From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Dispersion Call Option [C] Date: Mon, 07 Dec 2015 15:08:55 +0000 bid this am is 24,996 or 0.60% of 4,166,000 expiration is 12/18/2015 please advise thank you Richard Kahn Begin forwarded message: From: Ariane Dwyer Subject: RE: Dispersion Call Option [C] Date: December 7, 2015 at 9:36:58 AM EST To: Richard Kahn < Cc: Daniel Sabba < >, Paul Stewart Oldfield >, Vahe Stepanian Hi Rich, yes that is correct. From: Richard Kahn fmailto: Sent: Monday, December 07, 2015 9:23 AM To: Mane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: Dispersion Call Option [C] please confirm bid of 0.60% converted to dollars is 24,996 thank you Richard Kahn HBRK Associates Inc. EFTA00645183 fax 646-350-0954 cell 917-414-7584 On Dec 7, 2015, at 9:19 AM, Ariane Dwyer Good morning Rich, Per your request please find below the details from the trader: Underlying Spots .HSCE 9,822.72 .N225 19,749.28 .SPX 2,088.14 .STOXX50E 3,379.00 33.59 Realized dispersion: —9.97% (using above spot references) Indicative bid: 0.60% Best, Ari From: Vahe Stepanian Sent: Monday, December 07, 2015 8:56 AM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: Dispersion Call Option [C] wrote: Classification: Confidential Good morning Rich - yes, I will request from traders and be back to you. Thank you, Vahe From: Richard Kahn [mailto: Sent: Monday, December 07, 2015 8:52 AM To: Vahe Stepanian Cc: Daniel Sabba; Mane Dwyer; Paul Morris; Stewart Oldfield Subject: Re: Dispersion Call Option [C] Can you please have traders provide me with a bid I can present to mr Epstein. Thank you. Sent from my iPhone On Dec 4, 2015, at 1:56 PM, Vahe Stepanian < > wrote: Classification: Confidential One more point worth mentioning - the realized dispersion when we spoke on Wednesday was - 9.95%. This decline from 9.95% to 9.41% would also affect the indicative bid of the option. From: Vahe Stepanian Sent: Friday, December 04, 2015 1:09 PM EFTA00645184 To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: Dispersion Call Option [C] Classification: Confidential Rich - please note that Southern Financial did not unwind the dispersion option today as we were away from the 2.00% limit per my conversation with you and Darren. The indicative bid is currently 0.90% since there is little time left to expiry and the time decay is significant. Realized dispersion is —9.41% given the following spot references: Underlyings Spots .HSCE 9.886.39 .N225 19.628.76 .SPX 2.081.58 .STOXX50E 3.34603 33.79 Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. 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. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00645185 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00645186