From: Tazia Smith •t:

From: Tazia Smith •t: a> To: "jeffrey epstein" <jeevacation®gmail.com> Cc: "Vahe Stepanian" alMa>, "Paul Morris" <a Subject: Unwind your CAD [C] Date: Wed, 05 Mar 2014 14:51:13 +0000 Importance: Normal lnlin mages: graycol.gif; 1B292101.gif; I B296578.gif; I B880376.gif 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 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 Nay Gupta --- Original Message FSOO: HAW Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; Subject: usdcad update for JE (I] Classification: For internal use only three points ; Vinit Sahni 1. commodity px are much higher - bullish cad 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad EFTA01189516 Last Price (3 • CDSW2 Curncy 1.3460 CI ■ USSW2 Curncy 0.4705 if:77 oliCDSW2 Curncy - USSW2 Curncy 0.8755 Sep Oct Nov Dec Jan Feb Mar 2013 CDSW2 Curacy (CAD SWAP 2 YR) Daily OSSEP2013-0514AR2014 Copyright? 2014 Blcomberg - - 1.05 1.00 0.95 n an 0.8755 0.85 0.80 0.75 SPREAD SUMMARY Last 0.8755 Mean 0.932 Off Avg -0.0565 Median 0.9566 StDev 0.0796 StDev from mean -0.7098 Percentile 28.4615 High 09/18/13 1.0675 Low 01/23/14 0.754 05-Har-2014 12:56:1z 2014 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 1 and 2 im surprised usdcad hasnt moved lower - i dont have a view on usdcad here and therefore dont like the trade anymore Nay Nay Gupta Managing Director Deutsche Bank AG. Filiale London Mei tlerlin Ad-en! c 101/n,111. fl,nnernmanf My proposed ideas are being delivered to you by the DeAVVM Key Client Partners (-Ken 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. Pan-int* Pgeferent EFTA01189517 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. EFTA01189518