From: Ariane Dwyer Sent: 12/7/2015 9:36:58 AM To: Richard Kahn CC: Daniel Sabba ; Paul Morris Vahe Stepanian Subject: RE: Dispersion Call Option ICI Hi Rich, yes that is correct. From: Richard Kahn [mailto Sent: Monday, December 07, 2015 9:23 AM To: Ariane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: Dispersion Call Option [C] please confirm bid of 0.60% converted to dollars is 24,996 thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cel ; Stewart Oldfield On Dec 7, 2015, at 9:19 AM, Ariane Dwyer < > wrote: Good morning Rich, Per your request please find below the details from the trader: .HSCE 9,822.72 19,749.28 N225 SPX Z088.14 STOX.X50E Realized dispersion: —9.97% (using above spot references) Indicative bid: 0.60% Best, Ari From: Vahe Stepanian Sent: Monday, December 07, 2015 8:56 AM To: Richard Kahn 3,379.00 33.59 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0087473 CONFIDENTIAL SDNY_GM_00233657 EFTA01385989