From: Tazia Smith

From: Tazia Smith To: [email protected] Subject: Re: Zero Cost WTI Collar 101/94.25, Jun spot ref 97.60 [I] Date: Fri, 14 Mar 2014 16:29:48 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6); unnamed(7) Classification: For internal use only understood. brb A Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. +1 (212) 454-2889 Fax +1 646 257-3131 Mobile Email Panitn,l-trPeefonw From: Jeffrey Epstein <[email protected]> To: Tazia Smithiclb/dbcom@DBAMERICAS, Date: 03/14/2014 12:29 PM Subject: Re: Zero Cost WTI Collar 101/94.25, Jun spot ref 97.60 VI we should extend out the strikes 110 88 etc On Fri, Mar 14, 2014 at 12:11 PM, Tazia Smith < Classification: For internal use only wrote: Jeffrey - Current indicative offer on the same June14 zero cost is 101/94.25 WTI Jun14 You buy call, strike 101 You sell put, strike X 100 lots on each leg EFTA01192127 Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.60 X=94.25 Initial Margin: 13% From: Tazia Smith/dbiclbcom To: [email protected]. Cc: Vind Sahni/db/dbcom@DBEMEA. Nav Gupta/db/dbcom@DBEMEA. Paul Morris. Dale: 03/1402014 10:07 AM Subject: Zero Cost WTI Collar 101/94.5. spot ref 97.75111 Vahe Stepanian/db/dbcom@DBAmericas Classification: For internal use only Good Morning Jeffrey - Crude ticking up this AM as you know, you can add to your risk reversal with the same 101 strike call with a 94.50 indicative sold put (vs. your 93.50 yesterday. Let us know: WTI Jun14 You buy call, strike 101 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.75 X=94.50 Initial Margin: 13% TDS EFTA01192128 CL11 98. 70 +.50 1c98.69/98.70 9x2 Prev 98.20 At 9:56 d Vol 58493 Op 98.25 Hi 99.09 Lo 98.06 0 enIni 150876 0.1 0)118 Comdty 99 Save As 98 Actions - ne Ciart • Last Price 98.70 T High on 03/03 10:30 105.11 -9- Average 101.75 1 Low on 03/12 11:30 97.64 1.1 Prev Close I00.30 I ' I I I Forwatceo oy larva Smattob,.cocom on 03/1472014 09:52 AM From: Vanshree Verma/db/dbcom@DBEMEA To: Date: 0371472014 03:53 AM Subject: Markets opening weaker. Kerry and Lavrov meeting today key I KCP Capital Markets ill Risk aversion continues from yesterday as we approach the weekend. Nikkei -3.3.%, MICEX (Russia) -4%, DAX futures -1% Commodities have remained relatively stable despite the movements in other markets WTI and Gold (charts below) have hardly reacted There is increasing nervousness ahead of Sunday's referendum in Crimea. G7 leaders said they would not recognize the outcome of the referendum, while Russia has maintained that they were prepared to "mirror" any sanctions There were reports of Russian military "training exercises" along the border yesterday Key events to watch today: 1) Russian Foreign minister Sergei Lavrov and US Secy of State John Kerry meet in London. This is a last-ditch effort to de-escalate the situation 2) Central Bank of Russia meeting today at 9:30 where Bloomberg survey expects no change Swaps curve is pricing in over a 100bp hike. How will the central bank react to FX pressures? Ongoing tensions justify a cautious approach into the weekend. Tactically go long 1m WTI Calls 101 ($1) and short DAX EFTA01192129 Russia 5y swap i • Last Price 9.3850 I High on 03/14/14 9.3850 -0- Average 7.2356 1 Low on 08/08113 6.8600 Mar Jun Sep 2013 RRSWMS Cumcy (RUB SWAP VS MOSPRIME SYR) Copyright® 2014 Bloomberg Finance WTI Crude Oil future Apr14 in con" 9.0000 8.5000 8.0000 7.5000 7.0000 Dec lar 2014 Daily 14MAR2013-14MAR2014 14-Mar-2014 07:18:48 • CLJ4 COMB Comdty 98.17 T High on 03/09 22:00 102.82 -0- Average 99.70 1 Low on 03/12 16:01 97.55 • prey Close 102.58 10 11 12 Mar 2014 CL.J4 Comity (WTI CRUDE FUTURE Apr14) 5 Days Tidc Gold spot price 13 14 Copyright@ 2014 Bloomberg Finance . 14-Mar-2014 07:20:45 WM. 1369.2$., T High on 03/14 00:01 1376.63 -0- Average 1354.71 1 Low on 03/10 00:56 1328.08 • Prey Close 1339.98 8:.. 18:11 .8:11 18:11 i8: 14 Mar 2014 %AU Curncy (Gold Spot S/Oz) 5 Days lick Copyright@ 2014 Bloomberg Finance . 14-Mar-2014 07:21:58 1'1380 1360 1350 1340 1330 EFTA01192130 1 L Vanshree Verma Deutsche Bank AG. 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