EFTA Document EFTA01388155

From: Nadean Novogratz Sent: 9/18/2018 8:51:59 AM To: Martin Zeman : Stewart Oldfield Subject: RE: Follow-up Xavier Avila Davide-A Sferrazza Perfect — thank you. happy to be on the call this morning if you like — I'm available. Thanks From: Martin Zeman Sent: Tuesday, September 18, 2018 8:51 AM To: Nadean Novogratz; Xavier Avila; Davide-A Sferrazza; Stewart Oldfield Subject: RE: Follow-up Stewart and I have a call with him this morning to discuss a few ideas, including the EM contagion we had a call on yesterday. I will put this on the list for him to give back to us. From: Nadean Novogratz Sent: Tuesday, September 18, 2018 8:39 AM To: Martin Zeman ; Xavier Avila Stewart Oldfield Subject: FW: Follow-up Davide-A Sferrazza FYI - I put a call into Paul this morning regarding the attached form — I haven't heard back from him since 7/26 when he said he would get them complete. I left a voicemail. Have you heard anything from them since the end of July? From: Nadean Novogratz Sent: Thursday, July 26, 2018 5:01 PM To: Paul Barrett Cc: Martin Zeman; Stewart Oldfield; Xavier Avila; Davide-A Sferrazza; Devin Anderson Subject: Follow-up Hi Paul, Great to meet you over the phone today and discuss our derivatives offerings / market color. As mentioned, Southern Financial is fully onboarded to trade OTC equity derivatives here. We've reviewed our dots for listed options and just need 2 simple forms completed (attached). They are pretty straight forward but we're here to answer any questions on them that you have. Per Devin's comments on short-term upside, below are charts that compare SPY ATM vs 2% out of the money upside in the near-term experies. Vols are in the 8v range for the 2%OTM calls and as you can see for the next four weeks term structure is flat. We've continued to see the spot up / vol up correlation remain positive and if this theme continues, now is a good entry level into buying inexpensive vol. SPY ATM Calls: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091570 CONFIDENTIAL SDNY_GM_00237754 EFTA01388155