EFTA Document EFTA01435454

Subject: Southern Financial - Listed Deriv Docs [I] From: Nadean Novogratz <nadean.novogratz@db.com> Date: Fri, 05 Oc To: Erik Lutkus Cc: Martin Zeman Stewart Oldfie Xavier Avila Davide-A Sfer Devin Anderson Classification: For internal use only Hi Erik, Please see attached the 2 listed derive docs for Southern Financial. What are next steps to getting them set-up? I can speak to the GedApps team to have their name added to Axiom_ anything else you need from me? Kind regards, Nadean From: Paul Barrett [mailto: Sent: Friday, October 05, 2018 2:09 PM To: Nadean Novogratz Cc: Martin Zeman; Stewart Oldfield; Xavier Avila; Davide-A Sferrazza; Devin Anderson Subject: RE: Follow-up Finally_.. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 EFTA01435454 fcid:image006.jpg@OlD45CB4.424A47E01 From: Nadean Novogratz <nadean.novogratz@db.com> Sent: Friday, September 21, 2018 1:30 PM To: Paul Barret Cc: Martin Zema ; Stewart Oldfield < >; Xavier Avila >; Davide-A Sferrazza ; Devin Anderson Subject: RE: Follow-up Hi Paul, Thanks very much — if you have any questions about either documents, we're here to help. Kind regards, Nadean From: Paul Barrett [mailto: Sent: Friday, September 21, 2018 11:35 AM To: Nadean Novogratz Cc: Martin Zeman; Stewart Oldfield; Xavier Avila; Davide-A Sferrazza; Devin Anderson Subject: RE: Follow-up Hi Nadean EFTA01435455 Apologies for the radio silence. Will get docs back asap. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 fcid:image006.jpg@OlD45CB4.424A47E01 From: Nadean Novogratz <nadean.novogratz@db.com> Sent: Thursday, July 26, 2018 5:01 PM To: Paul Barrett Cc: Martin Zeman Stewart Oldfield <xavier.avila@d - Sferrazza 1 ' ' 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 docs 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. EFTA01435456 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: {cid:image007.png@OlD45C84.424A47E0} SPY 2% Upside Calls: fcid:image008.png@OlD45C84.424A47E01 Kind regards, Nadean Nadean Novogratz Deutsche Bank Securities Inc. Global Equity Derivative Sales 60 Wall Street, 4th Floor New York, NY 10005 Tel. Cell EFTA01435457 Email nadean.novogratz@db.com Please click on this link and read the disclaimer: https://ederivatives.db.com/static/disclaimer.html 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information EFTA01435458 contained in this communication should not be regarded as such. EFTA01435459