EFTA01374535

Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: $38.9662 (Gross) / $38.9962(Net) European Call Option Seller: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client receives: $728,278.28 (18.69%) options on TWTR: Southern Financial LLC DB 100,000 $3,896,620.00 Call European 1/27/2016 $38.9662 Thank you, Vahe 8N) Twitter Shares Slump as Executives Say Growth Will Take Tim e (1) This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. Twitter Shares Slump as Executives Say Growth Will Take Time (1) 2015-07-29 00:19:03.463 GMT (Updates with comment from Dorsey in eighth paragraph.) By Sarah Frier (Bloomberg) -- Twitter Inc. executives had a clear message for investors on Tuesday: We have a lot of work to do, and don't expect great progress anytime soon. After reporting quarterly sales that topped estimates, interim Chief Executive Officer Jack Dorsey and Chief Financial Officer Anthony Noto struck a critical tone, saying user growth won't improve until the social-media company reaches a mass market -- something that will take a mixture of product improvements and marketing. The company's efforts so far have had minimal success, they said. Shares dropped 11 percent in extended trading, after climbing as much as 12 percent following the earnings release. As Dorsey works to update Twitter's offerings to attract a broader range of users, its sales team has been making deals -- such as one with Google Inc. -- to help advertisers use the site more effectively. While Noto said the company is CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0069258 CONFIDENTIAL SDNY_GM_00215442 EFTA01374535