<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Thursday, March 5, 2015 7:34 PM
Daniel Sabba</td></tr><tr><td>Subject:</td><td>Re: Fw: Fwd:(/] DB Latam Sy CDS Run</td></tr></table>

Good Purim

On Thursday, March 5, 2015, Daniel Sab=a <██████████████ <mailto:████████████████> > w=ote:

Classification: Public

Brazil CDS at 250/254.

From: Kcp<change><u>cm</u></change> Deutsche Bank (DEUTSCHE ASSET MANAG) [javascript:  ];>

Sent: Thursday, March 05, 2015 12:47 PM Subject: Fwd:(/) DB Latam Sy CDS Run

Sent from Bloomberg Professional for iPhone

----- Original Message -----
From: MARC APPEL (DEUTSCHE BANK SECURI)
To: KCPCM DEUTSCHE BANK
At: Mar 5, 2015 12:23:32 PM

Brazil 250/254 +4
Chile 84/90 -1
Colombia 140/146 +2
Mexico 107/109 +1
Panama 115/125 unc
Peru 110/116 unc
Ven Spd 4020/4224 -106
Ven Upf 60.5/61.5 -.5
CDXEM21102.44/64 -.12 Sprd:434(+3) FV:102.68 (.14 cheap)
CDXEM22 88.00/10 -.10 Sprd:387(+3) FV:88.08 (.03 cheap)
CDXEM 21/22 roll 14.44/14.54

This has been prepared solely for information=l purposes. It is not an offer, recomme=dation or solicitation to
buy or sell, =or is it an official confirmation of te=ms. It is based on information generally =A0available to the public from
sources belie=ed to be reliable. No representation is =A0made that it is accurate or complete =r that any returns
indicated will be ac=ieved. Changes to assumptions may have a =A0material impact on any returns detailed. P=st
performance is not indicative of future=C2 returns. Price and availability are subject=C2 to change without notice.
Additional informa=ion is available upon request. =C2 =A0 =C2 =A0 =C2 =A0 =C2
=A0 =C2 =A0 =C2 =A0 =C2 =A0 =C2 =A0 =C2 =A0

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