EFTA01477140.pdf

Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [I] From: Vahe Stepanian Date: Tue, 02 Feb 2016 14:13:09 -0500 To: Paul Morris Cc: Ariane Dwyer Classification: For internal use only Never heard back from HE, so the position matured per the confirm. Rich was in loop throughout. SFLLC wired —$577k DB London yesterday to meet the last reset. Please give me a call if you have any questions. Thanks, Vahe From: Paul Morris Sent: Tuesday, February 02, 2016 12:14 PM To: Vahe Stepanian Cc: Ariane Dwyer Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Vahe, did they ever come back to you on this? Was there confirm/pa sent to us? thx Paul Morris Managing Director Deutsche Bank Private Bank EFTA01477140 Office: Cell: From: Vahe Stepanian Sent: Wednesday, January 27, 2016 1:47 PM To: [email protected] Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey — Southern Financial's below TWTR positions will mature this afternoon. Official confirms are attached. Please let us know if you wish to roll — if so, we will be back with indicative pricing. Thank you, Vahe From: Vahe Stepanian Sent: Tuesday, January 27, 2015 5:50 PM To: Daniel Sabba; jeffrey E. Cc: Paul Morris; Richard Kahn Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet. EFTA01477141 Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: $38.9662 (Gross) / $38.9962(Net) European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB Shares: 100,000 Notional: $3,896,620.00 Type: Call Style: European Expiry: 1/27/2016 Strike $38.9662 Premium client receives: $728,278.28 (18.69%) Thank you, Vahe EFTA01477142 From: Daniel Sabba Sent: Tuesday, January 27, 2015 2:14 PM To: jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through ly TRS. Southern Financial went short TWTR US ly European Calls struck at 100%. Initial strike on both transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions is 30% of Notional. Termsheet and official confirm to follow. Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: commercially reasonable VWAP until today's close European Call options on TWTR: EFTA01477143 Option Seller: Southern Financial LLC Option Buyer: DB Notional: 100,000 OTC Call Expiry: 1/27/2016 Strike: 100% of TRS Initial Strike Bid: 18.69% Regards, Daniel Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobil Email EFTA01477144