We did a comparative analysis between doing the trade using TRS construct or margin account financing and would like to connect to discuss it with you. Regards, Daniel (I From: Daniel Sabba Sent: Tuesday, January 20, 2015 10:44 AM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris Subject: RE: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, Wanted to follow-up with refreshed pricings for ly options. TWTR Spot Ref: 36.56. TRS: Previous levels still apply. European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB Notional: 250,000 OTC Call Expiry: Strike: Bid: Vol: Delta: Expiry: Strike: Bid: Vol: Delta: Note: Best regards, Daniel 20-Jan-16 100% of spot 19.30% (Mid 19.50%) 48.46% 60% 20-Jan-16 $40 $5.67 (Mid $5.74) 47.68% 53% The IA for long TRS and selling a $40 call would be 38% instead of the 30% of the at the money call. From: Daniel Sabba Sent: Friday, January 16, 2015 4:48 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris Subject: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, We could do this for 1 mm shares of Twitter, indicatively. Twitter (TWTR) spot ref 537.31. Total Return Swap: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0069489 CONFIDENTIAL SDNY_GM_00215673 EFTA01374677