EFTA02359910

From: Richard Kahn Sent: Wednesday, May 31, 2017 5:35 PM To: jeffrey E. Subject: Fwd: Rothschild - Being shown an offer! [C] shall we put in order with limit as DB is showing 25k seller =r pass please advise thank =ou Richard =ahn HBRK Associates Inc. New York, NY 10022 tell fax Begin forwarded message: From: =/b>Delores Rubin Subject: =/b>RE: Rothschild - =eing shown an offer! [C] Date: =/b>May 31, 2017 at 12:06:43 PM =DT To: =/b>Richard Kahn Cc: Tazia Smith =ahe Stepanian <mailto Classification: Confidential Hi Richard, Rothschild closed off the highs today at 28.26 EUR. Please let us know if you would like us to work anything for =omorrow. Best regards, EFTA_R1_01349312 EFTA02359910 Delores Rubin Delores Rubin Director I Wealth Management Capital Markets Equity Trading 011 Securities Inc Deutsche Bank Wealth Management 10154-0004 New York, NY, USA From: Richard Kahn [mailto - Sent: Wednesday, May 31, 2017 11:02 AM To: Delores Rubin Cc: Tazia Smith <mailto Tel. Email mailto Subject: Re: Rothschild - Being shown an offer! =CJ that is great feedback anyway we can get that seller to =0k shares? thank you Richard=Kahn HBRK Associates Inc. New York, NY 10022 tel fa cell 2 EFTA_R1_01349313 EFTA02359911 On May 31, 2017, at 9:38 AM, =elores Rubin mailto wrote: Classification: Confidential Richard, We have a seller checking us on 25,000 shares which is a =izeable amount for this name. The indicated seller cares around the 28.50 EUR level. =he stock is currently 28.42 x 28.50. Please let us know as soon as possible if you would like to =ry to buy or you want to counter with a lower bid. Thank you. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 10154.0004 New York, NY, USA Tel. Email mailto 3 EFTA_R1_01349314 EFTA02359912 <mailt From: Delores Rubin Sent: Wednesday, May 31, 2017 8:19 AM To: 'Richard Kahn' Cc: Tazia Smith Subject: RE: Rothschild IC] Classification: Confidential Good Morning Richard, It is another very quiet trading day for =othschild. We have not had any institutional interest expressed yet, but =e would still like the opportunity to work an order for you. As I stated, a market for the type of size you are looking =or is more risk than we can take on. The stock has been trending higher since December after =reaking through the 22 EUR level. After pushing through 27 the =tock keeps bouncing in this range of 27.80 to 28.30. Despite the low volume, we may have luck with a working an =rder on a limit. Please let us know if you would like to pursue =hat option. Thank you. Best regards, Delores Rubin 4 EFTA_R1_01349315 EFTA02359913 <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 0154-0004 New York, NY, USA Tel. Email mailto From: Richard Kahn (mailto Sent: Tuesday, Ma 30, 2017 2:37 PM To: Delores Rubi Cc: Tazia Smith Subject: Re: Rothschild [C] yes please thank you Richard Kahn HBRK Associates Inc. New York, NY 10022 tel fax cell= On May 30, 2017, at 11:18 AM, =elores Rubin <mailt° wrote: 5 EFTA_R1_01349316 EFTA02359914 Classification: Confidential Richard, We do not have anything to show you as of yet, but with your =emission could we work to get you an offer tomorrow? Thank you. Best regards, Delores Rubin cimage001.gif> Delores Rubin Director J Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 10154-0004 New York, NY, USA Tel. Email <mailto From: Richard Kahn [mailto Sent: Tuesday, May 30, 2017 8:35 AM To: Delores Rubin Subject: Re: Rothschild IC] we are a buyer Richard Kahn 6 EFTA_R1_01349317 EFTA02359915 HBRK Associates Inc. New York, NY 10022 tel fa cell On May 30, 2017, at 8:25 AM, =elores Rubin <mailto wrote: Classification: Confidential Hello Richard, We are unable to make a market in that size and as I stated =ast week without knowing if you are a Buyer or Seller we would not get = response from any of institutional clients we know care in the name. If you have an ultimate limit on either side, we could work =n order for you. