:OP ad vtvottitztat.“ (o. r itvon Itrttt ....bltat roevM On a, 4›. ..../1450V Ut. 'Pc/4 <. tett it, :et • 2 1 • 6 ▪ • as 41!••• cr.,: 3 it et •.•!J $ • 1. • 1,,) 1OJt- f SWAP taakt t I tlabowatItIory. Inn Cle.nOC DIM Attn: • tn. *onto. ttolato VAITItePSIIIPAIe O 1...'Y.. &two.. InbatC O Cow Moll. , a I, to O fa • ............o...0. fro nhApicim.u.:cin ,.. comes II Arnow „Coos, • hposoot • Z• is N. WS Po0,49,n•ItrItONAII Conon onzOinwn..VOSIK Linea lit ouiVC41"0.02•3 6600. Moon replan roltaMort I woes ,moss inn rwain• um." t. vase* Xes X vx.rds x Cot Xs DP • PabilMIII t..sote MVI.tne "Ww$,..0 • .• • • • • ak • • to' ' •••'' Re • :4:t !HIS, ...«..,.Ya..M*-nt:Ccritettfltst Stet a —I odEttuflV MOS Con."6.rokt Sc .11•0/•01 NC oltrlt II /tn.* lir p aw newt Wit ttrIlLOI VW IMMO) I.0 sato VW WIlaSto .:axe r. ....5.1.0Wtroittn. Illo siall tly.A•Vt, W. otnontan.0 VW NtotMata N btWOlt. lolionsert* Awes. --Pow. •••••• (Walt I ti Andrew Xu, CFA Original Message From: Vahe Stepanian Sent: Thursday, February 19, 2015 1:39 PM To: Roddy Moore Cc: Troy-D Williams; Andrew Xu; Daniel Sabba Subject: FW: Margin Call from DEUTSCHE BANK AG (M) to SOUTHERN FINANCIAL, LLC (8032932) for USD 340,000.00 [I] Classification: For internal use only Roddy- I just received the attached margin call from Paul Morris. Can you please make sure that Daniel Sabba and myself are added, while Tazia Smith and Kevin Quinn are removed? More importantly, I would appreciate if you could walk me through what exactly triggered the margin call. I looked at the valuation statements and was unable to conclude what triggered it. Will hop on the phone with the client to move assets around as soon as I have a better understanding. I have attached the past two valuation statements for your convenience. Will call you shortly to follow up. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 116077 CONFIDENTIAL SDNY_GM_00262261 EFTA01456782