Epstein Secrets

all was up relatively little (see Figure 13). Please see The DNA of Ovenvuung - A US Perspective. 02-Apr.2013. contact eggs-woe:We com Page 8 8% Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055505 CONFIDENTIAL SDNY_GM_00201689 EFTA01364945

ty. So, selling 'expensive' 1M upside call options to finance the purchase of longer-dated calls has generally been attractive. Strategies selling 1M SPX calls have not performed recently Looking again at Figure 10 above, strategies selling 1M calls have, not surprisingly, "banked" close to the entir

sitions. Not surprisingly, call spread strategies experienced much lower volatility and higher risk- adjusted returns (see Figure 15 to Figure 18). Deutsche Bank Securities Inc. Page 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055593 CONFIDENTIAL SDNY_GM_00201777 EFTA01365007

e prior -50 years. If anything, we tended to see slightly higher occurrences of big 1M rallies in our backtest period. (Figure 14. Distribution of 1M SPX returns 14% 12% 10% 8% 6% "6 4% 2% 0% Jan-1950 to Nov-2002 Dec-2002 to Sep-2013 T • T T ' r y"-T. T-TT '' .4 t * * * * * *

ile the long-dated call was up relatively little (see Figure 13). Please see The DNA of Ovenvuung - A US Perspective. 02-Apri2013. contact Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0056042 CONFIDENTIAL SDNY_GM_00202226 EFTA01365337

ty. So, selling 'expensive' 1M upside call options to finance the purchase of longer-dated calls has generally been attractive. Strategies selling 1M SPX calls have not performed recently Looking again at Figure 10 above, strategies selling 1M calls have, not surprisingly, "banked" close to the entir