EFTA00639022.pdf

From: Vahe Stepanian < To: Jeffrey Epstein <jeevacation(kgmail.coin> CC: Da, Ariane Dwyer < Subject: Live TWTR Pricing [Cl Date: Mon, 30 Mar 2015 19:01:57 +0000 >, Richard Kahn Classification: Confidential Jeffrey — please find live TWTR pricing below per your request. el — Unwind existing TWTR.N European Call options: Option Buyer: Option Seller: Shares: Expiry: Strike Style: Ref: Offer: Southern Financial LLC DB 100,000 1/27/2016 $38.9662 European $49.11 (Spot) $1,377,000 (- 28.04%) #2- Sell TWTR.N European Call options with $50 strike: Option Seller: Option Buyer: Shares: Expiry: Strike Style: Ref: Bid: Southern Financial LLC DB 100,000 1/27/2016 $50.00 European $49.11 (Spot) $718,000 (- 14.62%) I've included original TWTR trade details (from 1/27/2015) below for your convenience. We will call you to follow up. Thank you, Vahe Vahe Stepanian Assistant Vice President Key Client Partners Deutsche Bank Securities Inc. Email 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. EFTA00639022 From: Vahe Stepanian Sent: Tuesday, January 27, 2015 5:50 PM To: Daniel Sabba; jeffrey E. Cc: Paul Morris; Richard Kahn Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet. Total Return Swap: DB Southern Financial LLC TWTR 100,000 shares 1/27/2016 1mL+ 75bps Swap Seller: Swap Buyer: Ticker: Size: Expiry: Spread: Resets: Monthly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share in and out Initial Strike: $38.9662 (Gross) / $38.9962(Net) European Call options on TWTR: Option Seller: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client receives: $728,278.28 (18.69%) Southern Financial LLC DB 100,000 $3,896,620.00 Call European 1/27/2016 $38.9662 Thank you, Vahe From: Daniel Sabba Sent: Tuesday, January 27, 2015 2:14 PM To: Jeffrey E. Cc: Vahe Stepanian; Paul Morris; Richard Kahn Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Classification: Confidential Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through 1y TRS. Southern Financial went short TWTR US 1y European Calls struck at 100%. Initial strike on both transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions is 30% of Notional. Termsheet and official confirm to follow. Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC EFTA00639023 Ticker: Size: Expiry: Spread: Resets: Optional Early Commissions: Initial Strike: TWTR 100,000 shares 1/27/2016 1mL+ 75bps Monthly Termination: Applicable, 3 days (two-way) $0.03 per share in and out commercially reasonable VWAP until today's close European Call options on TWTR: Option Seller: Option Buyer: Notional: Expiry: Strike: Bid: Regards, Daniel Southern Financial LLC DB 100,000 OTC Call 1/27/2016 100% of TRS Initial Strike 18.69% Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Email 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. EFTA00639024