EFTA02716159

From: Richard Kahn < Sent: Friday, May 2, 2014 8:59 PM To: Jeffrey Epstein Subject: DB reporting DB =eporting is not accurate and then followed by poor =xplanations Below is copper pricing i noticed in their daily =tatements sent to us along with =orrespondenc: april 29 293,490 april 30 =nbsp;215,176 78,314 or =7% Please =dvise Richard Kahn HBRK Associates Inc. 575 =exington Avenue, 4th Floor, New York, New York 10022 tel =12-971-1306 fax =46-350-0954 cell =- Begin forwarded message: From: Vahe Stepanian =- Subject: Re: valuations ICI Date: May 2, 2014 4:42:49 =M EDT To: Cc: Jeanne Brennan <->, Tazia Smith = </=iv> Classification: =onfidential Rich - after reviewing further, it seems that the 4/29 valuation =tatement did not feed accurately - we priced up the position looking back each =ay for the past week and the valuation on that date should have been closer to - 5260k. The downward move in the underlier + a dropoff in copper =olatility combination hurt Jeffrey's position over the past week. EFTA_R1_02151684 EFTA02716159 Happy to come by with Tazia on =uesday to walk you through the charts, pricing, and to discuss further. Have a great weekend. Thank you, Vahe Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154-0004 Tel. +1(212) 454-1539 Fax +1 (646) 257-3131 Mobile Email <mailto From: Richard Kahn < To: Cc: Jeanne Brennan < >, Date: 05/02/2014 07:21 AM Subject: = Re: valuations =CI i appreciate your email and charts but you did not =nswer my question you showed me that copper went down on april 29 =rom 6701 to april 30 6624 or 1.15% decrease yet your valuation report =eflected a 27% decrease in value of option are your valuation reports accurate? please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor, New York, New York 10022 tel 212-971-1306 fax 646-350-0954 cell 2 EFTA_R1_02151685 EFTA02716160 On May 1, 2014, at 2:42 PM, Vahe Stepanian = <mailto > > wrote: Classification: =onfidential Classification: For internal use only Hi Rich - there has been a downward move in copper over the past few =ays. Seems to be attributed to slowing manufacturing activity in China - the world's largest importer of Copper. See below charts - happy to reach out to commodities desk should you =ant additional color. Thank you, Vahe Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154.0004 Tel. +1(212) 454-1539 Fax +1 (646) 257-3131 Mobile Email <mailto All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available =pon request. The terms of the trade(s) may be subject to change prior to =ettlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the =fficial trade confirmation(s) or account statements. =br> <Mail Attachment.gif> From: Richard Kahn = <mailto > > To: Cc: Jeanne Brennan =It <mailto >>> Date: 05/01/2014 12:43 =M Subject: valuations did something happen in copper in the last 24 hours that changed =aluation so drastically april 29 293,490 3 EFTA_R1_02151686 EFTA02716161 april 30 215,176 78,314 or 27% please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor, New York, New York 10022 tel 212-971-1306 fax 646-350-0954 cell Begin forwarded message: 4 EFTA_R1_02 151687 EFTA02716162