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

rket between May-09 to Sep-13 saw strategies selling 1M options have lower returns than buying outright calls. This is largely due to the Apr-13 to Sep-13 period, which saw large up and down moves that resulted in large losses from some of the short 1M call that were rolled every month while the long-dated c

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

3 December 2013 US Derivatives Spotlight F Figure 13: The Apr-13 to Sep-13 period has seen significant underperformance from financing long-dated calls with 1M calls 2 115% 113%1 111% 1 109% 1 107% 1 < 105% E 103% 101% a

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

rket between May-09 to Sep-13 saw strategies selling 1M options have lower returns than buying outright calls. This is largely due to the Apr-13 to Sep-13 period, which saw large up and down moves that resulted in large losses from some of the short 1M call that were rolled every month while the long-dated c