EFTA01410457

Subject: Re: For Southern Financial - TRS initial margin [I] From: Daniel Sabba <a> Date: Fri, 24 Oct 2014 13:27:39 -0400 To: Daniel Sabba Cc: Nicholas Haigh Tazia Smith < Troy-D Williams Vahe Stepanian Classification: For internal use only CCing Andrew Xu / Roddy Moore - please let us know as client might want to transact today. {Inactive hide details for Daniel Sabba---10/24/2014 12:47:33 PM--- Classification: For internal use only Troy, I tried to call.}Daniel Sabba---10/24/2014 12:47:33 PM---Classification: For internal use only Troy, I tried to call. Southern Financial is looking to do a From: Daniel Sabba/db/dbcom To: Troy-D Williams/db/dbcom@DBAmericas, Nicholas Haigh/db/dbcom@DBAmericas, Cc: Tazia Smith/db/dbcom@DBAMERICAS, Vahe Stepanian/db/dbcom@DBAmericas Date: 10/24/2014 12:47 PM Subject: For Southern Financial - TRS initial margin [I] Classification: For internal use only EFTA01410457 Troy, I tried to call. Southern Financial is looking to do a TRS on AAPL. Could you please let us know what the initial margin would be? Transaction details below. Notional: 1,000,000 shares of AAPL Term: 1 year Southern Financial receives: Total return in AAPL Southern Financial pays: 1mL + 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 Regards, Daniel Daniel Sabba Director I Key Client Partners Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 EFTA01410458