EFTA Document EFTA01386055

Presently, Mr. Epstein runs Southern Trust Company Inc which invests his assets. He also performs advisory services (primarily tax and investment advice) for billionaires. This relationship was established by former banker Paul Morris in August 2013 and has been managed by Stewart Oldfield since 2017. The main points of contact aside from Mr. Epstein are the following: • Paul Barrett (Alpha Group Capital) • Darren Indyke (lawyer) • Richard Kahn (CFO) • Bella Klein (operations) In addition to DB, he has relationships with MS and BAML Opportunities and Challenges Jeffrey is one of our most sophisticated clients and has also been one of our most challenging. The primary thing he expects from a relationship with DB is direct access to a structured trading desk, and our best trading ideas. He trades like a hedge fund does, but isn't as accessible or consistent as a full time hedge fund trader. He was frustrated with every version of KCP/global markets coverage we tried to create for him and the feeling was mutual. In early 2017, we cancelled his ISDA and offboarded him from GM. He continued to keep cash at DB, which he used for operational purposes (staffing his houses), subscribing to hedge funds and PE, and buying art. Fortunately, there have been some positive changes in 2017. Despite our trading difficulties, we managed to improve the lines of communication with Jeffrey and his team and they appreciate the relationship. In the summer, Jeffrey hired Paul Barrett to trade for him. Paul used to run the GIO desk at JPM and was Jeffrey's main coverage when he banked at JPM. Paul is a talented full time trader who understands how banks work these days. At the same time, we rebuilt our KCP capital markets capabilities and massively improved our coverage from a trading standpoint. We were able to quickly reinstate the ISDA and onboard him back into global markets. We now have a strong and consistent flow trading relationship across equities (including syndicate), fx and rates, both cash and OTC. We have the opportunity to grow this relationship to more than $1mm of trading revenues and should be able to maintain brokerage balances over $100mm and deposit balances between $50mm and $100mm. Our share of wallet for his trading business will be driven by quality of ideas and ease of execution. Challenges include the reduction of our branch services (Jeffrey is a major user of our teller services) and competition from other banks for his business. Confidential CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087588 CONFIDENTIAL SDNY_GM_00233772 EFTA01386055