From: Tazia Smith •t:

From: Tazia Smith •t: a> To: "jeffrey epstein" leevacation®gmail.cotn> Cc: "Vahe Stepanian" alMa>, "Paul Morris" <a Subject: Re: Unwind your CAD [C] Date: Wed, 05 Mar 2014 14:54:15 +0000 Importance: Normal Inline-Images: graycol.gif; 19592231.gif; 19409263.gif; 19453537.gif Classification: Confidential Jeffrey - As discussed, taking the trade. Speak with you at 1pm! Best, Tazia Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 Tel: Mo Fax: E-mail: In Tazia Smith ---- Original Message ---Fres: Tazia Smith Sent: 03/05/2014 09:51 AM EST To: 'Jeffrey epstein' [email protected], Ce: Vahe Stepanian; Paul Morris Subject: Unwind your CAD [C] Classification: Confidential Jeffrey - Consider unwinding your cad trade. See Nav's comments below, but essentially higher energy prices and outflows of short CAD are expected to provide support/remove downward pressure on the currency. You paid $109k for your reverse knock-in call spread. Indicative unwind level today is $136k (source: DB WM FX Tading, 3/5/14). Consider taking the $27k gain. Tazia Smith Director Key Client Partners - US EFTA00984576 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel:a Mo Fax: E-mat : In Nav Gupta --- Original Message Free: Hay Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; Subject: usdead update for JE (II Classification: For internal use only three points ; Vinit Sahni I. commodity px are much higher - bullish cad 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mtlis ago - bullish cad canada still has v vulnerable housing sector and several high profile clients have been exiting canadian risk (pimco ed devlin in ft last week) but nevertheless given I and 2 above im less bearish cad vs usd than 2mths ago when JE entered the trade. so given I and 2 im surprised usdcad hasnt moved lower - i dont have a view on usdcad here and therefore dont like the trade anymore EFTA00984577 Nay Nay Gupta Managing Director Deutsche Bank AG. Filiale London Deutsche Asset & Wealth Management s Hall). EC2N lEN London. United Kingdom Email Any 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. 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. EFTA00984578