From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: C Preferreds [SC] Date: Thu, 18 Jun 2015 12:44:35 +0000 i called vahe to review his analysis and then asked him how he accounted for the taxes due on the 130,000 unrealized gain of 79,000 C pfd K he recommended selling his response was that is a good point however we do not give tax advice.. it was nice to see DB finally watching your account yet analysis was incomplete Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Vahe Stepanian To: Jeffrey Epstein <jeevacation Cc: Daniel Sabba < er < >, Paul Morris >, Stewart Oldfield < Richard Kahn Subject: C Preferreds [SC] Date: June 17, 2015 at 11:10:14 AM EDT Classification: Strictly Confidential Jeffrey - as you may recall, you currently hold the following Citi Preferreds in The Haze Trust: Qua Ticker Price* YTC 1) 79,000 C pfd K (6.875%) $26.75 5.91% 2) 200,000 C pfd C (5.8%) $24.90 6.33% Our trading desk has flagged the below transaction which we wanted to point out to you. Consider swapping out of your $25par C pfd K, and into the $1,000par C 5.95% (cusip: 172967JM4) for the following reasons: • C 5.95% is currently trading $97.50, or 6.29% YTC • Pick up —38bps • Take out —10 points • Stay in same name/credit/part of cap structure EFTA00642759 • C 5.95% is a $2 billion issue that is typically more liquid than $25 preferreds • Note: C pfd K has a 3mL+413 bps float beginning 11/15/23, while C 5.95% will float at 3mL+390.5 bps beginning 5/15/25 We also want to point out that you can swap out of the $25par C pfd C (5.8%) and into the $1,000par C 5.95% (cusip: 172967JM4).While it doesn't make for yield pickup, you can move from fixed-for-life into fixed-to-float C 5.95%, which will float at 3mL+390.5 bps beginning 5/15/25. Note these are indicative levels - we can provide live levels should you wish to swap. Thank you, Vahe *As of 6/17/15 Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. Email 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 upon request. The terms of the trade(s) may be subject to change prior to settlement, 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 official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00642760