EFTA01472677

Subject: FW: Live TWTR Pricin [C] From: Vahe Stepanian Date: Tue, 31 Mar 2015 11:34:45 -0400 To: Paul Morris ‹ > Classification: Confidential 2 of 3 From: Vahe Stepanian Sent: Monday, March 30, 2015 3:02 PM To: Jeffrey Epstein Cc: Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: Live TWTR Pricing [C] Classification: Confidential Jeffrey — please find live TWTR pricing below per your request. #1 — Unwind existing TWTR.N European Call options: Option Buyer: Southern Financial LLC Option Seller: DB Shares: 100,000 Expiry: 1/27/2016 Strike $38.9662 Style: European Ref: $49.11 (Spot) Offer: $1,377,000 (-28.04%) #2 - Sell TWTR.N European Call options with $50 strike: EFTA01472677 Option Seller: Southern Financial LLC Option Buyer: DB Shares: 100,000 Expiry: 1/27/2016 Strike $50.00 Style: European Ref: $49.11 (Spot) Bid: $718,000 (-14.62%) I've included original TWTR trade details (from 1/27/2015) below for your convenience. We will call you to follow up. Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. EFTA01472678 From: Vahe Stepanian Sent: Tuesday, January 27, 2015 5:50 PM To: Daniel Sabba; jeffrey E. Cc: Paul Morris; Richard Kahn Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet. Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: $38.9662 (Gross) / $38.9962(Net) European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB Shares: 100,000 EFTA01472679 Notional: $3,896,620.00 Type: Call Style: European Expiry: 1/27/2016 Strike $38.9662 Premium client receives: $728,278.28 (18.69%) Thank you, Vahe From: Daniel Sabba Sent: Tuesday, January 27, 2015 2:14 PM To: jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through ly TRS. Southern Financial went short TWTR US ly European Calls struck at 100%. Initial strike on both transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions is 30% of Notional. Termsheet and official confirm to follow. Total Return Swap: Swap Seller: Swap Buyer: Ticker: DB Southern Financial LLC TWTR EFTA01472680 Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: commercially reasonable VWAP until today's close European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB Notional: 100,000 OTC Call Expiry: 1/27/2016 Strike: 100% of TRS Initial Strike Bid: 18.69% Regards, Daniel Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email EFTA01472681 EFTA01472682