Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] From: Paul Morris ‹ > Date: Fri, 31 Jul 2015 11:12:55 -0400 To: Daniel Sabba Cc: Vahe Stepanian Stewart Oldfield Hi what was decision here? Thx Original Message From: Daniel Sabba Sent: Thursday, July 30, 2015 10:00 AM Eastern Standard Time To: 'jeffrey E.' Cc: Paul Morris; 'Richard Kahn'; Vahe Stepanian; Ariane Dwyer; Stewart Oldfield Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C] 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 EFTA01405078