<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:
To:</td><td>Wednesday, May 31, 2017 5:35 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Rothschild - Being shown an offer! [C]</td></tr></table>

shall we put in order with limit as DB is showing 25k seller =r pass please advise thank =ou

Richard =ahn

HBRK Associates Inc.

New York, NY <u>10022</u>
tel:
fax
cell =

Begin forwarded message:

From: =/b>Delores Rubin

Subject: =/b>RE: Rothschild - =eing shown an offer! [C]

Date: =/b>May 31, 2017 at 12:06:43 PM =DT

To: =/b>Richard Kahn

Cc: Tazia <u>Smith</u> =ahe Stepanian
<mailto

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 =omorrow.

Best regards,

## Delores Rubin

## Delores Rubin

Director I Wealth Management Capital Markets

## Equity Trading

DB Securities Inc

Deutsche Bank Wealth Management

<u>10154-0004</u> New York, NY, USA

Tel.

Email

<mailto:

From: Richard Kahn [mailto -
Sent: Wednesday, May 31, 2017 11:02 AM
To: Delores Rubin
Cc: Tazia Smith

<mailto

Subject: Re: Rothschild - Being shown an offer! =CJ

that is great feedback

anyway we can get that seller to =0k shares?

thank you

Richard=Kahn, HBRK Associates Inc. located in New York, NY 10022. Contact information includes a telephone, fax, and cell number.

## Equity Trading (cont.)

wrote:

Classification: Confidential

Richard,

We have a seller checking us on 25,000 shares which is a =izeable amount for this name.

The indicated seller cares around the 28.50 EUR level. =he stock is currently 28.42 x 28.50.

Please let us know as soon as possible if you would like to =ry to buy or you want to counter with a

lower bid.

Thank you.

Best regards,

Delores Rubin

<image001.gif>

Delores Rubin
Director I Wealth Management Capital Markets

Equity Trading
DB Securities Inc
Deutsche <u>Bank Wealth</u> Management
<u>10154.0004</u> New York, NY, USA
Tel.
Email mailto

## Equity Trading (cont.)

Email information:
*   From: Delores Rubin
*   Sent: Wednesday, May 31, 2017 8:19 AM
*   To: Richard Kahn
*   Cc: Tazia Smith
*   Subject: RE: Rothschild \[C]

Classification: Confidential

Good Morning Richard,

It is another very quiet trading day for =othschild.

We have not had any institutional interest expressed yet, but =e would still like the opportunity to work an order for you.

As I stated, a market for the type of size you are looking =or is more risk than we can take on.

The stock has been trending higher since December after =reaking through the 22 EUR level. After pushing through 27 the =tock keeps bouncing in this range of 27.80 to 28.30.

Despite the low volume, we may have luck with a working an =rder on a limit. Please let us know if you would like to pursue =hat option.

Thank you.

Best regards,

Delores Rubin

## Equity Trading (cont.)

<image001.gif>

Delores Rubin
Director I Wealth Management Capital Markets

## Equity Trading

DB Securities Inc

Deutsche Bank Wealth Management

<u>0154-0004</u> New York, NY, USA

Tel.

Email

<change><u>k</u></change>mailto

From: [name redacted] [mailto: redacted]
Sent: Tuesday, May 30, 2017 2:37 PM
To: [name redacted] (redacted)
Cc: [name redacted] (redacted)
Subject: Re: Rothschild [C]

yes please

thank you

Key entities:

*   Richard Kahn
*   HBRK Associates Inc.
*   New York, NY 10022

On May 30, 2017, at 11:18 AM, =elores Rubin
<mailt° wrote:

## Equity Trading (cont.)

Classification: Confidential

Richard,

We do not have anything to show you as of yet, but with your =emission could we work to get you an offer tomorrow?

Thank you.

Best regards,

Delores Rubin

<image001.gif>

Delores Rubin
Director J Wealth Management Capital Markets

Equity Trading
DB Securities Inc
Deutsche Bank Wealth Management
10154-0004 New York, NY, USA
Tel.
Email <mailto

From: Richard Kahn [mailto
Sent: Tuesday, May 30, 2017 8:35 AM
To: Delores Rubin
Subject: Re: Rothschild IC]

we are a buyer

Richard Kahn

## Equity Trading (cont.)

HBRK Associates Inc.

New York, <u>NY 10022</u>
tel
fa
cell

<mailto:

On May 30, 2017, at 8:25 AM, =elores Rubin > wrote:

Classification: Confidential

Hello Richard,

We are unable to make a market in that size and as I stated =ast week without knowing if you are a Buyer or Seller we would not get = response from any of institutional clients we know care in the name.

If you have an ultimate limit on either side, we could work =n 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
<u>0154-0004</u> New York, NY, USA
Tel.

