From: Vahe Stepania Sent: 3/28/2016 • • To: Paul Morn Subject: FW: Brazil tra e i ea Classification: For Internal use only Friday From: Paul Morris Sent: Monday, March 28, 2016 1:30 PM To: Vahe Stepanian Subject: RE: Brazil trade idea [C] Hi no problem thanks Btw when is Ari last day? Original Message---- From: Vahe Stepanian Sent: Monday, March 28, 2016 01:28 PM Eastern Standard Time To: Paul Morris Subject: FW: Brazil trade idea [C] Classification: Confidential FYI, meant to CC you. Will add you if they come back. Thanks, Vahe From: Vahe Stepanian Sent: Monday, March 28, 2016 1:20 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer Subject: RE: Brazil trade idea [C] Classification: Confidential Rich — indicatively, Southern Financial can purchase Smm PETBRA 5 Yi 01/27/21 @ - 82 Brazil Sy CDS (6/20/21 maturity) is currently @ 380 x 385. We will need to refresh before trading. Please let us know if you have questions. Thank you, Vahe From: Richard Kahn Sent: Monday, March 28, To: Vahe Stepanian CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 120769 CONFIDENTIAL SDNY_GM_00266953 EFTA01459963