RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C (Vahe Stepanian, January 27, 2015)

Cc: Paul Morris; 'Richard Kahn; Vahe Stepanian; Ariane Dwyer; Stewart Oldfield Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, please see below offers to unwind the short call position only: For TWTR reference of $31.60 the cost to unwind is $1.89/share with a delta of 32%. This assumes we work our execution and delta adjust price. There will be a change in IA for the TRS once the call is unwound, as the IA of long