From: Daniel Sabba

From: Daniel Sabba To: "Jeffrey E." <[email protected]≥ CC: Richard Kahn Subject: Date: Attachments: nline-Images: Vahe Ste anian < , Paul Morris , "Jeanne Brennan" RE: Monthly TWTR Swap Reset [SC] Tue, 02 Jun 2015 12:07:39 +0000 612676_-_SF.DOCX itnage001.jpg Stewart Oldfield ,Ariane Dwyer Classification: Strictly Confidential Resending per previous email. The password for the attachment is "sf2015". From: Daniel Sabba Sent: Thursday, May 28, 2015 3:52 PM To: 'Jeffrey E.' Cc: Richard Kahn; Vahe Stepanian; Ariane Dwyer; Paul Morris; Stewart Oldfield; Jeanne Brennan Subject: FW: Monthly TWTR Swap Reset [SC] 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 EFTA01192818 TWTR US S r 37.03 - a At 14:59 Vol 13,867,990 0 36.49T TWTR US Equity 96) txport Twitter Inr Range Market View rmr--Dice rr 05/29/15 Th 05/28/15 We 05/27/15 kat. . Staff . kffiaMan s AkSay .. • nyAntAir r Mo 05/25/15 Flo 05/04/15 Fr 05/22/15 36.60 9,861,815 Fr 05/01/15 Th 05/21/15 36.68 17,447,682 Th 04/30/15 We 05/20/15 36.78 23,404,469 We 04/29/15 Tu 05/19/15 37.50 26,941,996' Tu 04/28/15 Flo 05/18/15 37.28 11,237,346 Ho 04/27/15 Fr 05/15/IS 37.10 16,799,060 Fr 04/24/15 Th 05/14/15 3733 14,259,607 Th 04/23/15 We 05/13/15 37.72 14,075,331 We 04/22/15 Tu 05/12/15 37.48 11,792,938; Tu 04/21/15 too 05/11/15 3731 12,329,491 Flo 04/20/15 05/28 2014 Last Price Price Table 05 28 2015 Volume Last Price 37.00 36.41 Period Pt Currency N37.02 /37.03K 16x19 H 37.330 L 36.37D Val .512.48M USD Volume; — r'Last Pricer Fr 05/08/15 37.59 13,834,808 Th 05/07/15 37.71 14,463,568 We 05/06/15 37.26 1 6 High 55.42 on 10/08/14 Low 31.75 on 06/02/14 Average 43.2898 24,423,300 Net Chg 3.23 9.56% Volume) Date! Last Pricey votive 14,395,832 I4 04/1//15 50.66 16,676,896 21,258,764 7h 04/16/15 52.03 14,313,301 29,107,858 We 04/15/15 51.30 13,192,067 37.88 37.84 38.96 38.49 42.27 51.66 50.82 51.41 51.73 51.32 51.40 27,622,537 no 04/13/15 51.62 12,306,515 37,785,543 Fr 04/10/15 46,651,477 Th 04/09/15 120,488,557 We 04/08/15 77,336,612 Tu 04/07/15 23,991,902 Flo 04/06/15 14,896,860 Fr 04/03/15 11,490,400 Th 04/02/15 11,479,493 VIe 04/01/15 8,461,283 Tu 03/31/15 11,004,476 Ho 03/30/15 51.94 52.17 52.30 52.87 50.84 50.42 50.47 50.08 49.89 13,271,155 17,877,667 22,368,922 37,080,755 14,539,680 13,423,909 24,299,197 23,898,381 20,365,393 Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. +1 212 454-1539 Mobile +1 347 854-4676 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. EFTA01192819