RE: Southern Financial - IA Request [I (Vahe Stepanian, June 28, 2016)

Classification: For Infernal use only Hi Vahe, We can do 40% IM for this trade. Caveat, we need updated financials and brokerage statements. Additionally we need to discuss what type of collateral they are going to post. If non standard we should talk now, but if standard(cash, munis, treasuries) we have no issues. Thank you. Andrew Xu, CFA From: Vahe Stepanian Sent: Tuesday, June 28, 2016 8:24 AM To: Roddy Moore; Andrew Xu Cc: Daniel Sabba Subject: RE: Southern Financial - IA Request