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 0154-0004 New York, NY, USA Tel. 7 EFTA_R1_01349318 EFTA02359916 Email mailto: <mailto Please advise. Thank =ou. From: Richard Kahn [mailto Sent: Tuesday, May 30, 2017 8:22 AM To: Delores Rubin Cc: Tazia Smith -; Vahe Stepanian ewart Oldfield - ~; Matt Glassman mailto Davide-A Sferrazza Subject: Re: Rothschild [C] Thanks you for update. Any indication =here a 100,000 share block can be crossed? Richard Kahn HBRK Associates Inc. New York, NY 10022 Phone Fax Cell On May 30, 2017, at 8:14 AM, Delores Rubin Classification: Confidential Good Morning Richard and Tazia, wrote: In the event you still care in Rothschild, volumes continue =o be around its average of 15,000 shares a day over the past week, but = few local houses have advertised sizeable volume that has not been reflected on the tape. ODDO secutities has been advertising crossing and trading =tock for the past week and EXANE has advertised trading over 100,000 =hares in the same time period. 8 EFTA_R1_01349319 EFTA02359917 The stock has been in a range of 28- 28.20 EUR and =e would still be happy to work an order for you if it helps. Best regards, Delores Rubin <image001.gif> Delores Rubin Director l Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 10154.0004 New York, NY, USA <mailto Tel. Email mailto From: Delores Rubin Sent: Wednesday, May 24, 2017 8:32 AM To: Tazia Smith Richard Kahn' <mailto Cc: Stewart Oldfield Vahe Stepanian Matt Glassman Davide-A Sferrazza Subject: RE: Rothschild ICJ Classification: Confidential Good Morning Richard, Very little activity so far today on Rothschild. Our trader had working orders from two large institutions in =he past 6 months. These institutions, if they have something to =o would care on the type of size you would like to trade. Our trader would 9 EFTA_R1_01349320 EFTA02359918 like the opportunity to inquiry if they =are, but to be blunt, it is unreasonable to try to open them up without =n idea of whether we are a buyer or a seller. DB would be happy to work an order for you using all of our =nstitutional capabilities. Thank you. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 0154-0004 New York, NY, USA <mailto Tel. Email <mailto From: Tazia Smith Sent: Tuesday, May 23, 2017 2:41 PM To: Richard Kahn Cc: Delores Rubin Stewart Oldfield Vahe Stepanian Matt Glassman Davide-A Sferrazza Subject: RE: Rothschild ICI Classification: Confidential Thanks Rich. 10 EFTA_R1_01349321 EFTA02359919 No market on 100k that we're in touch with =DB or agent). Delores will work towards showing a smaller size to =ry to get a two-way in front of you. Understand no trade. Best, Tazia From: Richard Kahn [mailto Sent: Tuesday, May 23, 2017 11:13 AM To: Tazia Smith Cc: Delores Rubin; Stewart Oldfield; Vahe Stepanian; =att Glassman; Davide-A Sferrazza Subject: Re: Rothschild [CI mr epstein is not yet ready to put and order in =ithout any firm indication on where he can get done for 100k thank you for your work on =his.. Richard Kahn HBRK Associates Inc New York, NY 10022 tel fax cell On May 23, 2017, at 12:06 PM, =azia Smith <mailto wrote: 11 EFTA_R1_01349322 EFTA02359920 Classification: Confidential Rich — Closing the loop on today's trading, ROTH =P closed at 28 EUR on 12,414 daily volume. DB did trade small today,' 3,000 shares, split =etween High Touch and Low Touch which is usually the case for this =ame. The big International houses generally see Low Touch business, where the boutique houses dominate the High =ouch. DB has good relationship with many of these boutique shops =hat work High Touch orders (as yours would be), so let us know if =ou'd like to discuss further per my prior note about working smaller size. Speak Soon, Tazia Cell: From: Tazia Smith Sent: Tuesday, May 23, 2017 6:19 AM To: Delores Rubin; 'Richard Kahn' Cc: Stewart Oldfield; Vahe Stepanian; Matt Glassman Subject: RE: Rothschild ICI Rich • lust tried =ailing you. Please call Delores directly if you have follow through on =his at As team relayed, DB isn't (nor are we in touch with as agent) a marker =aker on a full 100k shares. But, Delores has market color and guidance =n a market if you portion out that size and can help facilitate. 