start Swap End Client Pays 7.82% First Intermediate and Final [ ] mio, subject to the amortization EUR Notional * 1.2340 T+2bd 31 Dec 2033 EUR Notional * (Semi, 30/360) First Full EFTA01435594 Coupon 31 Dec 17 to 29 Jun 18 Client Receives Dirty Price and Par) EUR Notional * 14.50% Upfront (Difference between Client Recs Floating USD Notional * [ 3m Libor + 6.30% ] (Quarterly, Act/360) First Short Coupon Swap Start to 29 Jun 18 Client Recs Fixed USD Notional * [ 9.30% ] (Semi, 30/360) First Short Coupon Swap Start to 29 Jun 18 Set Date Pay Date EUR Notional % Factor % EUR Notional EUR Amortization Coupon (Semi, 30/360) Coupon EUR 31-Dec-17 29-Jun-18 100.00% 137.61% 1,376,104 0 7.82% 53,806 29-Jun-18 31-Dec-18 100.00% 137.61% 1,376,104 0 7.82% 53,806 31-Dec-18 28-Jun-19 100.00% 137.61% 1,376,104 0 7.82% 53,806 28-Jun-19 31-Dec-19 100.00% 137.61% 1,376,104 0 7.82% 53,806 31-Dec-19 30-Jun-20 100.00% 137.61% 1,376,104 0 7.82% 53,806 30-Jun-20 31-Dec-20 100.00% 137.61% 1,376,104 0 7.82% 53,806 31-Dec-20 30-Jun-21 100.00% 137.61% 1,376,104 0 7.82% 53,806 30-Jun-21 31-Dec-21 100.00% 137.61% 1,376,104 0 7.82% 53,806 31-Dec-21 30-Jun-22 100.00% 137.61% 1,376,104 0 7.82% 53,806 30-Jun-22 30-Dec-22 100.00% 137.61% 1,376,104 0 7.82% 53,806 30-Dec-22 30-Jun-23 100.00% 137.61% 1,376,104 0 7.82% 53,806 30-Jun-23 29-Dec-23 100.00% 137.61% 1,376,104 0 7.82% 53,806 29-Dec-23 28-Jun-24 100.00% 137.61% 1,376,104 -68,805 7.82% 53,806 28-Jun-24 31-Dec-24 95.00% 130.73% 1,307,299 -68,805 7.82% 51,115 31-Dec-24 30-Jun-25 90.00% 123.85% 1,238,493 -68,805 7.82% 48,425 30-Jun-25 31-Dec-25 85.00% 116.97% 1,169,688 -68,805 7.82% 45,735 31-Dec-25 30-Jun-26 80.00% 110.09% 1,100,883 -68,805 7.82% 43,045 30-Jun-26 31-Dec-26 75.00% 103.21% 1,032,078 -68,805 7.82% 40,354 31-Dec-26 30-Jun-27 70.00% 96.33% 963,273 -68,805 7.82% 37,664 30-Jun-27 31-Dec-27 65.00% 89.45% 894,467 -68,805 7.82% 34,974 31-Dec-27 30-Jun-28 60.00% 82.57% 825,662 -68,805 7.82% 32,283 30-Jun-28 29-Dec-28 55.00% 75.69% 756,857 -68,805 7.82% 29,593 29-Dec-28 29-Jun-29 50.00% 68.81% 688,052 -68,805 7.82% 26,903 29-Jun-29 31-Dec-29 45.00% 61.92% 619,247 -68,805 7.82% 24,213 31-Dec-29 28-Jun-30 40.00% 55.04% 550,441 -68,805 7.82% 21,522 28-Jun-30 31-Dec-30 35.00% 48.16% 481,636 -68,805 7.82% 18,832 31-Dec-30 30-Jun-31 30.00% 41.28% 412,831 -68,805 7.82% 16,142 30-Jun-31 31-Dec-31 25.00% 34.40% 344,026 -68,805 7.82% 13,451 31-Dec-31 30-Jun-32 20.00% 27.52% 275,221 -68,805 7.82% 10,761 30-Jun-32 31-Dec-32 15.00% 20.64% 206,415 -68,805 7.82% 8,071 31-Dec-32 30-Jun-33 10.00% 13.76% 137,610 -68,805 7.82% 5,381 30-Jun-33 31-Dec-33 5.00% 6.88% 68,805 -68,805 7.82% 2,690 EFTA01435595 Xavier Avila Managing Director I Key Clients Partners Wealth Management Americas Deutsche Bank Securities Inc 345 Park Avenue, New York, NY, 10154-0004 Office Mobile Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. 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