From: Daniel Sabba Sent: 7/11/2016 10:33:59 AM To: Stewart Oldfield CC: Brianna Fowler ( Subject: ; Nina Tona RE: Southern Financial revs Ill I; Vahe Stepanian Mathew Negus I; Alastair Mackinlay Classification: For Internal use only This is the right revenue for this transaction. Brazil CDS traded with a bid ask of 5bps even during the distressed period he experienced. When he entered the trade, it was even tighter. Spread DV01 was about 4k. Assume we got half of mid to bid each way - 2x1.25x4k=10k From: Stewart Oldfield Sent: Monday, July 11, 2016 10:27 AM To: Vahe Stepanian Cc: Brianna Fowler; Daniel Sabba; Mathew Negus; Alastair Mackinlay; Nina Tona Subject: RE: Southern Financial revs [I] Classification: For Internal use only How do you keep the different desks honest on this stuff? $10k total pnl to unwind a $10mm CDS trade seems very low. Thanks From: Vahe Stepanian Sent: Friday, July 08, 2016 4:41 PM To: Stewart Oldfield Cc: Brianna Fowler; Daniel Sabba; Mathew Negus; Alastair Mackinlay; Nina Tona Subject: RE: Southern Financial revs [I] Classification: For Internal use only Stew — I checked my records and I believe that there were only unwinds in 2016 outside of brokerage (i.e. Swaps, FX, etc.). I found the following revenue generated in January 2016 (see attached): 1. Unwound JPYKRW Forward, $10mm notional, P&L: $12,863 (all to Wealth Management b/c done in STG) 2. Unwound Syr Brazil CDS Protection, $10mm, P&L: $5,000 (S0% to Wealth Management) In the brokerage acct, I show the following: 1. 5/16/16 — sell 400 SITE - $50.00 total revs 2. 1/11/16 — buy 250k AAPL - $15,000 total revs Please let me know if you have questions or if you know otherwise. Best, Vahe From: Vahe Stepanian Sent: Wednesday, July 06, 2016 6:05 PM To: Stewart Oldfield; Mathew Negus Cc: Brianna Fowler Subject: RE: Southern Financial revs [I] CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086997 CONFIDENTIAL SDNY_GM_00233181 EFTA01385678