From: Vahe Stepanian

From: Vahe Stepanian To: "jeffrey epstein" <jeevacation®gmail.com> Cc: "Paul Moths" <a>, Subject: Re: AAL [C] Date: Wed, 11 Dec 2013 17:19:50 +0000 Classification: Confidential Jeffrey, Done on AAL. To summarize, today you executed the following for Southern Financial LLC: 1) Bought 1,000 AALJan'15 $20 call Cc3 $8.00/ct. Sell 1,000 AAL Jani 5 $20 put © $2.00/ct. Net Debit = $6.00/ct 2) B 60,000 DXJ @ $49.3749 Please let me know if you have any questions. Thank you, Vahe From: Tazia Smith/clb/dbcom@DBAMERICAS To: jeffrey epeteirr <[email protected]>. Cc: "Paul Morris" •>, Vahe Stepanian" < > Date: 12/11/2013 12:09 PM Subject: Re: AAL [C] Classification: Confidential On it Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 E-mail: EFTA00706285 From: Jeffrey Epstein Sent: 12/11/2013 01:05 PM AST To: Tazia Smith Subject: Re: AAL [C] ok On Wed, Dec 11, 2013 at 12:59 PM, Tazia Smith < wrote: 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 & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 E-mail: Vahe Stepanian 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 EFTA00706286 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. Pill be back to you shortly on AAL. Thank you, Vahe Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154-0004 Email 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. 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 jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00706287 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. EFTA00706288