<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Sunday, February 8, 2015 10:56 PM</td></tr><tr><td>To:</td><td>'jeevacation@gmail.com'</td></tr><tr><td>Cc:</td><td>Vahe Stepanian;</td></tr><tr><td>Subject:</td><td>Fw: Fwd: DB Latam 5y CDS Run</td></tr></table>

Classification: Public

Brazil CDS wider on Friday when new Petrobras CEO was confirmed by board.

Needless to say TWTR trade is working on well.

----- Original Message-----

From: Kcpcm Deutsche Bank (DEUTSCHE ASSET MANAG) [mak° Sent: Saturday, February 07, 2015 06:09 PM Subject: Fwd: [/] DB Latam 5y CDS Run

--- Original Sender: MARC APPEL, DEUTSCHE BANK SECURI ---

Sent from Bloomberg Professional for iPhone
Original Message
From: MARC APPEL (DEUTSCHE BANK SECURI)
To: KCPCM DEUTSCHE BANK
At: Feb 6, 2015 1:44:36 PM

Brazil 231/235 +6
Chile 93/99 -2
Colombia 138/146 -2
Mexico 107/109 -2
Panama 116/126 -1
Peru 116/126 -1
Ven Spd 4539/4877 -474
Ven Upf 63.0/64.2 -1.6
CDXEM21 102.76/06 +.11Sprd:426(-3) FV:102.75 (.16 rich)
CDXEM22 88.10/30 +.10 Sprd:379(-1) FV:87.97 (.23 rich)
CDXEM 21/22 roll 14.68/14.88

This has been prepared solely for informational purposes. It is not an offe=, recommendation or solicitation to buy or sell, nor is it an official con=irmation of terms. It is based on information generally available to the p=blic from sources believed to be reliable. No representation is made that =t is accurate or complete or that any returns indicated will be achieved. =hanges to assumptions may have a material impact on any returns detailed. =ast performance is not indicative of future returns. Price and availabilit= are subject to change without notice. Additional information is available=upon request.

This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati=n. 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 cont=ined in this communication should not be regarded as such.

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