EFTA01417676

Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] From: Stewart Oldfield Date: Mon, 18 Dec 2017 12:34:47 -0500 To: Davide-A Sferrazza Cc: Vahe Stepanian Xavier Avila Joshua Shoshan Martin Zeman Liam Osullivan Classification: Confidential Thanks. That was definitely the # that made me take notice. From: Davide-A Sferrazza Sent: Monday, December 18, 2017 12:34 PM To: Stewart Oldfield Cc: Vahe Stepanian ; Joshua Shoshan ; Liam Osullivan Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] ; Xavier Avila Classification: Confidential ; Martin Zeman DB does not collect the fees — they are charged by the exchange and are passed on to the SEC for domestic trades, or the relevant party for foreign trades. Your question made me notice a mistake on my behalf when I went back to check the fees — please see the attached revised spreadsheet. I didn't adjust the Naspers trade commission for FX — the trade was done in ZAR, so the commission was USD 100 (not USD 1,365), and thus the 17,711.18 of fees on that trade is actually USD 1,297.52. We confirmed that the Johannesburg Stock Exchange charges 25bps on buys, hence the larger fee on this trade compared to the others. From: Stewart Oldfield EFTA01417676 Sent: Monday, December 18, 2017 12:02 PM To: Davide-A Sferrazza Cc: Vahe Ste'anian ; Joshua Shoshan ; Liam Osullivan Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] ; Xavier Avila Classification: Confidential Thanks. Do we recognize the fees as well? From: Davide-A Sferrazza Sent: Monday, December 18, 2017 11:28 AM To: Stewart Oldfield Cc: Vahe Ste'anian ; Xavier Avila ; Joshua Shoshan ; Liam Osullivan Subject: Paul Barrett / Epstein week of 12/11/17 [C] Classification: Confidential ; Martin Zeman ; Martin Zeman In addition to the commissions/sales credits for the trades attached, Paul executed another FX forward on Friday that generated —$3k in revenue. Please let us know if you have any questions or comments — thanks! Regards, Davide {cid:[email protected]} Davide Sferrazza Analyst I Key Client Partners Deutsche Bank Securities, Inc. EFTA01417677 Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Mobile Email EFTA01417678