From: Daniel Sabba [[email protected]) Sent: 7/14/2015 9:43:23 AM To: jeffrey E. [[email protected] CC: Vahe Stepanian [[email protected]); Ariane Dwyer [[email protected]; Paul Morris [email protected]); Stewart Oldfield [email protected] Subject: RE: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] [C) Classification: Confidential Jeffrey — I just gave you a ring with an update on this. We are on Thanks, Daniel From: Daniel Sabba Sent: Monday, July 13, 2015 2:17 PM To: 'Jeffrey E.' Cc: Vahe Stepanian; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] [I] Classification: For Internal use only Jeffrey - yes, CDS exist in these names and they are typically transacted in Singapore/Dubai/London hours. We will get back to you tomorrow with an update on DB's ability to make markets in these names. Per Bloomberg levels, Morocco is at 182 bps and China is at 92 bps (these are mid levels for five year protection and are not tradable). Can you please give us a sense on notional sizes you have in mind? From: Jeffrey E. [mailto:[email protected]] Sent: Monday, July 13, 2015 1:53 PM To: Vahe Stepanian Subject: Re: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] thanks, are there cds for china and or moroco? On Mon, Jul 13, 2015 at 1:15 PM, Vahe Stepanian <[email protected]> wrote: Classification: Sate), Confidential Jeffrey — just want to make sure you saw ASNA is trading down —14% today to $14.09/sh on the back of the company cutting its profit forecast. Additional detail is included in Bloomberg article below. Recall that you own 70,500 ASNA at $21.2765/sh. cost basis purchased in 2001. Thank you, Vahe CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0056688 CONFIDENTIAL SDNY_GM_00202872 EFTA01365701