From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Monthly TWTR Swap Reset [SC] Date: Thu, 28 May 2015 20:00:27 +0000 Attachments: 612676 - SF.DOCX Inline-Images: image002.jpg my summary is as follows: $ received for call sold 728,278 unrealized loss of closing call 5/27 -370,326 feb settlement less int paid 905,092 march settlement less int paid 189,550 april settlement thru 4/27 less int paid 161,256 may unrealized loss 5/27 with interest /1,529,290) NET UNREALIZED GAIN TWTR AS OF 5/27 84,560 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Daniel Sabba To: "Jeffrey E." <jeevacation mail.corn> Cc: Richard Kahn < , Vahe Stepanian < Ariane D er < >, Paul Morris < , "Jeanne Brennan" < Subject: FW: Monthly TWTR Swap Reset [SC] Date: May 28, 2015 at 3:52:04 PM EDT Classification: Strictly Confidential >, Stewart Oldfield 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. EFTA01136788 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; Mane 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 Intriz us $ T 3 7 -03 +.62 N37.02/37.03K 16x19 At 14:59 Vol 13,867 990 016 450T H17 11D L16 17D Val 512.42M _ _ TWTR US Equity twitter Inc Range market View Date Last Price Fr OS/J9/14. Th 05/28/15 37.00 We 05/27/15 36.41 Tu 05/26/15 36.51 ito 05/25/15 99 xport to Excel Page 1/6 Historical Price Table 05 28 2014 n Last Price Price Table 05 28 2015 Volume Dail USD moll 55.41 on 10/08/14 Low 31.75 on 06/02/14 PI Average 43.7898 24,423,300 N Net (Is) 3.23 9.56% Volume Date Last Price Volume Date La I i 05/08/15 37.59 14,395,832 I i 04/1//15 50.66 16,676,896 13,834,808 Th 05/07/15 37.71 21,258,764 I h 04/16/15 52.03 14,313,301 14,463,568 We 05/06/15 3726 29,107,858 We 04/15/15 51.30 13,192,067 13,068,502 Tu 05/05/15 37.42 22,605,023 Tip 04/14/15 5120 12,231,640 Ho 05/04/15 37.88 27,622,537 Mo 04/13/15 5162 12,306,515 Fr 05/22/15 36.60 9,861,815 Fr 05/01/15 37.84 37,785,543 Jr 04/10/15 51.94 13,271,155 Th 05/21/15 3468 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 We 04/08/15 52.30 22,368,922 Tu 05/19/15 3750 26,941,996 1u 04/28/15 42.27 77,336,612 I u 04/07/15 52.87 37,080,755 no 05/18/15 3728 11,237,346 Flo 04/27/15 51_66 23,991,902 Ito 04/06/15 50.84 14,539,680 N 05/15/15 37.10 16,799,060 Fr 04/24/15 50.82 14,896,860 I i 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 14,075,331 We 04/22/15 51.73 11,479,493 We 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 Iu 03/31/15 50.08 23,898,381 tIe 05/11/15 37.31 12,329,491 Flo 04/70/15 51.40 11,004,476 no 03/30/15 49.89 20,365,393 EFTA01136789 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 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. EFTA01136790