EFTA01363916

From: Ariane Dwy Sent: 8/25/2015 4:20:05 PM To: Richard Kahn CC: Darren lndyk Daniel Sabha Vahe Stepanian Paul Morris ; Stewart Oldfield Subject: RE: Southern Financial Margin Call Hi Rich, We are transferring 32,620 shares of AAPL based on the 50% haircut rate. No call back is necessary. Best, Ari From: Richard Kahn Sent: Tuesday, August 25, 2015 3:29 PM To: Ariane Dwyer Cc: Darren Indyke; Daniel Sabba; Vahe Stepanian; Paul Morris; Stewart Oldfield Subject: Re: Southern Financial Margin Call mr epstein said he would like to transfer shares of apple please call darren on his cell phone if you need verbal confirmation thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 On Aug 25, 2015, at 2:52 PM, Ariane Dwyer wrote: Rich, Please find attached a margin call issued for Southern Financial for $1,680,000. The call can be primarily attributed to the EURUSD Risk Reversals which had a large change in mark-to- market value from Friday's to Monday's close given the EURUSD decline. For additional details please find attached Southern Financial's Valuation Statements since Friday as well as today's Exposure Statement. Please let us know if you would like us to transfer cash from the main account to the margin account, or alternatively, if you would like us to transfer AAPL shares. Best, Ari CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0054384 CONFIDENTIAL SDNY_GM_00200568 EFTA01363916