EFTA01356945

From: Paul Morris Sent: 8/11/2015 9:57:12 AM To: Stewart 0ldfield Subject: FW: Cnh trade [CI Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank From: Vahe Stepanian Sent: Tuesday, August 11, 2015 9:41 AM To: Richard Kahn Cc: Daniel Sabba; Paul Morris; Ariane Dwyer Subject: RE: Cnh trade [C] Classification: Confidential Hi Rich - just tried calling you to discuss. Please give me a call at your convenience @ Thank you, Vahe From: Richard Kahn Sent: Tuesday, August 11, 2015 9:30 AM To: Vahe Stepanian Cc: Daniel Sabba Subject: Re: Cnh trade [C] Please explain as my understanding is that when cnh weakens this increases in value. Is it a time factor? What are spreads? Didn't you just reprice to see if mr Epstein wanted to extend trade? Please advise. Thank you. Sent from my iPhone On Aug 11, 2015, at 8:58 AM, Vahe Stepanian Classification: Confidential wrote: Rich - we confirmed with our traders that the option currently does not have any value. Recall the trade details are as follows: TradeType EUR BuySell Client Buys Cu rrency 1 USD CP Put CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0043183 CONFIDENTIAL SDNY_GM_00189367 EFTA01356945