From: Paul Morris Sent: 9/8/2015 12:13:57 PM To: Daniel Sabba [ [ Subject: RE: Call Report - Southern Financial Meeting - 09/02/2015 [I] Classification: For Memel use only Thanks Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: Daniel Sabba Sent: Friday, September 04, 2015 12:43 PM To: KCP-Americas; Paul Morris; Stewart Oldfield; Chip Packard Cc: Todd Stevens; Vahe Stepanian; Ariane Dwyer Subject: Call Report - Southern Financial Meeting - 09/02/2015 [I] Classification: For Internal use only Call Report Search Tool Report Date 09/02/2015 Contact Type Meeting Client Southern Financial Attendees Jeffrey Epstein, Todd Stevens, Daniel Sabba, Paul Morris Topic (Summary) Trade discussion, intro Todd to Jeffrey Topic (Product Type) Conversation Notes Introduction of Todd amount of fear in markets and US Jeffrey also expressed room for improvement. for the ultra-rich, client's investments with in the past transfer structures foundations. He new generation who produced that handled concentrated We discussed hedges interested in that hedge equity exposures to Jeffrey. We the market to be politics (particularly his view that In his opinion while neither law as well as long weeks and explained and frequently mentioned that over which he perceives wealth. He perceives wealth of this for jet fuel consumption due to low energy (MRK). In Capital Markets discussed several trading topics. Jeffrey perceives the very high and thinks this explains the current dynamics of recent Trump performance in the primary). the marketplace for $1bn+ families has considerable banks do not offer premier wealth planning services firms services are not holistic to take in consideration term plans. He mentioned 20+ billionaires he interacted the overwhelming majority have very inefficient asset end up defaulting to leaving their money to private the next 15 years 1.2trillion will be transferred to a to be not as financially sophisticated as the generation there is a lack of sophisticated financial players to level of magnitude. of his plane fleet — he was particularly prices. We discussed energy credit names as well as FX we discussed KRW, CNH and BRL — he mentioned he CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 118061 SDNY_GM_00264245 EFTA01458240