EFTA01376493

Sent: Friday, July 31, 2015 11:49 AM Eastern Standard Time To: Paul Moths; Daniel Sabba Cc: Stewart Oldfield; Ariane Dwyer Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] [I] Classification: For internal use only Paul —JEE has not come back to us RE: TWTR. We've followed up via phone call and email. Thank you, Vahe From: Paul Morris Sent: Friday, July 31, 2015 11:13 AM To: Daniel Sabba Cc: Vahe Stepanian; Stewart Oldfield Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Hi what was decision here? Thx ----Original Message-----From: Daniel Sabba Sent: Thursday, July 30, 2015 10:00 AM Eastern Standard Time To: 'Jeffrey E.' Cc: Paul Moths; 'Richard Kahn; Vahe Stepanian; Ariane Dwyer, Stewart Oldfield Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] classification: Confidential Jeffrey, please see below offers to unwind the short call position only: For TWTR reference of $31.60 the cost to unwind is $1.89/share with a delta of 32%. This assumes we work our execution and delta adjust price. There will be a change in IA for the TRS once the call is unwound, as the IA of long TRS + short calls is lower than simply long TRS. We are waiting to hear back from our credit team on what this change would be and will advise. Regards, Daniel From: Vahe Stepanian Sent: Tuesday, January 27, 2015 5:50 PM To: Daniel Sabba; Jeffrey E. Cc: Paul Morris; Richard Kahn Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet. Total Return Swap: Swap Seller: DB CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072685 CONFIDENTIAL SDNY_GM_00218869 EFTA01376493