EFTA01380963

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: 538.9662 (Gross) / $38.9962(Net) DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 lmL+ 75bps Monthly 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 LW DB 100,000 $3,896,620.00 Call European 1/27/2016 538.9662 Thank you, Vahe From: Daniel Sabba Sent: Tuesday, January 27, 2015 2:14 PM To: jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly 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: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR 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 100,000 shares 1/27/2016 lmL+ 75bps Monthly European Call options on TWTR: Option Seller: Southern Financial LLC Option Buyer: DB CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0079554 CONFIDENTIAL SDNY_GM_00225738 EFTA01380963