From: Vahe Stepanian

From: Vahe Stepanian To: "Jeffrey E." <jeeyacation@grnail.com> CC: Daniel Sabba Morris , Ariane Dwyer , Paul , Stewart Oldfield , Richard Kahn Subject: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] Date: Mon, 13 Jul 2015 17:15:56 +0000 Inline-Images: image00 1 jpg Classification: Strictly Confidential Jeffrey —just want to make sure you saw ASNA is trading down —14% today to $14.09/sh on the back of the company cutting its profit forecast. Additional detail is included in Bloomberg article below. Recall that you own 70,500 ASNA at $21.2765/sh. cost basis purchased in 2001. Thank you, Vahe ASNA US "I At 13:00 P14.08/14.09P 20x5 H 14.40P L 13.800 Val 150.169M 10,692,390 14.303 ASNA US E %Inert to Excel' Wit17 able :.scero;:ttar. Wye, Low Average 17.54 10.52 14.1717 on on 09/02/14 01/20/15 7020.428 07/14/2014 07/13/2015 " ; en01 LastI:MX cvrency PnCt Table Net -2.70 -16.081. Date Last Price Pnce: von' I net Fr 06/26/15 17.26 15.593.167 ;r 06/05/15 15.59 3.034.598 lh 07/16/15 Th 06/25/15 17.19 2,647,744 Th 06/04/15 15.84 3,568,496 t:e 07/15/15 06/24/15 17.30 2.396.876 06/03/15 15.815 6.318,254 Tu 07/14/15 Tu 06/23/15 17.41 2,253.388 Tu 06/02/15 14.58 3.743.531 reo 07/13/15 14.09 10.689.022 no 06/22/15 17.24 2.375.165 ro 06/01/15 14.67 2.019.305 Fr 07/10/15 16.37 2.652.692 Fr 06/19/15 16.88 2.682.041 Fr 05/29/15 14.78 2.739.835 Th 07/09/15, 16.24 2923.574 Th 06/18/15 16.75 3.101,617 Th 05/28/15 15.08 2.264.582 t:e 07/08/15 16.325 3.157,775 06/17/15 16.77 6.288,558 %.1/4., 05/27/15 14.91 2.198,853 Tu 07/07/15. 16.48 3.942.778 To 06/16/15 16.395 3.024,520 Tu 05/26/15 14.85 3,370.655 :eo 07/06/15 16.59 5.945.067 mo 06/15/15 16.19 7.238.675 ro 05/25/15 Fr 07/03/15 Fr 06/12/15 16.16 2.955,291 Fr 05/22/15 15.08 2.148.568 Th 07/02/15 16.50 1,961.536 Th 06/11/15 15.70 2.184.495 Th 05/21/15 15.17 3.716.701 ,;e 07/01/15 16.57 2.609.672 ',;e 06/10/15 15.60 2.941,497 05/20/15 14.85 3.585.247 To 06/30/15 16.655 4,029.178. Tu 06/09/15 15.64 2,731,699 Tu 05/19/15 14.93 10.673.478 16.73 3.630.966 - ' 15.53 2.826.195 Flo 05/18/15 14.07 27.022.779 ---Original Message----From: Vahe Stepanian (DEUTSCHE BANK SECURI) Sent: Monday, July 13, 2015 12:57 PM Subject: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice Sales 1 EFTA01202247 This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. Ascena Falls After Cutting Profit Forecast on Slow Justice Sales 2015-07-13 15:24:53.444 GMT By Lindsey Rupp (Bloomberg) -- Ascena Retail Group Inc. fell the most in more than nine months after cutting its profit forecast for the year because of slower-than-expected sales at its Justice and Dressbarn stores. Earnings in the year through July 25 will be 57 cents to 60 cents a share, excluding some items, down from a previous projection of 70 cents to 75 cents, the Mahwah, New Jersey-based company said Friday in a statement. Analysts estimated 70 cents, on average. Chief Executive Officer David Jaffe is trying to revive sales at several flagging brands as mall traffic declines. He's also struggling to clear older merchandise from the Justice teen-apparel chain to focus on more versatile, everyday clothing. Ascena, which agreed to buy women's work-wear maker Ann Inc. in May for about $2.16 billion, fell as much as 16 percent to $13.80 in New York. That's the biggest intraday decline since Sept. 23. Ascena had risen 30 percent this year through the end of last week. For Related News and Information: Bloomberg Intelligence - Specialty Apparel Stores: BI APPR <GO> Top Stories: TOP <GO> To contact the reporter on this story: Lindsey Rupp in New York at or To contact the editors responsible for this story: Nick Turner at or Kevin Orland 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. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01202248