EFTA Document EFTA01472726

Subject: RE: Short EUR/USD Trades [C] From: Paul Morris < 1.> Date: Tue, 07 Apr 2015 11:41:16 -0400 To: Vahe Stepanian Daniel Sabba Classification: Confidential He's in nyc, try to see him Paul Morris Managing Director Deutsche Bank Private Bank From: Vahe Stepanian Sent: Monday, April 06, 2015 1:51 PM To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: Short EUR/USD Trades [C] Classification: Confidential Jeffrey- would it make sense to revisit your bearish EUR view on the back of Friday's weak NFP? We priced up three alternatives: Spot ref = 1.0990 1) Buy European Digital Put Option on EUR/USD EFTA01472726 Strike: Payout: Payout Ccy: Expiry: Premium Offer: USD 1.00 USD 1,000,000 Tue 06-Oct-2015 (6m) USD 135,000 (mid: $115,000) 2) Buy European Put Option on EUR/USD Strike: Notional: Expiry: Premium Offer: 1.1050 EUR 10,000,000 Wed 06-Apr-2016 (1y) USD 460,000 (mid: $442,500) 3) Buy EUR/USD Put, sell EUR/USD call in a premium neutral Risk Reversal Put Strike: Call Strike: Notional: 1.0500 1.1675 EUR 10,000,000 EUR EFTA01472727 Expiry: Thu 06-Apr-2017 (2y) Structure mid: USD -33,000 Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. EFTA01472728