From: Daniel Sabba <

From: Daniel Sabba < To: jeevacation@gmail.com Cc: Paul Morris < , Stewart Oldfield < Vahe Stepanian Subject: Follow-up on AAPL TRS [C] Date: Tue, 11 Nov 2014 16:32:19 +0000 Inline-Images: unnamed; unnamed(1 ) Classification: Confidential Jeffrey, It was great meeting you yesterday. Per our conversation, we liaised with the desk head in our institutional sales and trading platform for equity derivatives and confirmed the points we discussed yesterday: - balance sheet charges are the primary driver of the price difference you observed between our quote and the one you received from competitors primarily funded in USD - 1mL + 75bps for 1y TRS is the financing charge DB would charge an institutional client today (this refers to the financing charge, not commission schedule, as other clients clients might have different commission arrangements depending on their trading activity) - our trading heads were not surprised competitors primarily funded in USD were offering a financing spread 20 to 30bps lower than DB's - the trading desk can sometimes offer improvements on names they are axed (not the case for AAPL) We also confirmed the following terms still work: 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 Best 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 Tel. Mobile Email Iii This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. EFTA00627998 Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00627999