New York, NY 10022 tel fax cel On Feb 24, 2016, at 5:39 PM, Ariane Dwyer Hi Rich, Per the description below these are the terms: wrote: GENERAL OFFER TERMS: LBG CAPITAL IS OFFERING TO PURCHASE ANY AND ALL OF THE ABOVE OUTSTANDING NOTES AT A PURCHASE PRICE OF USD1,020 PER USD1,000 PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST UP TO, BUT NOT INCLUDING, THE SETLEMENT DATE. This information is included, in additional to further details, in the paragraph of uppercase text in the screenshot below. Best, Ari From: Richard Kahn [mailto: Sent: Wednesday, February 24, 2016 5:33 PM To: Ariane Dwyer Cc: Vahe Stepanian; Daniel Sabba Subject: Re: LBG Capital Tender Offer please advise on price of offer thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fa cel On Feb 24, 2016, at 2:53 PM, Ariane Dwyer < wrote: Hi Rich, I am emailing regarding a voluntary offer for Southern Financial. LBG is offering to purchase any and all of the LBG Capital No 1 PLC 144A notes per the below details. Recall Southern Financial holds 1,200,000 of the notes, position details also below. <image001.jpg> CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120522 CONFIDENTIAL SDNY_GM_00266706 EFTA01459815