<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Monday, March 30, 2015 9:35 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: MCD Indicative Pricing [C)</td></tr></table>

why .06 per share in and out when previous trades were for =03..

Total Return Swap:
Swap =eller: DB
Swap =uyer: Southern Financial LLC
Ticker: &n=sp; TWTR
Size: &nbs=; =100,000 shares
Expiry: &n=sp; 1/27/2016
Spread: &n=sp; lmL+ 75bps
Resets: &n=sp; Monthly
Optional =arly Termination: Applicable, 3 days (two-way)
Commissions: $0.03 per share in and =ut
Initial Strike: =ommercially reasonable VWAP until today's close

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
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Begin forwarded message:

From: =/b>Vahe Stepanian

To: Jeffrey Epstein <jeevacation@gmail.com>

Cc: Daniel Sabba

Ariane Dwyer >, Richard Kahn

Subject: =/b>MCD Indicative =ricing [CI

Date: March 30, 2015 at 5:32:16 PM EDT

Classification: Confidential

Jeffrey — please =ind indicative pricing below on MCD per your request. McDonald's =MCD) spot ref $97.88.

#1- Total Return =wap:

Swap Seller: DB

Swap Buyer: Southern =inancial LLC

Ticker: &n=sp; MCD

Size: &nbs=; =50,000 shares

Expiry: &n=sp; 3/30/2016 (1y)

Spread: &n=sp; lmL + 75bps

Resets: &n=sp; Monthly

Optional Early Termination: Applicable, 3 days (two-way)

Commission: $0.06 per share in =nd out

#2 - European Call options on MCD:

Option Seller: Southern Financial LLC

Option Buyer: DB

Notional: =nbsp; 50,000 OTC Call

Expiry: &n=sp; 3/30/2016 (1y)

Strike: &n=sp; 100% of TRS Initial =trike

Bid: = &=bsp; 5.58%

Delta: &nb=p; 47%

If both the TRS + short call are executed as a package, IM =ould be 25%.

Thank you,

Vahe

Vahe Stepanian

Assistant Vice President = Key Client Partners
Deutsche Bank Securities Inc.
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