12 EFTA_R1_01349323 EFTA02359921 Remember the market closes in Paris at 11:30am. Tazia Tazia Smith Key Client Partners - US Deutsche Bank Wealth Management w. <mailto Original Message From: Delores Rubin Sent: Tuesday, May 23, 2017 07:42 AM Eastern =tandard Time To: Richard Kahn; Tazia Smith Cc: Stewart Oldfield; Vahe Stepanian; Matt =lassman Subject: RE: Rothschild ICI Hello Richard, Sorry for the delayed response. I am one of the DB =raders here in the US. I have been communicating with our team =verseas on your inquiry. As Tazia mentioned, Rothschild is a light trading name. =ur DB Institutional desk has not had any natural flow in this stock in =he past few months, but a few clients that have expressed some interest in the name so we have calls out to ascertain =f we might be able to put together something. The stock is currently 27.85 EUR x 27.95 EUR with only 4,000 =hares that have traded. Average volume for this stock is 17,000 =hares. We will be back to shortly with more =nsight. Best regards, Delores Rubin 13 EFTA_R1_01349324 EFTA02359922 <image001.gif> Delores Rubin Director I Wealth Management Capital =arkets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 10154-0004 New York, NY, USA <mailto Tel. Email mailto: From: Richard Kahn (mailto Sent: Tuesday, May 23, 2017 6:18 AM To: Tazia Smith Cc: Stewart Oldfield Matt Glassman Delores Rubin Subject: Re: Rothschild (CI Any =pdate on bid ask for 100k Roth ? Richard Kahn HBRK Associates Inc. New York, NY 10022 Phone Fax- Cell Vahe Stepanian On May 22, 2017, at 6:47 PM, Tazia Smith =rote: Working with our counterparts in =urope. Size / liquidity could be prohibitive for a market on that size =ut we will be back with color. Thanks Rich, Tazia 14 EFTA_R1_01349325 EFTA02359923 <mailto wrote: Tazia Smith Key Client Partners - US Deutsche Bank Wealth Management w. c. mailto Original Messag From: Richard Kahn Sent: Monday, May 22, 2017 05:26 PM Eastern =tandard Time To: Tazia Smith Cc: Stewart Oldfield; Vahe Stepanian; Matt =lassman Subject: Re: Rothschild ICI thank you please forward quote once =eceived tomorrow am thanks Richard Kahn HBRK Associates Inc New York NY 10022 tel fa cel On May 22, 2017, at 2:16 PM, =azia Smith Classification: Confidential You saw it closed in France at 27.585 euros, on =16k shares today. Call you now to discuss your aftermarket objectives on 100k — I'm concerned b/a is going to be =ide. 15 EFTA_R1_01349326 EFTA02359924 From: Richard Kahn [mailto Sent: Monday, May 22, 2017 11:09 AM To: Tazia Smith Subject: Re: Rothschild [CI thank =ou Richard =ahn HBRK Associates Inc. New York, NY 10022 te= fa cel On May 22, =017, at 2:07 PM, Tazia Smith <mailtc wrote: Classification: Confidential Hi Rich — Received. Reviewing. Be =ack From: Richard Kahn [mailto Sent: Monday, May 22, 2017 10:59 AM To: Tazia Smith Cc: Stewart Oldfield Subject: Fwd: Rothschild 16 EFTA_R1_01349327 EFTA02359925 can you =lease provide bid ask as per email below thank =ou Richard =ahn HBRK Associates Inc. New York NY 10022 tel fax cell Begin =orwarded message: From: Richard Kahn <mailto Subject: Rothschild Date: May 22, 2017 at 1:56:17 PM EDT <mailto <mailto: To: Vahe Stepanian Cc: Stewart Oldfield can you =lease provide a bid ask on 100,000 shares of: Rothschild =amp; Co SCA EPA: ROTH = May 22, 5:35 PM =MT+2 17 EFTA_R1_01349328 EFTA02359926 27.58EUR0.12 (0.42%) thank =ou Richard =ahn HBRK Associates Inc. New York, NY 10022 tel fa cell This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately 18 EFTA_R1_01349329 EFTA02359927 and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. <Rothschild interday 5.22.17.pdf> This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. 19 EFTA_R1_01349330 EFTA02359928 Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch. 20 EFTA_M_01349331 EFTA02359929 This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden. Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as such. = 21 EFTA_R1_01349332 EFTA02359930