## Equity Trading (cont.)

- From: [Name and email redacted] (mailto: [redacted])
- Sent: Tuesday, May 30, 2017 8:22 AM
- To: [Recipient name and email redacted]
- Cc: multiple recipients (several names/emails redacted; at least 4–5 entries)
- Subject: Re: [Redacted] (contains a "[C]" tag)
- Additional: several visible "mailto:" occurrences and top-line email/address fields redacted

- Email body excerpt: "Thanks you for update. Any indication where a 100,000 share block can be crossed? Please advise. Thank you."
- Context note (separate text): volumes ≈ 15,000 shares/day over past week; few local houses advertised sizeable volume not reflected on the tape.
- Date/time: May 30, 2017, 8:14 AM (reply header shown).
- Classification: Confidential.
- Signature block:
  - Name(s): redacted (black bars over personal names).
  - Company: HBRK Associates Inc.
  - Address: New York, NY 10022.
  - Phone / Fax / Cell: redacted (black bars).
- Reply/greeting: message addressed to two recipients (names redacted).

In the event you still care in Rothschild, volumes continue =o be around its average of 15,000 shares a day over the past week, but = few local houses have advertised sizeable volume that has not been reflected on the tape.

ODDO secutities has been advertising crossing and trading =tock for the past week and EXANE has advertised trading over 100,000 =hares in the same time period.

## Equity Trading (cont.)

The stock has been in a range of 28- 28.20 EUR and =e would still be happy to

- Sender: [name redacted] — Director | Wealth Management Capital Markets  
- Organization: Equity Trading, DB Securities Inc; Deutsche Bank Wealth Management  
- Signature includes: <image001.gif>  
- Address: 10154-0004 New York, NY, USA  
- Tel: [redacted]  
- Email: [redacted]

- Email metadata:
  - Sent: Wednesday, May 24, 2017, 8:32 AM
  - To: [recipient(s) redacted]
  - Cc: [recipients redacted]
  - Subject: RE: Rothschild [C]
  - Classification: Confidential

- Email body (visible excerpts):
  - "Good Morning Richard,"
  - "Very little activity so far today on Rothschild."
  - "Our trader had working orders from two large institutions in the past 6 months..." (continues)

- Notes: Multiple lines and contact details are blacked out/redacted in the image.

## Equity Trading (cont.)

like the opportunity to inquiry if they =are, but to be blunt, it is unreasonable to try to open them up without =n idea of whether we are a buyer or a seller.

- Message excerpts:
  - "DB would be happy to work an order for you using all of our =nstitutional capabilities." (encoding artifacts present: "=" in words)
  - "Thank you. Best regards,"

- Signature block:
  - Name: [NAME REDACTED]
  - Title: Director | Wealth Management Capital Markets
  - Group: Equity Trading, DB Securities Inc
  - Organization: Deutsche Bank Wealth Management
  - Address: [redacted street] 10154-0004 New York, NY, USA
  - Tel: [REDACTED]
  - Email: [REDACTED]
  - Embedded image placeholder: <image001.gif>

- Earlier email header:
  - From: [NAME REDACTED]
  - Sent: Tuesday, May 23, 2017 2:41 PM
  - To: [NAME REDACTED]
  - Cc: multiple recipients (names redacted)
  - Subject: RE: Rothschild [C]

- Other visible details:
  - Several recipient names and contact details are redacted/black bars.
  - Some text shows encoding glitches (e.g., "=are", "=n").

Classification: Confidential

Thanks Rich.

## Equity Trading (cont.)

No market on 100k that we're in touch with =DB or agent). Delores will work towards showing a smaller size to =ry 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; =att Glassman; Davide-A

Sferrazza

Subject: Re: Rothschild [CI

mr epstein is not yet ready to put and order in =ithout any firm indication on

where he can get done for 100k

thank you for your work on =his..

Richard Kahn
HBRK <u>Associates Inc</u>

New York, NY <u>10022</u>
tel
fax
cell

On May 23, 2017, at 12:06 PM, =azia Smith

<mailto wrote:

## Equity Trading (cont.)

Classification: Confidential

Rich-

Closing the loop on today's trading, ROTH =P closed at 28 EUR on 12,414 daily

volume.

DB did trade small today,' 3,000 shares, split =etween High Touch and Low Touch which is usually the case for this =ame. The big International houses generally see Low Touch business, where the boutique houses dominate the High =ouch. DB has good relationship with many of these boutique shops =hat work High Touch orders (as yours would be), so let us know if =ou'd like to discuss further per my prior note about working smaller size.

Speak Soon,

Tazia

Cell:

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 ICI

Rich • lust tried =ailing you. Please call Delores directly if you have follow

through on =his at

As team relayed, DB isn't (nor are we in touch with as agent) a marker =aker on a full 100k shares. But, Delores has market color and guidance =n a market if you portion out that size and can help facilitate.

## Equity Trading (cont.)

Remember the market closes in Paris at 11:30am.

- Subject: RE: Rothschild [C]
- From: Delores Rubin
- Sent: Tuesday, May 23, 2017 07:42 AM Eastern =tandard Time
- To: Richard Kahn; Tazia Smith
- Cc: Stewart Oldfield; Vahe Stepanian; Matt =lassman
- Visible body lines: "Remember the market closes in Paris at 11:30am." / "Hello Richard,"

Tazia Smith (signature)
- Title: Key Client Partners - US
- Organization: Deutsche Bank Wealth Management
- Work phone: redacted
- Cell: redacted
- Email: redacted (shown as [redacted]<mailto:[redacted]>)

Hello Richard,

Sorry for the delayed response. I am one of the DB =raders here in the US. I have been communicating with our team =verseas on your inquiry.

