From: Daniel Sabba

From: Daniel Sabba To: "jeffrey C•." [email protected]> CC: Richard Kahn Subject: Date: Attachments: Inline-Images: Vahe Ste anian < , Paul Morris , "Jeanne Brennan" FW: Monthly TWTR Swap Reset [SC] Thu, 28 May 2015 19:52:04 +0000 612676_-_SF.DOCX image002.jpg Stewart Oldfield , Ariane Dwyer Classification: Strictly Confidential Jeffrey — per our conversation, in the past three reset payments, DB paid Southern Financial $1,255,898.01 ($905,092.06 for February's reset, $189,549.51 for March's and $161,256.44 for April's). With the $1,529,290.08 reset payment for May, Southern Financial will have net paid $273,392.07 to DB. The change in option premium as of yesterday's close was $357,952.72 in favor of Southern Financial (DB paid Southern Financial $728,278.28 and this option was marked yesterday at close at $370,325.56). Please let us know if you have questions, Daniel From: Vahe Stepanian Sent: Thursday, May 28, 2015 3:39 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; Jeanne Brennan Subject: Monthly TWTR Swap Reset [SC] Classification: Strictly Confidential Rich- please confirm you agree with the below details of the monthly Twitter swap settlement. We will call Darren to verbally confirm wire transfer to DBAG London after receipt of your approval. DB Receives 1,529,290.08 USD Reset Date: 27-May-2015 Value Date: 01-June-2015 Interest: 4,290.08 Equity: 1,525,000.00 Note that the last reset date was 4/27/2015, and additional details are included on attachment (password will follow under separate cover). I've also included a Bloomberg screenshot with TWTR closing prices below for your convenience. Thank you, Vahe EFTA01136778 $TWTR US $ T 37.03 +.62 N37.02 /37.03K 16x19 a At 14:59 Vol 13,867 990 0 36.49T H 37.33D L 36.37D Val 512.4811 Twitter Inc Range Market View Period Currency High Low Average Net Chg 55.42 31.75 43.2898 3.23 on on e 10/08/14 06/02/14 24,423,300 9.56% Vo time ri 05/29/15 it 05/08/15 37.59 14,395,832 0 04/17/15 50.66 16,676,896 Th 05/28/15 37.00 13,834,808 Th 05/07/15 37.71 21,258,764 NI 04/16/15 52.03 14,313,301 We 05/27/15 36.41 14,463,568 We 05/06/15 37.26 29,107,858 We 04/15/15 51.30 13,192,067 Tu 05/26/15 36.51 13,068,502 Tu 05/05/15 37.42 22,605,023 Tu 04/14/15 51.20 12,231,640 Mo 05/75/15 Flo 05/04/IS 37.88 27,622,537 Mo 04/13/15 51.62 12,306,515 Fr 05/22/15 36.60 9,861,815 Fr 05/01/15 37.84 37,785,543 Fr 04/10/15 51.94 13,271,155 Th 05/21/15 36.68 17,447,682. Th 04/30/15 38.96 46,651,477 Th 04/09/15 52.17 17,877,667 We 05/20/15 36.78 23,404,469 We 04/29/15 38.49 120,488,557 Vie 04/08/15 52.30 22,368,922 Tu 05/19/15 37.50 26,941,996: Tu 04/28/15 42-27 77,336,612 Tu 04/07/15 52.87 37,080,755 Mo 05/18/15 37.28 11,237,346 Mo 04/27/15 51.66 23,991,902 Mo 04/06/15 50.84 14,539,680 Fr 05/15/15 37.10 16,799,060 Fr 04/24/IS 50.82 14,896,860 Fr 04/03/15 Th 05/14/15 37.33 14,259,607 Th 04/23/15 51.41 11,490,400 Th 04/02/15 50.42 13,423,909 We 05/13/15 37.72 14,075331 We 04/22/IS 51.73 11,479,493 tie 04/01/15 50.47 24,299,197 Tu 05/12/15 37.48 11,792,938 Tu 04/21/15 51.32 8,461,283 Tu 03/31/15 50.08 23,898,381 No 05/11/15 3731. 12,329,491 Mo 04/20/15 51.40 11,004,476 tie 03/30/15 49.89 20,365,393 Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. 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 shalt 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. EFTA01136779