From: Sent: To: CC: Subject: Vahe Stepanian 7/30/201510:09:35 AM 'jeffrey E.' (jeevacation Paul Morris mail.coml ;'Richard Kahn' 1; Aria ; Stewart Oldfield I; Daniel Sabba II RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls (CI Classification: Confidential Jeffrey — I'm following up on Daniel's email below. The IA requirement would increase from 30% to 35% if you were to unwind the short TWTR call but maintain your long TWTR TRS. Note that the current requirement is 30% on the structure (i.e. both legs), but that you currently have sufficient excess in your collateral account to cover the extra 5% IA requirement. Thank you, Vahe From: Daniel Sabba Sent: Thursday, July 30, 2015 10:01 AM To: 'jeffrey E.' Cc: Paul Morris; 'Richard Kahn'; Vahe Stepanian; Ariane Dwyer; Stewart Oldfield Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, please see below offers to unwind the short call position only: For TWTR reference of 531.60 the cost to unwind is $1.89/share with a delta of 32%. This assumes we work our execution and delta adjust price. There will be a change in IA for the TRS once the call is unwound, as the IA of long TRS + short calls is lower than simply long TRS. We are waiting to hear back from our credit team on what this change would be and will advise. Regards, Daniel 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. Total Return Swap Seller: Swap Buyer: Ticker: Size: Expiry: Spread: Resets: Swap: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 lmL+ 75bps Monthly CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0083363 CONFIDENTIAL SDNY_GM_00229547 EFTA01383621