PV Factor to spot = .99656 JPY Settlement for VD on 1/20/2016 = 104,723,895 Southern Financial will receive $893,270.39 on settlement date, January 201", 2016. Conversion of spot JPY proceeds to USD Client BuySell Currencyl Notional 1 Cu rrency2 Notional2 SettlementDate ForwardRate Thank you, Vahe SOUTHERN FINANCIAL LLC Client Buys USD 893,270.39787097 JPY -104,723,895 Wed 20 January 2016 117.2365 Original Message From: jeffrey E. rigevacation(aumail.com] Sent: Friday, January IS, 2016 09:33 AM Pacific Standard Time To: Daniel Sabha, Richard Kahn Subject: Re: JPYKRW [C] [1] unwind 840k On Fri, Jan 15, 2016 at 10:46 AM, Daniel Sabba <MI > wrote: Jeffrey, Per our phone conversation, please see below values in August 2 2016 USD and in spot USD. All levels below are indications. In August 2 2016 USD Market for Aug 2 2016 JPYKRW 10.48 / 10.50 Market for Aug 2 2016 USDJPY 116.43 / 116.47 Indicative unwind PnL in Aug 2 2016 (settled in Aug 4 2016): 848,431.30 In spot USD Market for Aug 2 2016 JPYKRW 10.48 / 10.50 Discount factor for JPY: 0.99656 Market for spot USDJPY 117.09 / 117.10 Indicative unwind PnL in spot USD: 840,963.83 Best regards, Daniel CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266720 DB-SDNY-0 120536 EFTA01459826