From: Vahe Stepanian Sent: 12/4/2015 1: To: Richard Kahn CC: Daniel Sabba Ariane Dwye Stewart Oldfield [[email protected] Subject: Dispersion Call Option [C) Classification: Confidential Paul Morris Rich - please note that Southern Financial did not unwind the dispersion option today as we were away from the 2.00% limit per my conversation with you and Darren. The indicative bid is currently 0.90% since there is little time left to expiry and the time decay is significant. Realized dispersion is - 9.41% given the following spot references: Thank you, Vahe Underlyings Spots .HSCE 9.88939 .N225 19.628.76 .SPX 2.081.58 STOXX.50E 3.346.93 Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel Mobi Emai 33 79 All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. 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. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051483 CONFIDENTIAL SDNY_GM_00197667 EFTA01362168