EFTA01451402

Mobil Email <7.3418.gic> My proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. From: Jeffrey Epstein <jeeyacation(aumail.com> To: Vinit Sahni/db/dbcom@DBEMEA, Cc: Tazia Smith/db/dbcom@DBAMER1CAS, "Nay Gupta (DEUTSCHE ASSET MANAG)" Paul Morris/db/dbcom@DBAMERICAS, Vahe tepanut corn DBAmericas Date: 13/01/2014 11:50 Subject: Re: PDVSA chart + USDJPY Trade [C] thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni <vinit.sahniadb.com> 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107978 CONFIDENTIAL SONY GM_00254182 EFTA01451402