From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Monthly TWTR Swap Reset [C] Date: Wed, 01 Jul 2015 17:28:58 +0000 Attachments: 612676 Reset Statement.docx Inline-Images: image001.gif; image002.gif Recap of Position thru 6-29-2015 TWTR Trade $ received for call sold 728,278 unrealized loss of closing 6/29 (269,300) 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 settlement thru 5/27 with interest (1,529,290) June Unrealized 6/29 (222,928) NET UNREALIZED LOSS TWTR AS OF 6/29 (37,342) CALCULATION TWTR Stock 5-27 TWTR Stock 6-29 Reduction in Price 36.41 34.21 2.20 x 100,000 Notional = 220,000 Interest CALCULATION 100,000 Notional x TWTR Spot as of 5-27-2015 36.41 = 3,641,000 Notional for Interest Calculation 3,641,000 x 0.96650% (1 month libor + 75 basis points) = 35,190.26 /12 months = 2,932 vs DB calculation of 2,928 Please advise if ok to have DB debit account for 222,928 (220,000 + 2,928) Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell EFTA01200248 Begin forwarded message: From: Ariane Dwyer < To: Richard Kahn < Cc: Vahe Ste anian Indyke Subject: Monthly TVVTR Swap Reset [C] Date: July 1, 2015 at 11:57:57 AM EDT Classification: Confidential Hi Rich, Daniel Sabba < >, Darren Can you please confirm you agree with the details below 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: 222,928.38 Reset Date: 06/29/2015 Value Date: 07/02/2015 Interest: 2,928.38 Equity: 220,000.00 Note that the last reset date was 5/27/2015, and additional details are included on attachment. Password will follow in a separate email. Best, Ari (7-gt:linecia Thera Ariane Dwyer Analyst I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26 New York. NY. 10154-0004 Tel. Emai EFTA01200249 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. EFTA01200250