EFTA01356458

From: Daniel Sabba Sent: 10/28/2014 9111.1 To: Paul Morris CC: Stewart Oldfield Subject: Re: TRS on AAPL - creating synthetic long exposure IC] Attachments: pic30591.gif; pic18674.gif Classification: Confidential Absolutely. Original Message From: Paul Morris Sent: 10/28/2014 05:02 PM EDT To: Daniel Sabba Cc: Stewart Oldfield subject: Re: IRS on AAPL - creating synthetic long exposure [c] Classification: Confidential Try to get some feedback from him when u next speak re this trade, thx original Message From: Daniel Sabba Sent: 10/24/2014 12:18 PM EDT To: jeevacation@gmail.com cc: Paul Morris; vahe Stepanian; Stewart oldfield; Subject: TRS on AAPL - creating synthetic long exposure [C] classification: confidential Jeffrey, Please see below indication for TRS in AAPL. Notional: 1,000,000 shares of AAPL Term: 1 year Southern Financial receives: Total return in AAPL Southern Financial pays: lmL + 75bps Commissions: 3 cents per share to enter and exit the trade. There is no additional break up fee. Execution: we would suggest best efforts VWAP for execution Color from trading desk: "this is probably the worst name for long total return - the street will generally be high". Best regards, Daniel (Embedded image moved to file: pic30S91.gif) Daniel Sabba Director I Key client Partners Deutsche Bank securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Please note all prices are indicative and subject to change without notice. Derivatives are financial transactions based upon one or more predetermined market factors where periodic payments (or a one-time lump-sum payment) are made by each of the parties to the transaction based upon the value of the CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0042325 CONFIDENTIAL SDNY_GM_00188509 EFTA01356458