EFTA01479298

Subject: RE: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] [C] From: Paul Morris a> Date: Tue, 14 Jul 2015 09:56:47 -0400 To: Daniel Sabba <a> Classification: Confidential Just got off phone with him, general stuff let's connect later Paul Morris Managing Director Deutsche Bank Private Bank From: Daniel Sabba Sent: Tuesday, July 14, 2015 9:43 AM To: jeffrey E. Cc: Vahe Stepanian; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] [C] Classification: Confidential Jeffrey — I just gave you a ring with an update on this. We are on al Thanks, Daniel From: Daniel Sabba Sent: Monday, July 13, 2015 2:17 PM To: 'jeffrey E.' Cc: Vahe Stepanian; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] [I] EFTA01479298 Classification: For internal use only Jeffrey - yes, CDS exist in these names and they are typically transacted in Singapore/Dubai/London hours. We will get back to you tomorrow with an update on DB's ability to make markets in these names. Per Bloomberg levels, Morocco is at 182 bps and China is at 92 bps (these are mid levels for five year protection and are not tradable). Can you please give us a sense on notional sizes you have in mind? From: jeffrey E. [mailto:[email protected]] Sent: Monday, July 13, 2015 1:53 PM To: Vahe Stepanian Subject: Re: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice [SC] thanks, are there cds for china and or moroco? On Mon, Jul 13, 2015 at 1:15 PM, Vahe Stepanian wrote: Classification: Strictly Confidential Jeffrey — just want to make sure you saw ASNA is trading down —14% today to $14.09/sh. on the back of the company cutting its profit forecast. Additional detail is included in Bloomberg article below. Recall that you own 70,500 ASNA at $21.2765/sh. cost basis purchased in 2001. EFTA01479299 Thank you, Vahe fcid:[email protected] Original Message From: Vahe Stepanian (DEUTSCHE BANK SECURI) [mailto:[email protected]] Sent: Monday, July 13, 2015 12:57 PM Subject: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice Sales This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. --+ Ascena Falls After Cutting Profit Forecast on Slow Justice Sales EFTA01479300 2015-07-13 15:24:53.444 GMT By Lindsey Rupp (Bloomberg) -- Ascena Retail Group Inc. fell the most in more than nine months after cutting its profit forecast for the year because of slower-than- expected sales at its Justice and Dressbarn stores. Earnings in the year through July 25 will be 57 cents to 60 cents a share, excluding some items, down from a previous projection of 70 cents to 75 cents, the Mahwah, New Jersey-based company said Friday in a statement. Analysts estimated 70 cents, on average. Chief Executive Officer David Jaffe is trying to revive sales at several flagging brands as mall traffic declines. He's also struggling to clear older merchandise from the Justice teen-apparel chain to focus on more versatile, everyday clothing. Ascena, which agreed to buy women's work-wear maker Ann Inc. in May for about $2.16 billion, fell as much as 16 percent to $13.80 in New York. That's the biggest intraday decline since Sept. 23. Ascena had risen 30 percent this year through the end of last week. For Related News and Information: Bloomberg Intelligence - Specialty Apparel Stores: BI APPR <GO> Top Stories: TOP <GO> To contact the reporter on this story: Lindsey Rupp in New York at To contact the editors responsi e or is s ory: Nick Turner or Kevin Orland EFTA01479301 This communication may contain confidential and/or privileged information. 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