From: Paul Morris <

From: Paul Morris < To: "'Jeffrey E."' <1 >, "'Richard Kahn" Subject: RE: Cnh trade [C] Date: Tue, 11 Aug 2015 18:12:43 +0000 Inline-Images: image00 1 .jpg Let's get on the phone Original Message From: Jeffrey E. Sent: Tuesday, August 11, 2015 10:43 AM Eastern Standard Time To: Paul Morris; Richard Kahn Subject: Re: Cnh trade [C] imagine we havet alked about yuan weakness over and over and only last week did you guys suggest another put on china. was that with your understanding that the yuan would appreicate999??I! On Tue, Aug 11, 2015 at 8:19 AM, Paul Morris < Classification: Confidential I understand that's what I mean I'll check > wrote: From: Jeffrey E. [mailto: Sent: Tuesday, August 11, 2015 10:15 AM To: Paul Morris; Richard Kahn Subject: Re: Cnh trade [C] I I bought puts with the view that the yuan would collapse. not surethat if the put is struck at spot 61 and after collapse now selling for 635, how does it not have value. On Tue, Aug 11, 2015 at 8:10 AM, Paul Morris < Classification: Confidential ?? I'll check Paul Morris wrote: Managing Director EFTA00650225 Deutsche Bank Private Bank From: Jeffrey E. [mailto: Sent: Tuesday, August 11, 2015 9:47 AM To: Paul Morris Subject: Fwd: Cnh trade [CJ -------- Forwarded message From: Richard Kahn <I Date: Tue, Aug 11, 2015 at 7:03 AM Subject: Fwd: Cnh trade [C] To: Jeffrey Epstein Sent from my iPhone Begin forwarded message: From: Vahe Stepanian < Date: August 11, 2015 at 8:58:36 AM EDT To: Richard Kahn < >, Daniel Sabba Subject: RE: Cnh trade [C] Classification: Confidential 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 Currencyl USD CP Put Notionall 75,000,000 Currency2 CNH Notional2 -462,000,000 Strike 6.1600 ZoneCut TK: 15:00 hours (Local time In Tokyo) ExpiryDate Wed 12 August 2015 SettlementDate Fri 14 August 2015 FixingReference SPOT Premium 273,000 PremiumTerms USD EFTA00650226 PremiumDate Thu 14 August 2014 CNH BGN Curn 08/11/2014 Thank you, Vahe CNH 6.3813 ..1666 At 8:55 Op 6.2147 Hi 6.4002 99Saven 08/11/2015 Last Price BGN dine BGN 6.3807/6.3819 BGN Lo 6.2136 Close 6.2147 9 Actions - WITUMNr- ISItiMe Et al Compare Dov. ID 3D IN GM YID 1Y SY Flax Daily • 7 Z. Security/Study Track 4 imam 1, Mins ZOCen Value 08/13/15 Line Chart ■ test Ma •Aver606 I WO C8/11/15 6.3813 63313 6.1903 / tow cal 10/28/14 6.1143 6.1000 ors 2014 Po Event Nl 6.15,33 *Used with the permission of Bloomberg LP Original Message----- From: Richard Kahn [mailto Sent: Tuesday, August 11, 2015 5:51 AM To: Daniel Sabba; Vahe Stepanian Subject: Cnh trade I know we have 2 days left. Please advise on pricing and market value on option based on current news. Thank you. Richard Kahn HBRK Associates Inc. EFTA00650227 575 Lexington Avenue, 4th Floor New York, NY 10022 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. 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Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00650228 please note 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 JEE 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 and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note 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 JEE 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 and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00650229