As Tazia mentioned, Rothschild is a light trading name. =ur DB Institutional desk has not had any natural flow in this stock in =he past few months, but a few clients that have expressed some interest in the name so we have calls out to ascertain =f we might be able to put together something.

The stock is currently 27.85 EUR x 27.95 EUR with only 4,000 =hares that have traded. Average volume for this stock is 17,000 =hares.

We will be back to shortly with more =nsight.

Best regards,

Delores Rubin

____________________________________________________________________________________

## Equity Trading (cont.)

<image001.gif>

- Document: Email thread screenshot — many names/contacts blacked out.
- Sent: Tuesday, May 23, 2017, 6:18 AM
- From: [redacted]
- To: [redacted]
- Cc: [redacted]
- Subject: Re: Rothschild [C]
- Message (visible): "Any update on bid ask for 100k Roth ?"
- Signature / contact block 1:
  - Title: Director | Wealth Management Capital Markets
  - Group: Equity Trading, DB Securities Inc
  - Organization: Deutsche Bank Wealth Management
  - Address: 10154-0004 New York, NY, USA
  - Tel / Email: redacted
- Signature / contact block 2:
  - Organization: HBRK Associates Inc.
  - Address: New York, NY 10022
  - Phone / Fax / Cell: redacted
- Prior message referenced: On May 22, 2017, at 6:47 PM (sender redacted)
- Visual notes: multiple black redaction bars covering personal names, email addresses, and phone numbers.

Working with our counterparts in =urope. Size / liquidity could be prohibitive for a market on that size =ut we will be back with color.

Thanks Rich,
Tazia

## Equity Trading (cont.)

Signature block (image)
- Name: Tazia Smith
- Role: Key Client Partners - US
- Organization: Deutsche Bank Wealth Management
- Work phone: [redacted] (label shown "w.")
- Cell phone: [redacted] (label shown "c.")
- Email/mailto: [redacted]

Email header (provided context)
- 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]

-----Original Message-----
From: Richard Kahn
Sent: Monday, May 22, 2017 05:26 PM Eastern =standard Time
To: Tazia Smith
Cc: Stewart Oldfield; Vahe Stepanian; Matt =lassman
Subject: Re: Rothschild [C]

thank you

please forward quote once =eceived tomorrow am

thanks

| Field | Value |
|---|---|
| Name | [REDACTED] |
| Company | [REDACTED] |
| Street address | [REDACTED — blacked out] |
| City, ZIP | New York, NY 10022 |
| tel | [REDACTED] |
| fax | [REDACTED] |
| cell | [REDACTED] |

On May 22, 2017, at 2:16 PM, =azia Smith

<mailto 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 =ide.

## Classification: Confidential (cont.)

From: Richard Kahn [mailto
Sent: Monday, May 22, 2017 11:09 AM
To: Tazia Smith
Subject: Re: Rothschild [CI

thank =ou

Richard =ahn
HBRK Associates Inc.

New <u>York, NY 10022</u>
te=
fa
cel

On May 22, =017, at 2:07 PM, Tazia Smith

<mailto wrote:

Classification: Confidential

Hi Rich - Received. Reviewing. Be =ack

From: Richard Kahn [mailto
Sent: Monday, May 22, 2017 10:59 AM
To: Tazia Smith
Cc: Stewart Oldfield
Subject: Fwd: Rothschild

## Classification: Confidential (cont.)

can you =lease provide bid ask as per email below

thank =ou

- Name: Richard =ahn
- Company: HBRK Associates Inc.
- Address: New York, NY 10022
- Street/address line: [REDACTED — black box in image]
- Telephone (label shown "tel"): [REDACTED]
- Fax (label shown "fax"): [REDACTED]
- Cell (label shown "cell"): [REDACTED]

Begin =orwarded message:

Email from Richard Kahn regarding Rothschild.
*   Date: May 22, 2017, 1:56:17 PM EDT
*   To: Vahe Stepanian
*   Cc: Stewart Oldfield
*   Request: Bid ask on 100,000 shares of Rothschild & Co SCA
*   EPA (Estimated Price Assessment): ROTH = May 22, 5:35 PM = MT+2

## Classification: Confidential (cont.)

27.58EURO.12 (0.42%)

thank =ou

Key information:

*   Richard Ahn, HBRK Associates Inc.
*   Address: New York, NY 10022
*   Phone, fax, and cell phone numbers are redacted.


This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd

regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately

## Classification: Confidential (cont.)

and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd

regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

<Rothschild interday 5.22.17.pdf>

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd

regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd

regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

## Classification: Confidential (cont.)

regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory

disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as =uch.

## Classification: Confidential (cont.)

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

Please refer to https://db.com/disclosures for additional EU corporate =nd regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as such.