Deutsche Bank Group Valuation Statement Request 182298 17 Dec 2015 SOUTHERN FINANCIAL, LLC As of 16 Dec 15 Deutsche Bank AG For Sales Inquiries Contact: Daniel Sabba (Tel) (Email) For questions relatin to this statement contact: Valuations NY (Tel) (Email) SOUTHERN FINANCIAL, LLC To: Jabwcpa Gmail (Email) Stepanian (Email) (Email) Sabba (Email) ,Richard Kahn12 (Email) ,Hnw Clientservices (Email) ,Gedeon Pinedo (Email) ,Mark Whyman (Email) ,Paul Morris (Email) ,Ariane Dwyer (Email) ,Vahe ,Amanda Kirby ,Daniel Fx Rates: USD/EUR = .9136592356 Page 1 Of 3 Note:-All Values are shown from the DB Group's point of view. A negative Value therefore expresses an amount which is in your favour, while a positive amount is one which is in DB Group favour. The terms and conditions of each transaction are specified in the relevant trade Confirmation. Deutsche Bank Group ("DB") is providing the valuations set forth above as an accommodation to you solely for your own internal use. Unless expressly stated otherwise, valuations represent DB's current economic assessment of the transaction or instrument as of the date specified. DB's economic assessment is typically derived all or in part from model prices, external sources, market prices and/or DB's internal books and records prices. Valuations may be adjusted to take into account market, liquidity, credit, operational or other risks, and/or to reflect 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 decline 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 terms at which new transactions or instruments could be entered into