EFTA Document EFTA01426527

Subject: RE: SF OTC trade on the books C From: Davide-A Sferrazza < Date: Mon, 11 Feb 2019 18: . - To: Richard Kahn "Darren Indyke Cc: Stewart Oldfield Martin Zeman Liam Osulliva Classification: Confidential Hi Darren and Rich, Please find the attached NPV agreement for the EURUSD forward hedge that was closed on 7 Feb 2019 — this document will need to be signed before DB can settle the cash. The file is password protected, so I will provide the password separately. If you have any questions at all, please do not hesitate to reach out. Regards, Davide fhttps://brandportal.intranet.db.com/img/modules/logogrey.gifl 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 Tel. +1 212 454-3901 Mobile +1 631 704-4012 Email Visit us: http://deutschewealth.com EFTA01426527 {https://brandportal.intranet.db.com/img/modules/positive_impact_ENG.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. From: Liam Osullivan Sent: Thursday, Februar 07, 2019 12:44 PM To: Richard Kahn ; Darren Indyke ( •ca• Cc: Stewart Oldfield a; Martin Zeman Davide-A Sferrazza Subject: RE: SF OTC trade on the books [C] EFTA01426528 Classification: Confidential Darren & Rich, 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 Tel. +1 212 454-0453 Mobile +347 564-0612 Email Visit us: http://deutschewealth.com. fhttps://brandportal.intranet.db.com/img/modules/positive_impact_ENG.gifl 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 EFTA01426529 the accuracy of this information, or the reliability of these sources. Please refer to your official account statements and confirmations for all trade information 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, February 07, 2019 9:51 AM To: Liam Osullivan Cc: Stewart Oldfie isisireigimiginsiadisidip; Davide-A Sferrazza < Subject: Re: SF OTC trade on the books [C] EFTA01426530 please sell this bond at 101.25 or better 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 tel 212-971-1306 fax 212-320-0381 cell 917-414-7584 On Feb 7, 2019, at 9:10 AM, Liam Osullivan <[email protected]> wrote: Classification: Confidential Rich, The indication on the 2,500m COFP 4.407 08/06/19 is 101.25. Thank you, EFTA01426531 Liam <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 Tel. +1 212 454-0453 Mobile +347 564-0612 Emai 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. EFTA01426532 From: Richard Kahn [mailto: Sent: Thursday, Februar 07 2019 8:49 AM To: Liam Osullivan 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 tel 212-971-1306 fax 212-320-0381 cell 917-414-7584 Begin forwarded message: From: Stewart Oldfield Subject: SF OTC trade on the books Date: February 6, 2019 at 12:10:25 PM EST EFTA01426533 To: Richard Kahn ‹ > Rich, 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, Februar 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 EFTA01426534 MARKET PRICE (POSITION CCY) POSITION VALUE (POSITION CCY) 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: EFTA01426535 <image004.jpg> 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 EFTA01426536 100,000.0000 AAPL 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 EFTA01426537 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). 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 Tel. +1 212 454-3901 Mobile +1 631 704-4012 Email 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). EFTA01426538 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. 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. EFTA01426539 Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01426540