EFTA02348007

From: Richard Kahn Sent: Monday, March 30, 2015 9:35 PM To: Jeffrey E. Subject: Fwd: MCD Indicative Pricing [C) 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; lm L+ 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 Begin forwarded message: From: =/b>Vahe Stepanian To: Jeffrey Epstein <jeevacation@gmail.com> Cc: Daniel Sabba Subject: =/b>MCD Indicative =ricing [CI Date: March 30, 2015 at 5:32:16 PM EDT Classification: Confidential Ariane Dwyer >, Richard Kahn EFTA_R1_01321467 EFTA02348007 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%. 2 EFTA_R1_01321468 EFTA02348008 Thank you, Vahe Vahe Stepanian Assistant Vice President = Key Client Partners Deutsche Bank Securities Inc. MOM All trade execution information contained herein is being provided as an =ccommodation at your request in advance of your receipt of the official =rade confirmation(s). Additional trade detail information available =pon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official =rade confirmation(s) and account statements issued by Deutsche Bank =hall govern. Deutsche Bank is not responsible for any discrepancy =etween the informal execution report and the official trade confirmation(s) or account statements. 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. Deutsche Bank does not render legal or tax advice, and the information =ontained in this communication should not be regarded as such. 3 EFTA_R1_01321469 EFTA02348009