From: "Jeffrey E." <jeevacation@gmail.com>
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject: Fwd: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C]
Date: Thu, 06 Aug 2015 15:34:01 +0000
Forwarded message
From: Richard Kahn <1 fr-•
Date: Thu, Jul 30, 2015 at 8:12 AM
Subject: Fwd: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C]
To: "jeffrey E." <jeevacation@gmtn>
their pricing as usual seems off
based on last night valuation it shows fair price of 1.55 and stock is basically flat this am (31.32 U+ 0.08) so i
am unclear of how they are using 1.89 cost..
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York NY 10022
tel
fax
cell
Begin forwarded message:
From: Daniel Sabba
Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on 1y TRS, Short TWTR 1y calls [C]
Date: July 30, 2015 at 10:00:31 AM EDT
To: "'Jeffrey E."' <jeevacation mail.com>
Cc: Paul Morris < , "'Richard Kahna >, Vahe
Ste anian < >, "Mane Dwyer" , Stewart Oldfield
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.
EFTA00849326
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
Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls [C]
Classification: Confidential
Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached
termsheet.
Total Return Swap:
Swap Seller: DB
Swap Buyer: Southern Financial LLC
Ticker: TWTR
Size: 100,000 shares
Expiry: 1/27/2016
Spread: ImL+ 75bps
Resets: Monthly
Optional Early Termination: Applicable, 3 days (two-way)
Commissions: $0.03 per share in and out
Initial Strike: $38.9662 (Gross) / $38.9962(Net)
European Call options on TWTR:
Option Seller: Southern Financial LLC
Option Buyer: DB
EFTA00849327
Shares: 100,000
Notional: $3,896,620.00
Type: Call
Style: European
Expiry: 1/27/2016
Strike $38.9662
Premium client receives: $728,278.28 (18.69%)
Thank you,
Vahe
From: Daniel Sabba
Sent: Tuesday, January 27, 2015 2:14 PM
To: Jeffrey E.
Cc: Vahe Stepanian; Paul Morris; Richard Kahn
Subject: Trade Recap - 01/27/2015 - Long TWTR on 1y TRS, Short TWTR 1y calls [C]
Classification: Confidential
Jeffrey, per our phone conversation, Southern Financial LLC entered into the following transactions with
Deutsche Bank AG, acting through its London branch. Southern Financial went long TWTR US through ly
TRS. Southern Financial went short TWTR US ly European Calls struck at 100%. Initial strike on both
transactions to be commercially reasonable VWAP until today's close. The Initial Margin on these transactions
is 30% of Notional. Termsheet and official confirm to follow.
Total Return Swap:
Swap Seller: DB
Swap Buyer: Southern Financial LLC
Ticker: TWTR
Size: 100,000 shares
Expiry: 1/27/2016
Spread: ImL+ 75bps
Resets: Monthly
EFTA00849328
Optional Early Termination: Applicable, 3 days (two-way)
Commissions: $0.03 per share in and out
Initial Strike: commercially reasonable VWAP until today's close
European Call options on TWTR:
Option Seller: Southern Financial LLC
Option Buyer: DB
Notional: 100,000 OTC Call
Expiry: 1/27/2016
Strike: 100% of TRS Initial Strike
Bid: 18.69%
Regards,
Daniel
Daniel Sabba
Key Client Partners
Deutsche Bank Securities Inc.
Tel.
Mobile
Email
This communication may contain confidential and/or privileged information. If you are not the
intended recipient (or have received this communication in error) please notify the sender
immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of
the material in this communication is strictly forbidden.
Deutsche Bank does not render legal or tax advice, and the information contained in this
communication should not be regarded as such.
EFTA00849329
please note
The information contained in this communication is
confidential, may be attorney-client privileged, may
constitute inside information, and is intended only for
the use of the addressee. It is the property of
JEE
Unauthorized use, disclosure or copying of this
communication or any part thereof is strictly prohibited
and may be unlawful. If you have received this
communication in error, please notify us immediately by
return e-mail or by e-mail to jeevacation@gmail.com, and
destroy this communication and all copies thereof,
including all attachments. copyright -all rights reserved
EFTA00849330