EFTA01465712

Subject: AAL [C] From: Tazia Smith < Date: Wed, 11 Dec 2013 11:59:36 -0500 To: Vahe Stepanian < Jeffrey epstein < eevacation@ mail.com> Cc: Paul Morris Classification: Confidential Jeffrey - American Airlines (AAL) is presently trading -$26.5. You can synthetically create the stock via listed risk reversal out to Jan15: Indicative levels: Spot ref 26.50 Buy Jan15 20 call Sell Jan15 20 put Net Debit: 6.25 Do this on 1000 contracts to represent your 2-3mm of exposure. This priced better than a total return swap. Indicative levels only. Subject to market movement. Source: DB WM Equity Derivatives, 12/11/13. TDS Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Weal h M n ment E-mail: Original Message From: Vahe Stepanian Sent: 12/11/2013 11:43 AM EST To: [email protected] Cc: Paul Morris; Tazia Smith Subject: DXJ [C] Classification: Confidential Jeffrey, As a follow up to your conversation with Paul, please confirm you would like to purchase 60,000 DXJ @ market. DXJ is currently trading -$49.36, therefore the position = -$3mm exposure. I'111 be back to you shortly on AAL. EFTA01465712 Thank you, Vahe (Embedded image moved to file: pic01274.gif) Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & Wealth Mana•ement Email (Embedded image moved to file: pic00303.gif) EFTA01465713