<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Tuesday, May 23, 2017 11:59 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: Rothschild [CJ</td></tr></table>

Richard Kahn
HBRK Associa=es Inc.
575 Lexington Avenue, 4th Fl=or
New York, NY 10022
████████████████████

Begin forwarded message:

Email Metadata:

*   From: Delores Rubin
*   Date: May 23, 2017 at 7:42:17 AM EDT
*   To: Richard Kahn, Tazia Smith
*   Cc: Stewart Ol=field, Vahe Stepanian, Matt Glassman
*   Subject: RE: Rothschild [C=

Hello Richard,

Sorry for the delayed response. I am one of the 0= traders here in the US. I have been communicating with our team over=eas on your inquiry.

As Tazia mentioned, Rothschild is a light trading name.=nbsp; Our DB Institutional desk has not had any natural flow in this stock i= 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 s=ares.

We will be back to shortly with more insight.

Best regards,

Delores Rubin

Delores Rubin
Director [ Wealth Management Capital Markets

Equity Trading
DB Securities Inc
Deutsche Bank Wealth Management

Key information from the email:

*   **Sender:** Richard Kahn
*   **Date:** Tuesday, May 23, 2017, 6:18 AM
*   **To:** Tazia Smith
*   **CC:** Stewart Oldfield, Vahe Stepanian, Matt Glassman, Delores Rubin
*   **Subject:** Re: Rothschild [C]

Any update on bid ask f=r 100k Roth ?

Richard Kahn

HBRK Associates Inc.

575 Lexington Avenue, 4th Floor
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██████████████████
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## On May 22, 2017, at 6:47 PM, Tazia Smith < > wrote:

Working with our counterparts in Europe. Size / liqui=ity 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

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 Glassman
Subject: Re: Rothschild ICJ

thank you

please forward quote once received tomorrow amc/=:p>

thanks

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
████████████

<=p>

<=p>

## On May 22, 2017, at 6:47 PM, Tazia Smith < > wrote: (cont.)

On May 22, 2017, at 2:16 PM, Tazia Smith

wrote:

=

## Classification: Confidential

You saw it closed in France at 27.585 euros, on —16k s=ares today. Call you now to discuss your aftermarket objectives on 100k — I'm concerned b/a is going to be wide.=/span>

From: R=chard Kahn
Sent: Monday, May 22, 2017 11:09 AM
To: Tazia Smith
Subject: Re: Rothschild ICI

thank you

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
██████████████████████████████

On May 22, 2017, at 2:07 PM, Tazia Smith <
<mailto:████████████████> > wrote:

Classification: Confidential

## Classification: Confidential (cont.)

<change><s>From:</s></change> R=chard Kahn imailtc

Sent: Monday, May 22, 2017 10:59 AM
To: Tazia Smith
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
████████████████████

Begin forwarded message:

- Header: "Begin forwarded message:"
- Subject: "Subj=ct: Rothschild"
- Date: "May 22, 2017 at=1:56:17 PM EDT"
- To: "Vahe Stepanian" (rest redacted)
- Cc: "Stewart Oldfiel..." (rest redacted)
- Other sender/recipient lines and email addresses are blacked out; a "mailto:" fragment is visible.

## Classification: Confidential (cont.)

can you please provide a bid ask on 100,000 shares of:
Rothschild & Co SCA
EPA: ROTH - May 22= 5:35 PM GMT+2
27.58EURO.12 (0.42%)
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022

This communication may contain confidential and/or privileged information. 1= 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/disclo=ures <https://db.com/disclosures> for additional EU corporate and regulatory disclosures.

## Classification: Confidential (cont.)

Deutsche Bank does not render legal or tax advice, and the information conta=ned in this communication should not be regarded as such.=/p>

This communication may contain confidential and/or privileged information. 1= 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/disclo=ures <https://db.com/disclosures> for additional EU corporate and regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information conta=ned in this communication should not be regarded as such.=/p>

<Rothschild interday 5.22.17.pdf>

This communication may contain confidential and/or privileged information. 1= 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/disclo=ures <https://db.com/disclosures> for additional EU corporate and regulatory disclosures.

Deutsche Bank does not render legal or tax advice, and the information conta=ned in this communication should not be regarded as such.=/p>

This communication may contain confidential and/or privileged information. 1= 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/disclo=ures <https://db.com/disclosures> for additional EU corporate and regulatory disclosures.

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

## Classification: Confidential (cont.)