From: Vahe Stepanian Sent: 6/3/2015 4:13:43 PM To: Paul Morris • Stewart 0ldfield CC: Daniel Sabba ; Ariane Dwyer Subject: Southern Financial Call Update: 6/3/2015 (II Classification: For Internal use only Daniel and Jeffrey just spoke. JEE called to ask about the bid on the equity hedging idea we sent earlier (contingent on rising interest rates). Daniel explained that bid/ask is wider on this transaction given the correlation risk it carries and desk hedging costs. Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. +1 212 454-1539 Mobile +1 Emai All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079133 CONFIDENTIAL SDNY_GM_00225317 EFTA01380641