EFTA01467711

Subject: Re: [C] From: Tazia Smith ‹ > Date: Thu, 13 Mar 2014 09:24:29 -0400 To: jeffrey epstein Paul Morris Cc: Vinit Sahni Nav Gupta Vahe Stepanian <[email protected]>, Classification: Confidential Jeffrey - Consider the USDRUB 1-mo binary for -25.5% (very sensitive to spot, so indicative level, we'd work an order 26% or better). vanilla calls for comparison, lmth 3% OTM vanilla call is —0.57%/0.67% (12.4% / 13.25% vol) 2mth 4.25% OTM vanilla call is — 0.96%/1.08% (12.2% / 13% vol) Nav highlights the binary below, where the payout is much cleaner. Ruble weakens 3% (european observation)in this example, and payout is $1mm for $255k invested: 1-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of payout European Digital on USD/RUB Strike: 37.55 Payout: USD 1,000,000 Payout Ccy: USD Expiry: Fri 11-Apr-2014 Settlement: Mon 14-Apr-2014 ZoneCut: MO Premium: USD 255,000 Premium Date: Fri 14-Mar-2014 This Digital pays the owner USD 1,000,000 if USDRUB is above 37.55 at the time of expiry. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management EFTA01467711 345 Park Avenue - 26th Floor New York NY 10154 Tel: Mobile: Fax: E-mail: From: Jeffrey Epstein [[email protected]] Sent: 03/13/2014 08:10 AM AST To: Tazia Smith; Paul Morris ruble short . lets play *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01467712