From: Paul is i Sent: 4/28/2015 4:26:49 PM To: Stewart 0ldfield I Subject: FW: Twitter Q1 Earnings [C) Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank From: Vahe Stepanian Sent: Tuesday, April 28, 2015 4:24 PM To: Jeffrey Epstein Cc: Daniel Salta; Ariane Dwyer; Richard Kahn; Paul Morris Subject: Twitter Q1 Earnings [C] Classification: Confidential Jeffrey — as you may have seen, Twitter (TWTR) Q1 earnings were leaked this afternoon prior to the company's scheduled earnings call after the close today. TWTR's revenue fell short of estimates in the first quarter, $436mm vs. analysts' average projection of 5456mm. Results were first reported by Selerity Inc, a New York based provider of financial news and information. Following the leak, Twitter officially reported earnings and cut Q2 revenue guidance. TWTR closed down —18% today to $42.27 on the back of the news. I've included your original TWTR trade details below for your reference. Please let us know if you wish to add to your position. Thank you, Vahe Source: Bloomberg Finance t➢ TWTR Trade Details (as of trade date, 1/27/2015) 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: 538.9662 (Gross) / $38.9962(Net) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0048420 CONFIDENTIAL SDNY_GM_00194604 EFTA01360181