EFTA Document EFTA01428020

Subject: RE: Rothschild - Bein shown an offer! [C] From: Tazia Smith Date: Thu, 01 Jun 2017 13:18:43 -0400 To: Richard Kahn Delores Rubin Cc: Vahe Stepanian Stewart Oldfield Classification: Confidential Rich — Any price guidance you can share? Something as in you'd step for 100k block around [28]? No shot at a seller showing more size if he thinks you guys may disappear as soon as he (or any seller) shows more shares. :/ Let us know if / where you think JE truly cares (or not) so that we can navigate appropriately. Thanks! From: Richard Kahn [mailto: Sent: Thursday, June 01, 2017 1:12 PM To: Delores Rubin Cc: Vahe Stepanian; Tazia Smith; Stewart Oldfield Subject: Re: Rothschild - Being shown an offer! [C] thanks for feedback buyer only interested at 100k quantity thank you for all your input so far Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel EFTA01428020 fax I I cell On Jun 1, 2017, at 8:39 AM, Delores Rubin e > wrote: Classification: Confidential Hi Richard, I understand the client is difficult to reach, but I wanted to let you know we may be at risk of losing our offer. For some reason the seller has turned impatient and may walk away. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email EFTA01428021 From: Vahe Stepanian Sent: Thursday, June 01, 2017 8:16 AM To: Delores Rubin ; Richard Kahn Cc: Tazia Smith < ; Stewart Oldfield Subject: RE: Rothschild - Being shown an offer! [C] Classification: Confidential Thanks Delores. Rich — let us know how to proceed this morning. Best, Vahe From: Delores Rubin Sent: Thursday, June 01, 2017 7:35 AM To: Richard Kahn Cc: Tazia Smith ; Vahe Stepanian Subject: RE: Rothschild - Being shown an offer! [C] Classification: Confidential Good morning. Rothschild is back to the 28 EUR level. Our indicated seller cares around EFTA01428022 the 28.50 level. 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 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Delores Rubin Sent: Wednesday, May 31, 2017 12:07 PM To: 'Richard Kahn' Cc: Tazia Smith ; Vahe Stepanian e > Subject: RE: Rothschild - Being shown an offer! [C] 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 tomorrow. EFTA01428023 Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Richard Kahn [mailto: Sent: Wednesday, May 31, 2017 11:02 AM To: Delores Rubin Cc: Tazia Smith ; Vahe Stepanian ‹ > Subject: Re: Rothschild - Being shown an offer! [C] that is great feedback anyway we can get that seller to 50k shares? thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 EFTA01428024 tel fax cell On May 31, 2017, at 9:38 AM, Delores Rubin e > wrote: Classification: Confidential Richard, We have a seller checking us on 25,000 shares which is a sizeable amount for this name. The indicated seller cares around the 28.50 EUR level. The stock is currently 28.42 x 28.50. Please let us know as soon as possible if you would like to try to buy or you want to counter with a lower bid. Thank you. Best regards, Delores Rubin EFTA01428025 <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Delores Rubin Sent: Wednesday, May 31, 2017 8:19 AM To: 'Richard Kahn' Cc: Tazia Smith ; Vahe Stepanian Subject: RE: Rothschild [C] Classification: Confidential Good Morning Richard, It is another very quiet trading day for Rothschild. We have not had any institutional interest expressed yet, but we would still like the opportunity to work an order for you. As I stated, a market for the type of size you are looking for is more risk than we can take on. The stock has been trending higher since December after breaking through the EFTA01428026 22 EUR level. After pushing through 27 the stock keeps bouncing in this range of 27.80 to 28.30. Despite the low volume, we may have luck with a working an order on a limit. Please let us know if you would like to pursue that option. 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 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Richard Kahn [mailto: Sent: Tuesday, May 30, 2017 2:37 PM To: Delores Rubin Cc: Tazia Smith Subject: Re: Rothschild [C] yes please thank you EFTA01428027 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On May 30, 2017, at 11:18 AM, Delores Rubin a wrote: Classification: Confidential Richard, We do not have anything to show you as of yet, but with your permission could we work to get you an offer tomorrow? Thank you. Best regards, Delores Rubin EFTA01428028 <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Richard Kahn [mailto: Sent: Tuesday, May 30, 2017 8:35 AM To: Delores Rubin ‹ > Subject: Re: Rothschild [C] we are a buyer Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell EFTA01428029 On May 30, 2017, at 8:25 AM, Delores Rubin e > wrote: Classification: Confidential Hello Richard, We are unable to make a market in that size and as I stated last week without knowing if you are a Buyer or Seller we would not get a response from any of institutional clients we know care in the name. If you have an ultimate limit on either side, we could work an 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 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Richard Kahn [mailto: Sent: Tuesday, May 30, 2017 8:22 AM To: Delores Rubin Cc: Tazia Smith ; Stewart Oldfield ; Vahe Stepanian < >; Matt EFTA01428030 Glassman ; Davide-A Sferrazza c > Subject: Re: Rothschild [C] Thanks you for update. Any indication where a 100,000 share block can be crossed? Please advise. Thank you. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax Cell On May 30, 2017, at 8:14 AM, Delores Rubin < > wrote: Classification: Confidential Good Morning Richard and Tazia, In the event you still care in Rothschild, volumes continue to be around its average of 15,000 shares a day over the past week, but a few local houses have advertised sizeable volume that has not been reflected on the tape. ODDO secutities has been advertising crossing and trading stock for the past week and EXANE has advertised trading over 100,000 shares in the same time period. EFTA01428031 The stock has been in a range of 28 - 28.20 EUR and we would still be happy to work an order for you if it helps. