EFTA01433602

Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] From: Davide-A Sferrazza Date: Mon, 18 Dec 2017 12:35:50 -0500 To: Stewart Oldfield Cc: Vahe Stepanian Xavier Avila Joshua Shosha Martin Zeman Liam Osulliva Classification: Confidential Good eye — thank you for catching From: Stewart Oldfield Sent: Monday, December 18, 2017 12:35 PM To: Davide-A Sferrazza Cc: Vahe Stepanian ; Xavier Avila ; Joshua Shoshan Martin Zeman ; Liam Osullivan Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] 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 EFTA01433602 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 Sent: Monday, December 18 2017 12:02 PM To: Davide-A Sferrazza Cc: Vahe Stepanian ; 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 Stepanian Joshua Shoshan Liam Osullivan Subject: Paul Barrett / Epstein week of 12/11/17 [C] ; Xavier Avila 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. EFTA01433603 Please let us know if you have any questions or comments — thanks! Regards, Davide fcid:[email protected] Davide Sferrazza Analyst I Key Client Partners Deutsche Bank Securities, Inc. Deutsche Bank Wealth Mana ement New York, NY, USA Tel. Mobil Email EFTA01433604