EFTA Document EFTA01380641

From: Vahe Stepanian Sent: 6/3/2015 4:13:43 PM To: Paul Morris • Stewart 0ldfield CC: Daniel Sabba ; Ariane Dwyer Subject: Southern Financial Call Update: 6/3/2015 (II Classification: For Internal use only Daniel and Jeffrey just spoke. JEE called to ask about the bid on the equity hedging idea we sent earlier (contingent on rising interest rates). Daniel explained that bid/ask is wider on this transaction given the correlation risk it carries and desk hedging costs. Thank you,