Subject: FW: Twitter follow-up - TRS + short calls [C] From: Paul Morris ‹ > Date: Thu, 22 Jan 2015 17:26:27 -0500 To: Stewart Oldfield ‹ > Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: Daniel Sabba Sent: Thursday, January 22, 2015 5:21 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Richard Kahn; Paul Morris; Subject: RE: Twitter follow-up - TRS + short calls [C] Classification: Confidential Jeffrey, I wanted to share with you a draft confirmation on the TRS (attached). It addresses the dividend/reset/optional early termination points we discussed and clarifies any other potential issues. Additionally, we priced long TRSs for GE and ConEd (without the sale of a call option). We could provide the same financing terms on a $20mm notional equivalent (1mL+75bps, with $0.03 commissions in and out). The IA for these names would be 20%. As discussed, you could use equities at a 50% haircut as EFTA01420695