From: Vahe Stepanian

From: Vahe Stepanian To: "jeeyacation®gmail.com" <jeevacation®gmail.com> CC: Daniel Sabba , Ariane Dwyer Morris Stewart Oldfield Paul Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR I) calls [f] Date: Wed, 27 Jan 2016 18:47:05 +0000 Attachments: Executed TWTR Call Option Confirm_2.23.15.pdf; _ _ _ _ Executed_TWTR_TRS_Confirm_2.23.15.pdf Classification: Confidential Jeffrey — Southern Financial's below TWTR positions will mature this afternoon. Official confirms are attached. Please let us know if you wish to roll — if so, we will be back with indicative pricing. Thank you, Vahe From: Vahe Stepanlan 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: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 1mL+ 75bps Swap Seller: Swap Buyer: Ticker: Size: Expiry: Spread: 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: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client Southern Financial LLC DB 100,000 $3,896,620.00 Call European 1/27/2016 $38.9662 receives: $728,278.28 (18.69%) EFTA00835536 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 1y TRS. Southern Financial went short TWTR US 1y 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: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 1mL+ 75bps Swap Seller: Swap Buyer: Ticker: Size: Expiry: Spread: 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: Option Buyer: Notional: Expiry: Strike: Bid: Regards, Daniel Southern Financial LLC DB 100,000 OTC Call 1/27/2016 100% of TRS Initial Strike 18.69% Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email 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. EFTA00835537 Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00835538