Subject: Twitter Update [C] From: Vahe Stepanian Date: Wed, 29 Jul 2015 13:59:16 -0400 To: jeffrey E. <[email protected]> Cc: Daniel Sabba Ariane Dwyer Paul Morris < Stewart Oldfield Richard Kahn Classification: Confidential Jeffrey — as you may have seen, TWTR reported earnings yesterday after the close and is trading down —13.8% today. Recall that Southern Financial is long 100k TWTR shares on TRS, while also being short TWTR calls. I've included original trade details and a Bloomberg News piece below for your reference. Please let us know if you have questions. Thank you, Vahe fcid:[email protected] *Used with the permission of Bloomberg Finance LP 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] EFTA01420594