From: Vahe Stepanian < To: Daniel Sabba < "Jeffrey E." <jeevacationgginail.com> CC: Paul Morris < Richard Kahn < Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] Date: Tue, 27 Jan 2015 22:50:17 +0000 Attachments: 15.01.27 - TWTR - Termsheet.pdi Classification: Confidential Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet. Total Return Swap: Swap Seller: DB Swap Buyer: Southern Financial LLC Ticker: TWTR Size: 100,000 shares Expiry: 1/27/2016 Spread: 1mL+ 75bps 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 Option Seller: Option Buyer: Shares: Notional: Type: Style: Expiry: Strike Premium client receives: $728,278.28 (18.69%) options on TWTR: 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. EFTA00865582