From: Daniel Sabba To: Jeffrey Epstein <[email protected]> CC: Vahe Ste anian , Richard Kahn Mont Subject: RE: Twitter follow-up - TRS + short calls [C] Date: Wed, 21 Jan 2015 20:22:11 +0000 >, Paul Classification: Confidential Jeffrey, Per our chat yesterday, we wanted to follow-up on margin account rates for Southern Financial. They are 3mL+100bps on the borrowed amount. We did a comparative analysis between doing the trade using TRS construct or margin account financing and would like to connect to discuss it with you. Regards, Daniel (212 454 0857) From: Daniel Sabba Sent: Tuesday, January 20, 2015 10:44 AM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris Subject: RE: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, Wanted to follow-up with refreshed pricings for 1y options. TWTR Spot Ref: 36.56. TRS: Previous levels still apply. European Call options on TWTR: Option Seller: Option Buyer: Notional: Southern Financial LLC DB 250,000 OTC Call Expiry: 20-Jan-16 Strike: 100% of spot Bid: 19.30% (Mid 19.50%) Vol: 48.46% Delta: 60% Expiry: 20-Jan-16 Strike: $40 Bid: $5.67 (Mid $5.74) Vol: 47.68% Delta: 53% EFTA00866057