From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Date: Thu, 30 Jul 2015 14:12:29 +0000 their pricing as usual seems off based on last night valuation it shows fair price of 1.55 and stock is basically flat this am (31.32 LH- 0.08) so i am unclear of how they are using 1.89 cost.. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Daniel Sabba Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on 1y TRS, Short TWTR 1y calls [C] Date: July 30, 2015 at 10:00:31 AM EDT To: "'Jeffrey E."' <jeevacation mail.com> Cc: Paul Morris < "'Richard Kahn" Ste anian < >, "Ariane Dwyer" >. Stewart Oldfield , a >, Vahe Classification: Confidential Jeffrey, please see below offers to unwind the short call position only: For TWTR reference of $31.60 the cost to unwind is $1.89/share with a delta of 32%. This assumes we work our execution and delta adjust price. There will be a change in IA for the TRS once the call is unwound, as the IA of long TRS + short calls is lower than simply long TRS. We are waiting to hear back from our credit team on what this change would be and will advise. Regards, Daniel 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] EFTA00709991