EFTA Document EFTA01432240

Subject: Re: Dispersion Call Option [C] From: Richard Kahn <al=> Date: Mon, 07 Dec 2015 10:20:29 -0500 To: Ariane Dwyer Cc: Daniel Sabba Paul V Morris Stewart Oldfield Vahe Stepanian Darren Indyke okplease execute trade at 0.60% please call darren to confirm on his cell phone 862-485-6315 thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On Dec 7, 2015, at 9:36 AM, Ariane Dwyer a wrote: Hi Rich, yes that is correct. From: Richard Kahn [mailto: Sent: Monday, December 07, 2015 9:23 AM To: Ariane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: Dispersion Call Option [C] please confirm bid of 0.60% converted to dollars is 24,996 thank you EFTA01432240 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On Dec 7, 2015, at 9:19 AM, Ariane Dwyer wrote: Good morning Rich, Per your request please find below the details from the trader: Underlying Spots .HSCE 9,822.72 .N225 19,749.28 EFTA01432241 .SPX 2,086.14 .STOXX50E 3,379.00 EEM.P 33.59 Realized dispersion: —9.97% (using above spot references) Indicative bid: 0.60% Best, Ari From: Vahe Stepanian Sent: Monday, December 07, 2015 8:56 AM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: Dispersion Call Option [C] Classification: Confidential Good morning Rich - yes, I will request from traders and be back to you. Thank you, Vahe EFTA01432242 From: Richard Kahn [mailto: Sent: Monday, December 07, 2015 8:52 AM To: Vahe Stepanian Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: Re: Dispersion Call Option [C] Can you please have traders provide me with a bid I can present to mr Epstein. Thank you. Sent from my iPhone On Dec 4, 2015, at 1:56 PM, Vahe Stepanian c > wrote: Classification: Confidential One more point worth mentioning — the realized dispersion when we spoke on Wednesday was —9.95%. This decline from 9.95% to 9.41% would also affect the indicative bid of the option. From: Vahe Stepanian Sent: Friday, December 04, 2015 1:09 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: Dispersion Call Option [C] Classification: Confidential Rich - please note that Southern Financial did not unwind the dispersion option today as we were away from the 2.00% limit per my conversation with you and Darren. The indicative bid is currently 0.90% since there is little time left to expiry and the time decay is significant. EFTA01432243 Realized dispersion is —9.41% given the following spot references: Underlyings Spots .HSCE 9,886.39 .N225 19,628.76 .SPX 2,081.58 .STOXX50E 3,346.93 EEM.P 33.79 Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email EFTA01432244 All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. 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. 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. 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 EFTA01432245 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. EFTA01432246