To: jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through ly TRS. Southern Financial went short TWTR US ly European Calls struck at 100%. Initial strike on both transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions is 30% of Notional. Termsheet and official confirm to follow. Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: commercially reasonable VWAP until today's close European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB Notional: 100,000 OTC Call Expiry: 1/27/2016 Strike: 100% of TRS Initial Strike Bid: 18.69% Regards, Daniel Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060412 CONFIDENTIAL SDNY_GM_00206596 EFTA01368598