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345 Park Avenue - 26th Floor New York, NY 10154 Tel: Mob' Fax: E-mail From: Jeffrey Epstein Neevacationexmail.com] Sent: 01/13/2014 07:49 AM AST To: Vinit Sahni Cc: Tazia Smith; "Nav Gupta (DEUTSCHE ASSET MANAG)" ca>; Paul Morris; Vahe Stepanian Subject: Re: PDVSA chart + USDJPY Trade [C] thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. Vinit Sahnl Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/08 Old &oad St (Pinners Hag). EC2N 1 EN London, United Kingdom Tel. Mobi Ema From* Tazta SmIth/db/dbcomeDIMMERICAS To- leffrey epstein" imacatio Cc: 'Wit Sahni" >. "Nay Gupta (DEUTSCHE ASSET MANAG)" CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107555 CONFIDENTIAL SDNY_GM_00253739 EFTA01451222