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Delores Rubin Sent: Wednesday, Ma 24, 2017 8:32 AM To: Tazia Smith ; 'Richard Kahn' Cc: Stewart Oldfield >; Vahe Ste•anian ; Matt Glassman ; Davide-A Sferrazza Subject: RE: Rothschild [C] Classification: Confidential Good Morning Richard, EFTA01428032 Very little activity so far today on Rothschild. Our trader had working orders from two large institutions in the past 6 months. These institutions, if they have something to do would care on the type of size you would like to trade. Our trader would like the opportunity to inquiry if they care, but to be blunt, it is unreasonable to try to open them up without an idea of whether we are a buyer or a seller. DB would be happy to work an order for you using all of our institutional 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 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Tazia Smith Sent: Tuesday, May 23, 2017 To: Richard Kahn 2:41 PM Cc: Delores Rubin ; Stewart Oldfield >; Vahe Stepanian ; Matt Glassman >; Davide-A Sferrazza EFTA01428033 Subject: RE: Rothschild [C] Classification: Confidential Thanks Rich. No market on 100k that we're in touch with (DB or agent). Delores will work towards showing a smaller size to try 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; Matt Glassman; Davide-A Sferrazza Subject: Re: Rothschild [C] mr epstein is not yet ready to put and order in without any firm indication on where he can get done for 100k thank you for your work on this.. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel EFTA01428034 fax cell On May 23, 2017, at 12:06 PM, Tazia Smith e > wrote: Classification: Confidential Rich — Closing the loop on today's trading, ROTH FP closed at 28 EUR on 12,414 daily volume. DB did trade small today, — 3,000 shares, split between High Touch and Low Touch which is usually the case for this name. The big International houses generally see Low Touch business, where the boutique houses dominate the High Touch. DB has good relationship with many of these boutique shops that work High Touch orders (as yours would be), so let us know if you'd like to discuss further per my prior note about working smaller size. Speak Soon, Tazia Cell: EFTA01428035 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 [C] Rich - Just tried calling ou. Please call Delores directly if you have follow through on this at As team relayed, DB isn't (nor are we in touch with as agent) a marker maker on a full 100k shares. But, Delores has market color and guidance on a market if you portion out that size and can help facilitate. Remember the market closes in Paris at 11:30am. Tazia Tazia Smith Key Client Partners - US Deutsche Bank Wealth Management w. Original Message From: Delores Rubin Sent: Tuesday, May 23, 2017 07:42 AM Eastern Standard Time To: Richard Kahn; Tazia Smith Cc: Stewart Oldfield; Vahe Stepanian; Matt Glassman Subject: RE: Rothschild [C] Hello Richard, Sorry for the delayed response. I am one of the DB traders here in the US. I have been communicating with our team overseas on your inquiry. EFTA01428036 As Tazia mentioned, Rothschild is a light trading name. Our DB Institutional desk has not had any natural flow in this stock in the past few months, but a few clients that have expressed some interest in the name so we have calls out to ascertain if we might be able to put together something. The stock is currently 27.85 EUR x 27.95 EUR with only 4,000 shares that have traded. Average volume for this stock is 17,000 shares. We will be back to shortly with more insight. Best regards, Delores Rubin <image001.gif> Delores Rubin Director I Wealth Management Capital Markets Equity Trading DB Securities Inc Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Email From: Richard Kahn [mailto: Sent: Tuesday, Ma 23, 2017 6:18 AM To: Tazia Smith Cc: Stewart Oldfield ; Matt Glassman Vahe Stepanian ; Delores Rubin Subject: Re: Rothschild [C] EFTA01428037 Any update on bid ask for 100k Roth ? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax Cell On May 22, 2017, at 6:47 PM, Tazia Smith < > wrote: Working with our counterparts in Europe. Size / liquidity could be prohibitive for a market on that size but we will be back with color. Thanks Rich, Tazia Tazia Smith Key Client Partners - US Deutsche Bank Wealth Management w. Original Message EFTA01428038 From: Richard Kahn [ Sent: Monday, May 22, 2017 05:26 PM Eastern Standard Time To: Tazia Smith Cc: Stewart Oldfield; Vahe Stepanian; Matt Glassman Subject: Re: Rothschild [C] thank you please forward quote once received tomorrow am thanks Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On May 22, 2017, at 2:16 PM, Tazia Smith e > wrote: 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 wide. EFTA01428039 From: Richard Kahn [mailto: Sent: Monday, May 22, 2017 11:09 AM To: Tazia Smith Subject: Re: Rothschild [C] thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On May 22, 2017, at 2:07 PM, Tazia Smith < > wrote: Classification: Confidential Hi Rich — Received. Reviewing. Be back From: Richard Kahn [mailto: Sent: Monday, May 22, 2017 10:59 AM To: Tazia Smith EFTA01428040 Cc: Stewart Oldfield Subject: Fwd: Rothschild can you please provide bid ask as per email below thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: Richard Kahn Subject: Rothschild Date: May 22, 2017 at 1:56:17 PM EDT To: Vahe Stepanian EFTA01428041 Cc: Stewart Oldfield ‹ > can you please provide a bid ask on 100,000 shares of: Rothschild & Co SCA EPA: ROTH - May 22, 5:35 PM GMT+2 27.58EUR0.12 (0.42%) thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell EFTA01428042 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information EFTA01428043 contained in this communication should not be regarded as such. <Rothschild interday 5.22.17.pdf> 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. EFTA01428044 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01428045 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01428046