From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: Tazia Smith Subject: Re: Unwind your CAD [C] Date: Wed, 05 Mar 2014 15:06:45 +0000 Inline-Images: 05259881.gifi 05404691.gif; graycol.gif; 05747179.gif send me a chart of the trade , since inception, please. not urgent. On Wed, Mar 5, 2014 at 11:05 AM, Tazia Smith < > wrote: Classification: Confidential Jeffrey- that's done. Sold the structure at $115k v $109k cost, will send detail of each leg. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 "Tazia Smith Original Message From: Tazia Smith Sent: 03/05/2014 09:54 AM EST To: "jeffrey epstein" <[email protected]> Cc: Vahe Stepanian; Paul Morris Subject: Re: Unwind your CAD [C] Classification: Confidential Jeffrey - As discussed, taking the trade. Speak with you at 1pm! Best, Tazia Tazia Smith Director Key Client Partners - US EFTA01189559 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 'Tazia Smith Original Message ---- From: Tazia Smith Sent: 03/05/2014 09:51 AM EST To: "jeffrey epstein" <[email protected]> Cc: 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 outflows of short CAD are expected to provide support/remove downward pressure on You paid $109k for your reverse knock-in call spread. Indicative unwind level today is 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 'Nav Gupta Original Message ---- From: Nav 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 energy prices and the currency. $136k (source: DB I. commodity px are much higher - bullish cad EFTA01189560 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad Hi: 1.6465 Last Price El• CDSW2 Curncy 1.3460 El• USSW2 Curncy 0.4705 i: 0.6697 Low: 0.3730 Low: 1.2460 ........ 1.2000 1.0000 0.8000 0.6000 0.4705 U.401.111 1.00/5 CDSW2 Curncy - USSW2. Cumcy 0.8755 Sep Oct Nov 2013 CDSW2 Cumcy (CAD SWAP Dec Jan Feb Mar 2014 2 YR) Daily OSSEP2013-05MAR2014 Coppightil 2014 Bloomberg Finance LP. 05-Mr-201412:56:14 =READ 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 1.05 1.00 0.95 0.8755 0.85 0.80 0.75 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 Nav Nay Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset 8 Wealth Management 1051108 Old Broad St (Pinners Hall). EC2N 1EN London. 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