EFTA01374676.pdf

From: Paul Morris Sent: 1/22/2015 5:26:27 PM To: Stewart 0ldfield Subject: FW: Twitter follow-up - TRS + short calls ICI Attachments: Swap Template.pdf Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank From: Daniel Sabba Sent: Thursday, January 22, 2015 5:21 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris; Subject: RE: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, I wanted to share with you a draft confirmation on the TRS (attached). It addresses the dividend/reset/optional early termination points we discussed and clarifies any other potential issues. Additionally, we priced long TRSs for GE and ConEd (without the sale of a call option). We could provide the same financing terms on a $20mm notional equivalent (1mL+75bps, with $0.03 commissions in and out). The IA for these names would be 20%. As discussed, you could use equities at a 50% haircut as this IA. GE and ED have had high dividend history (GE has a 12m yield of 3.67% and ED, 3.60%). Looking forward to discussing further. Best regards, Daniel From: Daniel Sabba Sent: Wednesday, January 21, 2015 3:22 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris Subject: RE: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, Per our chat yesterday, we wanted to follow-up on margin account rates for Southern Financial. They are 3mL+100bps on the borrowed amount. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0069488 CONFIDENTIAL SDNY_GM_00215672 EFTA01374676