Subject: RE: Southern Financial Call Update: 6/3/2015 [I] From: Stewart Oldfield Date: Wed, 03 Jun 2015 16:16:51 -0400 To: Vahe Stepanian Paul Morris Cc: Daniel Sabba Ariane Dwyer Classification: For internal use only Absolutely correct. We saw the same thing at CS when we did these trades. Most clients assumed they would hold to maturity From: Vahe Stepanian Sent: Wednesday, June 03, 2015 4:14 PM To: Paul Morris; Stewart Oldfield Cc: Daniel Sabba; Ariane Dwyer Subject: Southern Financial Call Update: 6/3/2015 [I] 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. Mobile Email All trade execution information contained herein is being provided as an EFTA01405037 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. EFTA01405038