Subject: RE: Paul Barret [C] From: Davide-A Sferrazza Date: Mon, 18 Dec 2017 12:34:00 -0500 To: Stewart Oldfield Cc: Vahe Stepania Xavier Avila Joshua Shosha Martin Zeman Liam Osulliva Classification: Confidential 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 To: Davide-A Sferrazza : V h St Xavier Avila Joshua Shosha Liam Osulliva Subject: RE: Paul Barrett / Epstein week of 12/11/17 [C] Classification: Confidential Thanks. Do we recognize the fees as well? Martin Zeman From: Davide-A Sferrazza EFTA01420332 Sent: Monday, December 18, 2017 11:28 AM To: Stewart Oldfield Xavier Avila Joshua Shoshan Liam Osullivan u jec : •au :arre / Epstein week of 12/11/17 [C] Classification: Confidential Martin Zeman In addition to the commissions/sales credits for the trades attached, Paul executed another FX forward on Friday that generated —$3k in revenue. Please let us know if you have any questions or comments — thanks! Regards, Davide {cid:image001.gif@OlD259D5.3E2DFOF0} Davide Sferrazza Analyst I Key Client Partners Deutsche Bank Securities, Inc. Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Mobil Email EFTA01420333