Epstein Secrets

TV or 1 turn of leverage (2x return function) From: Stewart Oldfield Sent: Wednesday, June 08, 2016 10:01 AM To: Vahe Stepanian; Richard Kahn Cc: Daniel Sabba; Joseph Dursi; Andrew King Subject: RE: indication on WTI risk reversals [C] Classification: Confidential CONFIDENTIAL - PURSUANT TO FED. R. GRIM.

we don't get this request too often. My initial thought is to wait and see if they have any feedback on your email first. Don't want to spin AFS or Global Markets wheels if there isn't anything actionable. Best, Vahe From: Andrew King Sent: Thursday, June 09, 2016 1:56 PM To: Vahe Stepanian Subject: FW: i

From: Vahe Stepanian Sent: 6/29/2016 8:23:57 AM To: Stewart Oldfield CC: Daniel Sabba ; Andrew King Subject RE: Southern Financial - IA Request II) Classification: For Internal use only Stew, Please see below from the Global Mark

aniel Sabba ; Andrew King Subject RE: Southern Financial - IA Request II) Classification: For Internal use only Stew, Please see below from the Global Markets team - take a look and let us know if you have questions. We will send to Rich Kahn shortly. Thank you, Vahe Following a lot of analysis, we can'

ARGO & COMPANY wfc v pfd WELLS FARGO & COMPANY wfc r pfd ■ From: Vahe Stepanian Sent: Tuesday, June 28, 2016 3:19 PM To: Stewart Oldfield Cc: Daniel Sabba; Andrew King Subject: FW: Southern Financial - IA Request [I] Classification: For Infernal use only Stew - quick update on below, still waiting on

ject: FW: Southern Financial - IA Request [I] Classification: For Infernal use only Stew - quick update on below, still waiting on pricing from our Global Markets colleagues for Southern Financial's pref basket. See below. The IA requirement is 40% as requested by CRM. Will be back to you once I have pricing

v pfd 94988U730 WELLS FARGO & COMPANY wfc r pfd 949746465 From: Vahe Stepanian Sent: Tuesday, June 28, 2016 3:19 PM To: Stewart Oldfield Cc: Daniel Sabba; Andrew King Subject: FW: Southern Financial - IA Request [I] Classification: For Internal use only Stew — quick update on below, still waiting on

ject: FW: Southern Financial - IA Request [I] Classification: For Internal use only Stew — quick update on below, still waiting on pricing from our Global Markets colleagues for Southern Financial's pref basket. See below. The IA requirement is 40% as requested by CRM. Will be back to you once I have pricing

v pfd 94988U/30 WELLS FARGO & COMPANY wfc r pfd 949746465 From: Vahe Stepanian Sent: Tuesday, June 28, 2016 3:19 PM To: Stewart Oldfield Cc: Daniel Sabba; Andrew King Subject: FW: Southern Financial - IA Request [I] Classification: For Internal use only Stew — quick update on below, still waiting on

ject: FW: Southern Financial - IA Request [I] Classification: For Internal use only Stew — quick update on below, still waiting on pricing from our Global Markets colleagues for Southern Financial's pref basket. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073028 CONFIDENTIAL SDNY_GM_00219212

07406812 [I] Classification: For internal use only FYI From: Vahe Stepanian Sent: Wednesday, November 16, 2016 8:43 AM To: kyc outreachteam Cc: Daniel Sabba; Darlene Zong Subject: RE: High Risk KYC Request: Southern Financial, LLC - CRDS ID: 1007406812 [I] Classification: For internal use only Michael

07406812 [I] Classification: For internal use only Michael - I'm following up on the below. We will be off-boarding Southern Financial LLC from the Global Markets platform, thus no need to proceed with the KYC request. Let us know if you need anything from our end or have questions. Thank you, CONFIDENTIAL