EFTA01154160.pdf

Front: Richard Kahn < To: "Jeffrey E." <[email protected]> Subject: Fwd: Trade Recap - 01/13/2015 - DB Commodity WTI Short Volatility II Index [C] Date: Fri, 23 Jan 2015 17:45:52 +0000 Attachments: Crude_Confirm_1.2015.pdf please advise if ok to sign attached commodity index confirm thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: From: Vahe Stepanian To: Darren Indyke > ' Cc: Daniel Sabba Subject: RE: Trade Recap - 01/13/2015 - DB Commodity WTI Short Volatility II Index [C] Date: January 22, 2015 at 2:19:36 PM EST Classification: Confidential Darren / Rich —another confirm for signature for the commodity index trade. Please let us know if you have questions. Thanks, Vahe From: Daniel Sabba Sent: Tuesday, January 13, 2015 3:13 PM To: jeevagi mail.com Cc: Paul Morris; Vahe Stepanian SubjarlThaF1'ecflr01713/2015 - DB Commodity WTI Short Volatility II Index [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following commodity swap with Deutsche Bank AG, acting through its London branch. Southern Financial went long DB Commodity WTI Short Volatility II Index. Initial strike to be set at close today. The Initial Margin on this trade is 5% of Notional. Official termsheet and confirm to follow. Trade recap: OTC index swap EFTA01154160 Buyer: SOFL Seller: DBAG London Underlying: DB Commodity WTI Short Volatility II Index Bloomberg Ticker: DBCMNSV2 Index Trade Date: 13 Jan 2015 Effective Date: 13 Jan 2015 Expiry Date: 13 Jan 2016 Resets at end of each calendar quarter. For clarity reset dates are: 31-Mar-15, 30-Jun- 15, 30-Sep-15, 31-Dec-15, 13-Jan-16 Settlements: T+2 Notional: $10,000,000 IA: $500,000 paid by SOFL on 14-Jan-2015. Up to 1.5% fees charged on exit under normal circumstances, irrespective of whether the exit is on scheduled Expiry Date or earlier Strike: Underlying closing level on Effective Date Cash flows: On each reset date: Buyer receives: Notional / Strike * (Index closing level on reset date - Index closing level on previous reset date) For the first reset date, Index closing level on previous reset date = Strike Thank you for the trade, Daniel Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel Mobile Email 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. EFTA01154161