From: Vahe Stepanian <

From: Vahe Stepanian < IMa> To: "jeffrey epstein" leeyacation®gmail.cotn> Cc: :Nava-zait Sahni" Subject: Re: Unwind your CAD [C] Date: Wed, 05 Mar 2014 15:18:54 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3) Classification: Confidential Good Morning Jeffrey, Details of your CAD unwind are below. We will be following up with the chart you've requested. Thank you, Vahe BuySell Client Sells Currencyl USD CP Call Notionall -10,000,000 Currency2 CAD Notional2 11,000,000 Strike 1.1 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 FixingReference SPOT Premium 135,000 PremiumTerms USD PremiumDate Thu 06 March 2014 BuySell Client Buys Currencyl USD CP Call Notionall 10,000,000 Currency2 CAD Notional2 -11,300,000 Strike 1.13 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 Barrier 1.17 FixingReference SPOT Premium 20,000 PremiumTerms USD EFTA01189568 PremiumDate Thu 06 March 2014 Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Dnuly,r_hn Assnt A lAktalth Mananamanf From: Tazia Smith/db/dbcom@DBAMERICAS To: "affray epstein" <jeevacation©gmail.com>. Cc: MaheSt anian' >. 'Paul Morris" < ).. "Vinit Sahni" "Nav Gupta" Dale: 03/0512014 10:05AM Subject: Re: Unwind your CAD (CI 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 -- Original Message — From: 74z-4 :17—,b Sent: 03105120:4 09:54 AM EST To: 'Jeffrey epstein' <jeevecetionSgmell.com, Cc: Valle Step/mien; Paul Morris Subject: Re: Unwind your CAD [C) Classification: Confidential Jeffrey -As discussed, taking the trade. Speak with you at 1pm! EFTA01189569 Best, Tazia Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management -- Original Message — From: Tazia Smith Sent: 03/05/2014 09:51 AM EST To: 'Jeffrey epsteinw [email protected], Cc: vane 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 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Mana•ement -- Original Message — From: Na•: Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; Subject: usdcad update for 3E tl) Classification: For internal use only three points ; Vinit Sahni 1. commodity px are much higher - bullish cad EFTA01189570 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad Last Price o■ CDSW2 Curncy 1.3460 USSW2 Curncy 0.4705 1.05 -0 1.00 -0 0.95 -0 n on -0 0.8755 0.85 -• 0.80 -4 0.75 -0 Sep Oct Nov Dec Jan Feb Mar 2013 I 2014 CDSW2 Curncy (CAD SWAP 2 YR) Daily OSSEP2013-0511AR2014 Copyrigtall 2014 Bloomberg Finance SPREAD SUMMARY Last 0.8755 Mean 0.932 Off Avg -0.0565 Median 0.9566 StDev 0.07% StDev from mean -0.7098 Percentile 28.4615 High 09/18/13 1.0675 Low 01/23/14 0.754 OS-Mar-2014 12:56:14 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 1 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 Nav Gupta Managing Director Deutsche Bank AG. Filiale London . . 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