From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: Tazia Smith <I Subject: Re: Citi K fixed-to-float... [C] Date: Mon, 03 Feb 2014 19:19:25 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3) 2milliojn On Mon, Feb 3, 2014 at 2:14 PM, Tazia Smith < > wrote: Classification: Confidential Jeffrey - Will be back with complete thoughts on all of the below, but given nice pullback today, some highlights (potentially timely entry points) are popping up, for one: Consider buying some of the Citi K fixed to floats today. They went ex-div today (50c) and are trading —$25.25 (down 45c). As you know, they're fixed at 6.875% and float in '23 at 3moL +413bps. One quarterly coupon and you've recouped the moderate premium to par C 6 78 12/31/49 $ 12S.2So K25.230 /25.250 '+ 3x25 EXCI. At 13:57 Vol 177,757 C 25.300P F 25.320N L 25.2006 Val 4.487M EP045024 Pfd 10/28/2013 1D 9, Save As 99 Actions Line 1Y SY Max Daily • It Track Annotate 02/03/2014 3D 1M 6M YID Last Price Ta ID Compare Mov. .A MOM Line Chart MEIN '4 Event O Volume secuntotxty NewS O, Zoom 1 • Last Price 25.250 I High on 01/22/14 25.890 -9- Average 25:243 1. Low on 10/30/B 24.870 25.800 25.600 25.400 25.230 L.J.LVV 25.000 24.800 9.•• Volume 0.178M L • SMAVG (15) 1.077M Oct 31 Nov 15 Nov 29 2013 Dec 16 Dec 31 Jan 15 Jan 31 2014 5M EFTA01166570 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc e✓fcron From: Jeffrey Epstein leevacSg ti mail.com> To. Date: 02/02/2014 08:59 PM Subject: percentages get a read from your team EFTA01166571 Equity Energy Equity Financials Equity Bristol Myers $ 2.50 Pfizer $ 2.50 Merck $ 2.50 Valeant $ 1.50 Actavis $ 1.50 Gilead $ 1.50 Mylan $ 1.00 Endo Health $ 1.00 HCA $ 0.50 Rite Aid $ 0.50 Sub Total $ 15.00 Energy Renaisance Theme $ 15.00 Sub Total Bank of America S 3.00 Fixed-to-Float Preforreds• (ODI Eligible) JPM 6.75%. BBB. callable 2024 $ 3.00 Cdi - K 6.875% BB+. nibble 2023 $ 3.00 Morgan Stanley - F 6.875%. BB+, callable 2024 $ 2.00 Ally - B 0.50%. B, callable 2016 $ 1.00 Sub Total $ 9.00 Fixed Income Europe Equity Recovery Consumer Carrefour S 1.50 Financial Intesa Sanoaolo S 1.50 Auto Volkswagen S 1.50 Advertising JC Oecaux S 1.50 Staffing Adecco S 1.50 Insurance Grupo Catalana S 0.50 Healthcare Roche Holdings S 1.00 Energy Total S 1.00 Sub Total S 10.00 Agency Interest Only Mortgages 5% Coupon Agency Interest Only Mortgages 4.5% Coupon Sub Total Total $ 5.00 $ 5.00 $ 10.00 $ 52.00 Eurostoxx Barrier Note $ 10.30 Total $ 20.00 Japan Equity Financials Sumitomo $ 0.50 Insurance Mitsui Fudosan $ 0.50 Oaiichi Life $ 0.50 Consumer Seven and I $ 0.50 Unicharm $ 0.50 Exporters Sumitomo Electric $ 0.50 Toyota $ 0.50 Japan Tobacco $ 0.50 Hitachi $ 0.50 Advertising Oentsu $ 0.50 Sub Total $ 5.00 TOPIX Delta One Note $ 7.00 Foreign Exchange Long USD / Short Yen ($5 hedge. S8 spec) S 13.00 Total $ 20.00 Alternatives Credit Watford Re: $ 8.00 Total $ 8.00 EFTA01166572 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 jeex [email protected], 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. 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 EFTA01166573