From: Zack Tax Sent: 1/25/2017 1:22:31 PM To: Stewart Oldfield CC: Bruce McDermott Subject: RE: Seconday Share ECM Partnership internal Use Only* III Classification: For Internal use only Thanks for this Stew Zack Tax Key Client Partners Deutsche Bank Securities Inc. Deutsche Bank Wealth Management 345 Park Avenue. 26th Floor New York. NY 10154 Email From: Stewart Oldfield Sent: Wednesday, January 25, 2017 10:42 AM To: Zack Tax Subject: RE: Seconday Share ECM Partnership *Internal Use Only* [I] Classification: For Internal use only Tisch Epstein Third Lake Shamrock Illig Elysium From: Zack Tax Sent: Tuesday, January 24, 2017 5:13 PM To: Tazia Smith; Vahe Stepanian; Thomas ORorke; Matt Glassman; Daniel Sabba; Darlene Zong; Todd Stevens; Bruce McDermott; Mathew Negus; Xavier Avila; Billy Obregon; Hella Alashkar; Leopold Heitz; Joan Tse; Joshua Shoshan; Stewart Oldfield Cc: Reginald Mills; Thomas Hegnauer; Elisabeth Maugars; Bobby Abraham; Jay Coleman; Raymond Chang; Karim Barrada; Edward Carlstrom Subject: Seconday Share ECM Partnership *Internal Use Only* [I] Classification: For Internal use only All, We are working with our colleagues in Equity Capital Markets (ECM) to develop a system by which we offer our Clients access to direct secondary shares of high growth technology and other companies. We anticipate that some of them may be high profile issuers with current equity valuations in excess of $1 billion, so called 'Unicorn" companies. We already have our Policies & Procedure in place for how we partner with ECM on Secondary Share Opportunities (attached). CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0068433 CONFIDENTIAL SDNY_GM_00214617 EFTA01373969