EFTA01383241

From: Vahe Stepanian Sent: 7/7/2015 10:27:30 AM To: Troy-D Williams Roddy Moore CC: Paul Morris Stewart Oldfield Daniel Sabba Andrew Xu Subject: Southern Financial and Southern Trust ISDA/CSAs Attachments: Fully Executed SFLLC ISDA 10.29.2013.pdf; Fully Executed SIC ISDA 10.29.2013.pdf; STC SFLLC Haze FS Nov 2014.pdf Classification: For internal use only Troy/Roddy — we are following up on our conversations last week regarding Southern Financial and Southern Trust's existing ISDAs with Deutsche Bank. As mentioned, the CSAs currently have USD 40mm and USD 10mm "Tier I Ceiling Limit" respectively (ISDA/CSAs are attached). The client has requested that we increase Southern Financial LLC's Tier I Ceiling Limit to USD 100mm. On Thursday 7/2/15, Southern Financial sold EURUSD calls to offset the cost of purchasing EURUSD puts, which required that SFLLC post collateral. Per the STG FX desk, given the size of the sold calls (EUR 75mm notional), Southern Financial is using up a significant portion of its' current Tier 1 capacity per the CSA. Given the client has already indicated that he may wish to add to his positions, we would like to understand the process by which we can amend the CSA to grant the client additional capacity. Back in November 2014 (<1y), we received the attached updated financials from the client by which DB drafted a Global Master Repurchase Agreement (GMRA). If possible, can we leverage these financials to revise the client's existing ISDA and/or CSA? The financials indicate that between the two entities, the client has > $105mm of cash and cash equivalents. Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082932 CONFIDENTIAL SDNY_GM_00229116 EFTA01383241