RE: Rothschild [C]

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:

From: Richard Kahn <>

Subject: Rothschild

Date: May 22, 2017 at 1:56:17 PM EDT

To: Vahe Stepanian <>

Cc: Stewart Oldfield <>

can you please provide a bid ask on 100,000 shares of:

Rothschild & Co SCA

EPA: ROTH - May 22, 5:35 PM GMT+2

27.58EUR0.12 (0.42%)

thank you

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

thank you

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

Classification: Confidential

Hi Rich — Received. Reviewing. Be back

Classification: Confidential

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

thank you

please forward quote once received tomorrow am

thanks

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

Working with our counterparts in Europe. Size / liquidity 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

Any update on bid ask for 100k Roth ?

Richard Kahn

HBRK Associates Inc.

575 Lexington Avenue, 4th Floor

New York, NY 10022

Rich - Just tried calling you. Please call Delores directly if you have follow through on this at 212-454-3300.

As team relayed, DB isn't (nor are we in touch with as agent) a marker maker on a full 100k shares. But, Delores has market color and guidance on a market if you portion out that size and can help facilitate.

Remember the market closes in Paris at 11:30am.

Tazia

Tazia Smith
Key Client Partners - US
Deutsche Bank Wealth Management

Hello Richard,

Sorry for the delayed response. I am one of the DB traders here in the US. I have been communicating with our team overseas on your inquiry.

As Tazia mentioned, Rothschild is a light trading name. Our DB Institutional desk has not had any natural flow in this stock in 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 shares.

We will be back to shortly with more insight.

Best regards,

Delores Rubin

{https://brandportal.intranet.db.com/img/modules/-DAWM_logo_metallic_46x46.gif}

Delores Rubin
Director I Wealth Management Capital Markets

Equity Trading
DB Securities Inc
Deutsche Bank Wealth Management
345 Park Avenue. 10154-0004 New York, NY, USA

Rich

Closing the loop on today's trading, ROTH FP closed at 28 EUR on 12,414 daily volume.

DB did trade small today, — 3,000 shares, split between High Touch and Low Touch which is usually the case for this name. The big International houses generally see Low Touch business, where the boutique houses dominate the High Touch. DB has good relationship with many of these boutique shops that work High Touch orders (as yours would be), so let us know if you'd like to discuss further per my prior note about working smaller size.

Speak Soon,

Tazia

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