<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Monday, July 13, 2015 5:53 PM
Vahe Stepanian</td></tr><tr><td>Subject:</td><td>Re: FW: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice (SC)</td></tr></table>

thanks, are there cds for ch=na and or moroco?

On Mon, Jul 13, 2015 at 1:15 PM, Vahe Stepanian

wrote:

## Classification: Strictly Confidential

Jeffrey -just want to make sure you saw ASNA is trading down - 1.% today to $14.09/sh. on the back of the company cutting its profit foreca=t.

Additional detail is included in Bloomberg article below.<=p>

Recall that you own 70,500 ASNA at $21.2765/sh. cost basis purchased in =001.

Thank you,

Vahe

-----Original Message-----

From: Vahe Stepanian (DEUTSCHE BANK SECU

Sent: Monday, July 13, 2015 12:57 PM Subject: (BN) Ascena Falls After Cutting Profit Forecast on Slow Justice=/u>

(BN) Ascena Falls After Cutting Profit Forecast on Slow Justice Sales=/u>

## Classification: Strictly Confidential (cont.)

This has been prepared solely for informational purposes. It is not an o=fer, recommendation or solicitation to
buy or sell, nor is it an official =onfirmation of terms. It is based on information generally available to th= public from
sources believed to be reliable. No representation is made that it is accu=ate or complete or that any returns indicated
will be achieved. Changes to=assumptions may have a material impact on any returns detailed. Past perfo=mance is not
indicative of future returns. Price and availability are subject to change without notice. Addi=ional information is
available upon request. =C2 =A0 =C2 =A0 =C2 =A0 =C2 =A0 =C2
=A0 =C2 =A0 =C2 =A0 =C2 =A0 =C2

+-------------------------------------------------------------=-----+

Ascena Falls After Cutting Profit Forecast on Slow Justice Sales<==>

2015-07-13 15:24:53.444 GMT

## By Lindsey Rupp

(Bloomberg) -- Ascena Retail Group Inc. fell th= most in more than nine months after cutting its profit forecast for the y=ar because of slower-than-expected sales at its Justice and Dressbarn stor=s.

Earnings in the year through July 25 will be 57=cents to 60 cents a share, excluding some items, down from a previous proj=ction of 70 cents to 75 cents, the Mahwah, New Jersey-based company said F=iday in a statement. Analysts estimated 70 cents, on average.

Chief Executive Officer David Jaffe is trying t= revive sales at several flagging brands as mall traffic declines. He =80 s also struggling to clear older merchandise from the Justice teen-ap=arel chain to focus on more versatile, everyday clothing.

Ascena, which agreed to buy women's wor=-wear maker Ann Inc. in May for about $2.16 billion, fell as much as 16 pe=cent to $13.80 in New York. That's the biggest intraday decline si=ce Sept. 23. Ascena had risen 30 percent this year through the end of last week.

For Related News and Information:

Bloomberg Intelligence - Specialty Apparel Stores: BI APPR <GO> To= Stories: TOP <GO>

To contact the reporter on this story:

## By Lindsey Rupp (cont.)

Lindsey Rupp in New York

To contact the editors responsible for this story: =/p>

Nick Turner at

Kevin Orland

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please =ote

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