EFTA Document EFTA01420921

Subject: RE: SF OTC trade on the books C From: Davide-A Sferrazza Date: Mon, 11 Feb 2019 18:18:53 -0500 To: Richard Kahn "Darren Indyke Cc: Stewart Oldfield Martin Zeman <[email protected]>, Liam Osullivan <[email protected]> Classification: Confidential Darren and Rich, The password for the NPV document = winter2019 Please let me know if you have any issues. Regards, Davide {https://brandportal.intranet.db.com/img/modules/logogrey.gif} Davide Sferrazza Investments & Trading I Institutional Wealth Partners Deutsche Bank Securities Inc. Deutsche Bank Wealth Management 345 Park Avenue, 24th Floor New York. NY. 10154. USA Visit us: http://deutschewealth.com {https://brandportal.intranet.db.com/img/modules/positive_impact_ENG.gif} EFTA01420921 IWP products and services are intended for and available only to sophisticated, experienced investors who qualify as "institutional accounts" under FINRA Rule 4512(c)(3), and are capable of evaluating the investment benefits and risks of, and exercising independent judgment in evaluating and determining whether to enter into, sophisticated trading strategies and financial transactions. Transactions are subject to relevant internal approvals of Deutsche Bank or its affiliates prior to execution, and no transaction, idea or opportunity discussed herein may be executed unless you are a client of Deutsche Bank and of the Institutional Wealth Partners group (IWP). Material herein regarding IWP products, investment ideas and solutions is for discussion purposes only. While brokerage services offered through the IWP Americas desk may include investment recommendations and brokerage advice, IWP does not provide investment management or investment advisory services, and private market opportunities and other products and services available through IWP are offered only on a non-advisory basis. This communication is confidential and personal to you, solely for your information and for discussion purposes only, and does not create any legally binding obligation. Reproduction or distribution of any material herein without our written consent is strictly forbidden. From: Liam Osullivan ( Sent: Thursday, Februar 07, 2019 12:44 PM To: Richard Kahn ; Darren Indyke Cc: Stewart Oldfield >; Martin Zeman ; Davide-A Sferrazza Subject: RE: SF OTC trade on the books [C] Classification: Confidential Darren & Rich, EFTA01420922 Today's transactions in SFLLC: Sold 2,500m COFP 4.407 08/06/19 at 101.275 Euros Sold 2,588,924.52 Euros at 1.13334 The EUR Forward has been unwound. We will have final details when the present value calculations are complete. Thank you, Liam fhttps://brandportal.intranet.db.com/img/modules/logogrey.gifl Liam O'Sullivan Investments & Trading I Institutional Wealth Partners DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue. New York. NY 10154-0004, USA Visit us: http://deutschewealth.com. {https://brandportal.intranet.db.com/img/modules/positive_impact_ENG.gif} Prepared on 02/07/2019 Source: Pershing NetX 360 Unofficial trade confirmations use information from sources that the firm believes to be reliable, but Deutsche Bank Securities Inc. cannot guarantee the accuracy of this information, or the reliability of these sources. Please refer to your official account statements and confirmations for all trade information EFTA01420923 IWP products and services are intended for and available only to sophisticated, experienced investors who qualify as "institutional accounts" under FINRA Rule 4512(c)(3), and are capable of evaluating the investment benefits and risks of, and exercising independent judgment in evaluating and determining whether to enter into, sophisticated trading strategies and financial transactions. Transactions are subject to relevant internal approvals of Deutsche Bank or its affiliates prior to execution, and no transaction, idea or opportunity discussed herein may be executed unless you are a client of Deutsche Bank and of the Institutional Wealth Partners group (IWP). Material herein regarding IWP products, investment ideas and solutions is for discussion purposes only. While brokerage services offered through the IWP Americas desk may include investment recommendations and brokerage advice, IWP does not provide investment management or investment advisory services, and private market opportunities and other products and services available through IWP are offered only on a non-advisory basis. This communication is confidential and personal to you, solely for your information and for discussion purposes only, and does not create any legally binding obligation. Reproduction or distribution of any material herein without our written consent is strictly forbidden. From: Richard Kahn [mailto: Sent: Thursday, Februar 07, 2019 9:51 AM To: Liam Osullivan Cc: Stewart Oldfield Davide-A Sferrazza u jec : e: rade on the books [C] please sell this bond at 101.25 or better Martin Zeman EFTA01420924 once bond settles i would like to exchange euros for USD then take off our hedge please call darren to confirm thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 On Feb 7, 2019, at 9:10 AM, Liam Osullivan wrote: Classification: Confidential Rich, The indication on the 2,500m COFP 4.407 08/06/19 is 101.25. Thank you, Liam EFTA01420925 <image001.gif> Liam O'Sullivan Investments & Trading I Institutional Wealth Partners DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154-0004, USA Visit us: http://deutschewealth.com. <image003.gif> IWP products and services are intended for and available only to sophisticated, experienced investors who qualify as "institutional accounts" under FINRA Rule 4512(c)(3), and are capable of evaluating the investment benefits and risks of, and exercising independent judgment in evaluating and determining whether to enter into, sophisticated trading strategies and financial transactions. Transactions are subject to relevant internal approvals of Deutsche Bank or its affiliates prior to execution, and no transaction, idea or opportunity discussed herein may be executed unless you are a client of Deutsche Bank and of the Institutional Wealth Partners group (IWP). Material herein regarding IWP products, investment ideas and solutions is for discussion purposes only. While brokerage services offered through the IWP Americas desk may include investment recommendations and brokerage advice, IWP does not provide investment management or investment advisory services, and private market opportunities and other products and services available through IWP are offered only on a non-advisory basis. This communication is confidential and personal to you, solely for your information and for discussion purposes only, and does not create any legally binding obligation. Reproduction or distribution of any material herein without our written consent is strictly forbidden. EFTA01420926 From: Richard Kahn [mailto: Sent: Thursday, February 07, 2019 8:49 AM To: Liam Osullivan <[email protected]> Cc: Stewart Oldfield Subject: Fwd: SF OTC trade on the books can you please show us market where this bond can be sold thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Stewart Oldfield Subject: SF OTC trade on the books Date: February 6, 2019 at 12:10:25 PM EST To: Richard Kahn a Rich, EFTA01420927 Please see below. You have one outstanding OTC position on, which should be straightforward to unwind. Note that it is hedging a bond you own. Thanks From: Davide-A Sferrazza Sent: Wednesday, February 06, 2019 12:05 PM To: Stewart Oldfield ‹ > Subject: Southern Financial OTC trade on the books Stew, Southern Financial LLC (account N4G023804) holds EUR 2.5mm face of COFP 4.407 08/06/19: TRADE DATE QUANTITY DESCRIPTION CUSIP MARKET PRICE (POSITION CCY) POSITION VALUE (POSITION CCY) EFTA01420928 FX RATE (TO USDE) POSITION VALUE (USDE) TYPE 2,500,000.0000 CASINO, GUICHARD-PERRACHON SA ISIN#FR0011301480 4.407% 08/06/19 REG DTD 08/03/12 N/C F1413LCN4 99.6200 2,490,500.00 1.14070 2,840,913.35 CORPORATE DEBT We executed a EURUSD forward (v/d 06 Aug 19) that is still on the books. MtM is $87k in favor of client, per latest valuation statement: <image004.jpg> EFTA01420929 Southern Financial LLC (account N4G026161) holds 100k shares of AAPL and some cash from dividends as collateral for OTC trades: TRADE DATE QUANTITY SYMBOL DESCRIPTION CUSIP MARKET PRICE (POSITION CCY) POSITION VALUE (POSITION CCY) FX RATE (TO USDE) POSITION VALUE (USDE) TYPE 100,000.0000 AAPL EFTA01420930 APPLE INC COM 037833100 175.4600 17,546,000.00 1.00000 17,546,000.00 EQUITY 73,091.3300 DBDA INSURED DEPOSITS PROGRAM PER980411 1.0000 73,091.33 1.00000 73,091.33 MONEY FUND Client would need to unwind the FX hedge, at which point we could consolidate the Southern Financial LLC assets (i.e. move assets from the collateral account to the main trading account). EFTA01420931 Regards, Davide <image001.gif> Davide Sferrazza Associate I Investments & Trading Deutsche Bank Securities Inc. Deutsche Bank Wealth Management 345 Park Avenue, 24th Floor New York. NY. 10154. USA Visit us: http://deutschewealth.com <image003.gif> Institutional Wealth Partners IWP products and services are intended for and available only to sophisticated, experienced investors who qualify as "institutional accounts" under FINRA Rule 4512(c)(3), and are capable of evaluating the investment benefits and risks of, and exercising independent judgment in evaluating and determining whether to enter into, sophisticated trading strategies and financial transactions. Transactions are subject to relevant internal approvals of Deutsche Bank or its affiliates prior to execution, and no transaction, idea or opportunity discussed herein may be executed unless you are a client of Deutsche Bank and of the Institutional Wealth Partners group (IWP). Material herein regarding IWP products, investment ideas and solutions is for discussion purposes only. While brokerage services offered through the IWP Americas desk may include investment recommendations and brokerage advice, IWP does not provide investment management or investment advisory EFTA01420932 services, and private market opportunities and other products and services available through IWP are offered only on a non-advisory basis. This communication is confidential and personal to you, solely for your information and for discussion purposes only, and does not create any legally binding obligation. Reproduction or distribution of any material herein without our written consent is strictly forbidden. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01420933 EFTA01420934