EFTA01358243

From: Stewart Oldfield Sent: 1/27/2015 2:30:25 PM To: Paul Morris Subject: RE: Trade Recap - 01/27/2015 - long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Thanks. I must have upset Daniel at some point in time. TWTR is down 2.5% today, but well off of its lows. The rest of the market is about the same From: Paul Morris Sent: Tuesday, January 27, 2015 2:26 PM To: Stewart Oldfield Subject: Fw: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential From: Daniel Sabba Sent: Tuesday, January 27, 2015 02:13 PM To: jeffrey E. <iee9Cation@gmailcom> Cc: Vahe Stepanian; Paul Morris; Richard Ka!riAMIIIIIIMNT Subject: Trade Recap - 01/27/2015 - Long on y , o y calls [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through ly TRS. Southern Financial went short TWTR US ly European Calls struck at 100%. Initial strike on both transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions is 30% of Notional. Termsheet and official confirm to follow. Total Return Swap Seller: Swap Buyer: Ticker: Size: Expiry: Spread: Resets: Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: commercially reasonable VWAP until today's close Swap: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 1mL+ 75bps Monthly European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: Notional: Expiry: Strike: Bid: Regards, Daniel DB 100,000 OTC Call 1/27/2016 100% of TRS Initial Strike 18.69% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0045725 CONFIDENTIAL SDNY_GM_00191909 EFTA01358243