EFTA01386327

From: Sferrazza Sent: 12/18/2017 12:35:50 PM To: Stewart Oldfield CC: Vahe Ste•anian ;Joshua Shoshan ; Martin Zeman Liam Osullivan ILiam.osullivan@db.coml Subject: RE: Paul Barrett / Epstein week of 12/11/17 (CI Classification: Confidential Good eye — thank you for catching From: Stewart Oldfield Sent: Monday, December 18, 2017 12:35 PM To: Davide-A Sferrazza < Cc: Vahe Ste • anian Xavier Avila >; Joshua Shoshan , Martin Zeman < ; Liam Osullivan Subject: RE: Paul Barrett / Epstein week of 12/11/17 (C) Classification: Confidential Thanks. That was definitely the # that made me take notice. From: Davide-A Sferrazza Sent: Monday, December 18 2017 12:34 PM To: Stewart Oldfield < Cc: Vahe Ste •anian ; Martin Zeman < Xavier Avila Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] Classification: Confidential >; Joshua Shoshan >; Liam Osullivan < DB does not collect the fees — they are charged by the exchange and are passed on to the SEC for domestic trades, or the relevant party for foreign trades. Your question made me notice a mistake on my behalf when I went back to check the fees — please see the attached revised spreadsheet. I didn't adjust the Naspers trade commission for FX - the trade was done in ZAR, so the commission was USD 100 (not USD 1,365), and thus the 17,711.18 of fees on that trade is actually USD 1,297.52. We confirmed that the Johannesburg Stock Exchange charges 25bps on buys, hence the larger fee on this trade compared to the others. From: Stewart Oldfield Sent: Monday, December 18, 2017 12:02 PM To: Davide-A Sferrazza < Cc: Vahe Ste anian Martin Zeman Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] Classification: Confidential Thanks. Do we recognize the fees as well? >; Joshua Shoshan >; Liam Osullivan <fl CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0087974 CONFIDENTIAL SDNY_GM_00234158 EFTA01386327