EFTA Document EFTA01401644

Subject: Follow-up on AAPL TRS C From: Daniel Sabba < Date: Tue, 11 Nov 2014 11:32:19 -0500 To: jeevacation@gmail com Cc: Paul Morris Stewart Oldfield Vahe Stepanian < Classification: Confidential Jeffrey, It was great meeting you yesterday. Per our conversation, we liaised with the desk head in our institutional sales and trading platform for equity derivatives and confirmed the points we discussed yesterday: - balance sheet charges are the primary driver of the price difference you observed between our quote and the one you received from competitors primarily funded in USD - lmL + 75bps for ly TRS is the financing charge DB would charge an institutional client today (this refers to the financing charge, not commission schedule, as other clients clients might have different commission arrangements depending on their trading activity) - our trading heads were not surprised competitors primarily funded in USD were offering a financing spread 20 to 30bps lower than DB's - the trading desk can sometimes offer improvements on names they are axed (not the case for AAPL) We also confirmed the following terms still work: Notional: 1,000,000 shares of AAPL Term: 1 year Southern Financial receives: Total return in AAPL Southern Financial pays: lmL + 75bps Commissions: 3 cents per share to enter and exit the trade. There is no additional break up fee. Execution: We would suggest best efforts VWAP for execution Best regards, Daniel (Embedded image moved to file: pic13499.gif) Daniel Sabba Director I Key Client Partners Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. +1 212 454 0857 Mobile Email (Embedded image moved to file: pic18595.gif) EFTA01401644