EFTA Document EFTA01385678

From: Daniel Sabba Sent: 7/11/2016 10:33:59 AM To: Stewart Oldfield CC: Brianna Fowler ( Subject: ; Nina Tona RE: Southern Financial revs Ill I; Vahe Stepanian Mathew Negus I; Alastair Mackinlay Classification: For Internal use only This is the right revenue for this transaction. Brazil CDS traded with a bid ask of 5bps even during the distressed period he experienced. When he entered the trade, it was even tighter. Spread DV01 was about 4k. Assume we got half of mid to bid each