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 $31.60 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: Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: 538.9662 (Gross) / $38.9962(Net) Swap: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 75bps Monthly European Call options on TWTR: Option Seller: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client receives: $728,278.28 (18.69%) Southern Financial LLC DB 100,000 $3,896,620.00 Call European 1/27/2016 538.9662 Thank you, Vahe From: Daniel Sabba Sent: Tuesday, January 27, 2015 2:14 PM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060411 CONFIDENTIAL SDNY_GM_00206595 EFTA01368597