EFTA01456824

From: Vahe Stepanian [ Sent: 2/23/2015 2:48:55 PM To: Paul Morris I ; Amanda Kirby I CC: Daniel Sabba Subject: FW: Margin Call from DEUTSCHE BANK AG (M) to SOUTHERN FINANCIAL LLC ( for USD 380,000.00 111 Classification: For internal use only Fyi. . . original message From: Roddy Moore Sent: Monday, February 23, 2015 2:44 PM To: Ariane Dwyer; vahe Stepanian Cc: Daniel Sabba; Troy-D Williams; Andrew Xu Subject: RE: Margin Call from DEUTSCHE BANK AG () to SOUTHERN FINANCIAL, LLC a) for USD 380,000.00 [I] Classification: For internal use only Confirmed. The dynamic margin requirement is still being fed from upstream and is effectively double counting what's required. we'll get it fixed, but it may take a couple days. Roddy Moore Credit Risk Management Deutsche Asset & Wealth management Original Message From: Ariane Dwyer Sent: Monday, February 23, 2015 2:42 PM To: vahe Stepanian Cc: Daniel Sabba; Troy-D Williams; Roddy Moore; Andrew xu Subject: RE: Margin Call from DEUTSCHE BANK AG illy to SOUTHERN FINANCIAL, LLC for USD 380,000.00 [I] Classification: For internal use only Hi Vahe, I just spoke with Roddy and he confirmed the margin call was erroneous and they are in the process of fixing the error. Roddy - can you please confirm? Best, Ari Original Message From: Vahe Stepanian Sent: monday, February 23, 2015 10:30 AM To: Roddy Moore; Andrew Xu Cc: Daniel Sabba; Troy-D Williams; Ariane Dwyer Subject: RE: margin Call from DEUTSCHE BANK AG CM) to SOUTHERN FINANCIAL, LLC ) for USD 380,000.00 [I] Classification: For internal use only Roddy - following up on the below, I would like to square this away. Can you please let me know if there is a discrepancy in your systems per my conversation last week with Andrew? If not, can you please specify what triggered the initial margin call? It wasn't clear from the valuation reports, and the client will request details when we reach out to him. Thank you, vahe original Message From: Roddy Moore CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0116133 CONFIDENTIAL SDNY_GM_00262317 EFTA01456824