From:

Richard Kahn <

Sent: Thursday, March 2, 2017 11:28 AM To: Jeffrey Epstein Subject: XLF call spread @ ML

best mark to market since purchased

option cost: 250,000
value =ast night: 378,066

maturity date: june 9, 2017

TO:
From: Client Valuation Group

COMPANY: SOUTHERN TRUST COMPANY, INC.
Phone:
Fax:
Fax: N/A
RE: Valuation statement from client's perspective
Email:
DATE: 01-Mar-17

Value Date 1-Mar-17

Total Net Value of =eals Traded in USD

378,066.35

Deal =684146892 =et Value USD 378,066.35

<table><tr><th></th><th colspan="9">ML Ref. Entity Instrument Type Trade Date Maturity Date Instrument Name Sett.</th></tr><tr><td>Cur.</td><td>Underlying Id</td><td>Underlying</td><td>Name</td><td colspan="2">Underlying Reference Price</td><td>Call/Put</td><td>Strike</td><td colspan="2">Position</td></tr><tr><td colspan="4">Multiplier Estimated mid-market price</td><td>Estimated</td><td>mid-market value</td><td>MTM FX</td><td>Rate</td><td></td><td></td></tr><tr><td></td><td>1684146892</td><td>BKNA</td><td>European Option</td><td></td><td>9-Dec-16 9-Jun-17</td><td></td><td colspan="3">XLF 24.2725 E C 9-JUN-17</td></tr><tr><td>USD</td><td>XLF =1</td><td colspan="3">FINANCIAL SELECT SECTOR SPDR</td><td>25.219 C</td><td>24.83</td><td>604,174.0</td><td>1.0</td><td>1.1651</td></tr><tr><td></td><td>703,911.0461</td><td>1.0</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1684146892</td><td>BKNA</td><td>OTC Deal</td><td>9-Dec-16</td><td colspan="3">9-Jun-17 XLF 110% KI 115%</td><td>USD</td><td>XLF</td></tr><tr><td>=1</td><td colspan="3">FINANCIAL SELECT SECTOR SPDR</td><td>25.219</td><td>0.0 (604,174.0)</td><td></td><td>23.64 0.5391</td><td></td><td>(325,844.6999)</td></tr><tr><td>1.0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Please direct any questions to your regular Bank of America Merrill Lynch contact.

This valuation was produced on == 1/3/2017 at 10:12 PM

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue, 4th Floor
New =ork, NY 10022