Deutsche Bank AG gY2fri e an raup SOUTHERN FINANCIAL. LLC 182298 15 Fee Sales Inquirles Contact Daniel Sabba !Email) For questions relating to this statement contact Valuations MV (Tel) 1-212-250-2600 (Email) [email protected] SOUTHERN FINANCIAL, LLC To: Jabvecpa Gmail (Email) 03 Jan 2016 Page 1 Of 3 Richard Kahn12 (Email) .Hnw Chentservices (Email) hnw clientservicesnAgb com.Gedeon Pinedo (Email) Mark Whyman (Email) Amanda FCuhse (Email) Paul Morns (Email) Daniel Sabba (Email) Vahe Stepanian (Email) Ariane Dwyer (Email) Fx Ree: USD/EUR = 9181471809 • Values are shown from the DB Group's point of view. A negative Value therefore expresses an amount which is in your favour, white a positive amount is one which is in DB Group favour. The terms and conditions of each transaction are specified In the relevant trade Confirmabon. Deutsche Bank Group ("DB") is providing the valuations set forti above as an accommodation to you solely for your own intemal use. Unless expressly stated othenvise. valuations represent DB's current economic assessment of the transaction or instrument as of the date specified. [es economie assessment is typicalty derived all or in part from model pnces, externe' sources, market prices and/or 0B's intemal books and records prices. Valuations may be adjusted to take into account market, bquidity, credit, operational or other risks, and/or to refleet adjustments based upon our willingness to unwind all or part of your position or revenue that has been generated but not yet recognized by DB ("Premium Adjustments"). Such Premium Adjustments will generally always decline over time. as DB's appetite to unwind at a premium will generally dedine over time, which will lead to lower valuations in the absence of changes in market conditions. Valuations, including those containing Premium Adjustments, may not represent the ferms at which new transactions or instruments could be entered into with DB or the tenns at which ex