EFTA Document EFTA01451268

(Embedded image moved to file: pic05778.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset 105/ Tel. Mobi Emai & Wealth Management ers Hall), Ec2N lEN London, united Kingdom (Embedded image moved to file: pic21526.gif) Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") 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. Fro Jeffrey Epstein <[email protected]> m: To: Vinit Sahni/db/dbcomODBEMEA, Cc: ' BAMERICAS, "Nav Gupta (DEUTSCHE ASSET MANAG)" < , Paul morris/db/dbcon@OBANIERICAS, Vahe Stepani an comODBAmericas oat 13/01/2014 11:50 e: Sub Re: PDVSA chart + USDJPY Trade [C] jec t: thanks , lets keep on Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107657 CONFIDENTIAL SDNY_GM_00253841 EFTA01451268