EFTA01029187

From: J <jecvacation@gmail.com> To: Richard Kahn Subject: Re: SF OTC trade on the books IC) Date: Thu, 07 Feb 2019 14:48:52 +0000 !aline-Images: image003.gif; imagc004.jpg; image001.gif Sell On Thu, Feb 7, 2019 at 10:48 AM Richard Kahn wrote: attached is COFP bond that Paul purchased 2.500,000 quantity on 9/12/2019 for 100.06 EUR this bond with hedge will be difficult to transfer from SFL DB to either Interactive Brokers or TD Ameritrade current price we can sell is 101.25 EUR 1% profit on 2,500,000 plus additional 75,000 profit on Euro hedge = total profit approximately 100,000 please advise if ok to sell thank you Richard Kahn HBRK Associates Inc. 5.2.5.1c2dogtonAvenuc 4th Floor Begin forwarded message: From: Liam Osullivan Subject: RE: SF OTC trade on the books (C) Date: February 7, 2019 at 9:10:51 AM EST To: Richard Kahn Cc: Stewart Oa, Martin Zeman <a Davide-A Sferrazza Classilicabon:CcalldeMlal Rich, The indication on the 2,500m COW 4.407 013/06/19 is 101.25. Thank you, Liam 6•5"Itt psJib Liam O Sidlivan ineesemeres a Tracing I instauhonai Wealth Farmers DB Sefedbett Int Deutsche Bank Wealth Management I -CON. USA Tel. Mcb Errol Vise us Ma) I.Mouterneenanto Com EFTA01029187 gyittos://brandportatin tranet.db.comhmg/mo dulesiposinve_impact_ ENG.gif IViP vOOKIS end SONICIES are mended to and arelebbe Only tO SOphig03100. eiPenenCed investers V•h0 atislity aS 'nStrutiOnal aCCOuntS' inder FIVRA Rule 4512(0(3) and ere Capatie inOtiatIng due FrotStmenl DONT.% end risks d. and exerceing ndependect 'Warned in evaruatng and dotermn.rg.Inethor to enter into sod's:heated tradrg surabegos and 'name' transacUans. Transadions are zutiect to relevant internal approvals of Deutsche Sank or Cs affiltales poor to execution. and no transaction. idea or opportunity dacussed herein may be executed unless you ate a client of OeutSChe Dank and et me Instituturial Woad', Pothers group (I'Mo). EIX0re, hOtOn regarding PAT prOduCt4. ,five.Ynere Foes and solutions is lot deacuSSon purpo44.4 Only. Vitae GokOnicis seroCO$ rural trough the IV/I. AMerICAS drik may indols investment reCOmmendalOnS end trOkerene ediido. COOS net peCnide irrontrnenl management Or wrieStmOnt advecey serve3S, end rfiyaia rn3044 OppdtunnO$ and other prOduCts and OX,4008 evadable thr0e0h I'M' ere omeirOd Only On e nechedvasry tests The conrnunicaton is confidential and personal to you. solely for our information and toe discus:on puraceee only and does not create any legaly Pricing obbgaion Reproduction or dstrOubon et any material heron %What Our mitten consent is Strictly loitidtlan From: Richard Kahn (inallal) Sent: Thursday, February 07, 2019 8:49AM To: Uam Osullivan Cc Stewart Oldfield Subject: Fwd: SF OTC trade on the books can you please show us market where this bond can be sold thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tcl fax cal Begin forwarded message: From: Stewart Oldfield Subject: SF OTC trade on the books Date: February 6, 2019 at 12:10:25 PM EST To: Richard Kahn Rich, Please see below. You have one outstanding OTC position on, which should be straightforward to unwind. Note that it is hedging a bond you own. Thanks From: Davide-A Sferrana Sent: Wednesday, February 06, 2019 12:05 PM To: Stewart Oldfield Subject: Southern Financial OTC trade on the books Stew, Southern Financial LLC (account N4G023804) holds EUR 2.5mm face of COFP 4.407 08/06/19: MARKET PRKE (POSITRON POSITION VALUE EX RATE POSITION VALUE TRADE DATE QUANTITY DESORPTION CUSP Cal (POSITION CCP) (TO USDE) IUSLIE) TYPE CASNO.GuKKARD.PERRACIION SAISRPFRO011)01480 2,9:0.000 CCCO 4 407%0Itie6/19 PEG DID 08103/12 Nit F1.413LCH4 99.6200 2.49)5C000 1I4C7u CORPCPAN ORO We executed a EURUS0 forward (v/d 06 Aug 19) that Is still on the books. MtM Is 587k In favor of client, per latest valuation statement: EFTA01029188 ; .,, citimage004.ipg@OlD4SEC4.08986070 Southern Financial LLC (account N46026161) holds 100k shares of AML and some cash from dividends as collateral for OTC trades: MARKET PRICE POSITION VALUE Ex RATE POSITION VALUE TRADE DATE QUANTITY SYMBOL DESCRIPTION CUSIP (POSITION CM (POSITION CCY) (TO USDE) (USDE) TYPE 100.0000000 MPL APPLE INC COM 017833103 1754600 17546/0000 100000 17 54h 0:000 EQUITY 73.0913300 MIA INSURED DEPOSITS PROGRAM F18980311 10000 7309:.33 100000 2409:33 MONEY FUND Client would need to unwind the EX hedge, at which point we could consolidate the Southern Financial LLC assets (i.e. move assets from the collateral account to the main trading account). Regards. Davde lAttp s:nbra Davide Sferrazza Associate I Investments & Tradrig I Institutional Wealth Partners Deutsche Bank Securities Inc. Deutsche flank Wealth Management 14C Park Avrinun 24th FIO0' Tel. 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