From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: C Preferreds [SC] Date: Thu, 18 Jun 2015 12:44:35 +0000 i called vahe to review his analysis and then asked him how he accounted for the taxes due on the 130,000 unrealized gain of 79,000 C pfd K he recommended selling his response was that is a good point however we do not give tax advice.. it was nice to see DB finally watching your account yet analysis was incomplete Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Vahe Stepanian To: Jeffrey Epstein <jeevacation Cc: Daniel Sabba < er < >, Paul Morris >, Stewart Oldfield < Richard Kahn Subject: C Preferreds [SC] Date: June 17, 2015 at 11:10:14 AM EDT Classification: Strictly Confidential Jeffrey - as you may recall, you currently hold the following Citi Preferreds in The Haze Trust: Qua Ticker Price* YTC 1) 79,000 C pfd K (6.875%) $26.75 5.91% 2) 200,000 C pfd C (5.8%) $24.90 6.33% Our trading desk has flagged the below transaction which we wanted to point out to you. Consider swapping out of your $25par C pfd K, and into the $1,000par C 5.95% (cusip: 172967JM4) for the following reasons: • C 5.95% is currently trading $97.50, or 6.29% YTC • Pick up —38bps • Take out —10 points • Stay in same name/credit/part of cap structure EFTA00642759