From: Vahe Stepanian Sent: 1/15/2016 8:34:08 AM To: jeffrey E. [jeevacation@gmail.corn) CC: Daniel Sabba Ariane Dwyer Paul Morris Stewart Oldfield I 1; Richard Kahn Subject: RE: Indicative Brazil CDS Unwind Level ICI Classification: Confidential Jeffrey — received. We will leave an order with the trader to unwind at 462, good for the day. Thank you, Vahe From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Friday, January 15, 2016 8:30 AM To: Vahe Stepanian; Richard Kahn Subject: Re: Indicative Brazil CDS Unwind Level [C] unwind at 462 bp On Fri, Jan 15, 2016 at 8:25 AM, Vahe Stepanian < > wrote: Classification: Confidential Jeffrey — Rich requested refreshed unwind levels this morning for (1) Brazil CDS, (2) GE preferred and (3) JPYKRW forward. Indicatively, this morning DB's bid for your Brazil CDS protection is 452bps p.a. (Offer is 467bps p.a.) Bid equals an unwind fee payment by DB of $1,278,512. Recall you paid 491,941 to enter the trade. Original unofficial details are included below. I will be back to you on items (2) and (3). Thank you, Vahe From: Vahe Stepanian Sent: Thursday, January 14, 2016 12:50 PM To: 'jeffrey E.' Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; 'Richard Kahn' Subject: Indicative Brazil CDS Unwind Level [C] Classification: Confidential Jeffrey — per Rich's request, please find an indicative level below to unwind your Brazil CDS protection. We will follow up with separate emails for (1) GE Bond and (2) JPYKRW. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060417 CONFIDENTIAL SDNY_GM_00206601 EFTA01368601