EFTA01383622

Optional Early Commissions: Initial Strike: European Call Option Seller: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client receives: $728,278.28 (18.69%) Termination: Applicable, 3 days (two-way) $0.03 per share in and out $38.9662 (Gross) / $38.9962(Net) options on TWTR: Southern Financial LLC DB 100,000 $3,896,620.00 Call European 1/27/2016 $38.9662 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: Swap Buyer: Ticker: Size: Expiry: Spread: Resets: Monthly 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 DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 1mL+ 75bps European Call options on TWTR: Option Seller: Option Buyer: Notional: Expiry: Strike: Bid: Regards, Daniel Southern Financial LLC DB 100,000 OTC Call 1/27/2016 100% of TRS Initial Strike 18.69% CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0083364 CONFIDENTIAL SDNY_GM_00229548 EFTA01383622