<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Sunday, February 22, 2015 9:39 PM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com*</td></tr><tr><td>Cc:</td><td>Vahe Stepanian; Ariane Dwyer</td></tr><tr><td>Subject:</td><td>Fw: Fwd: DB Latam Sy CDS Run [C]</td></tr></table>

Classification: Confidential

Brazil at 239/243. You entered at 201/205.

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

From: Kcpcm Deutsche Bank (DEUTSCHE ASSET MANAG) [maiIto Sent: Sunday, February 22, 2015 04:36 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 20, 2015 3:07:49 PM

Brazil 239/243 +5
Chile 93/99 +1
Colombia 139/145 -1
Mexico — 110/112 +2
Panama 121/131 +1
Peru 118/128 +1
Ven Spd 4441/4701 +225
Ven Upf 62.5/63.5 +.9
CDXEM21 102.83/97 -.16 Sprd:425(+4) FV:102.71(.19 rich)
CDXEM22 88.20/34 -.08 Sprd:379(+2) FV:88.05 (.22 rich)
CDXEM 21/22 roll 14.58/14.68

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. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.O.dtd"> <plist version=.0">

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