Epstein Secrets

Bank Securities Inc. Tel. Mobile: Email: Original Message From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C]

00,000 USD Expiry: Thu 05-Nov-2015 (6m) Structure Mid: USD -130,000 Thank you, Vahe From: Daniel Sabba Sent: Friday, May 01, 2015 4:35 PM To: Jeffrey E.; Paul Morris Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionality

2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Ric

May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dw

[C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) Struc

ul Morris Managing Director Deutsche Bank Private Bank Office: 212-454-0701 Cell: From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C]

ry: Thu 05-Nov-2015 (6m) Structure Mid: USD -130,000 EFTA01401809 Thank you, Vahe From: Daniel Sabba Sent: Friday, May 01, 2015 4:35 PM To: jeffrey E.; Paul Morris Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality

i put up any money if i can short puts ? buyu calls .risk reversal. sorry On Fri, May 1, 2015 at 10:15 AM, Daniel Sabba a wrote: EFTA01401810 Jeffrey — we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the BoJ -

Sent: Monday, May 04, 2015 10:00 AM To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Ric

[C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal EFTA01401808 Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-

anaging Director Deutsche Bank Private Bank Office: 212-454-0701 Cell: 917-971-2507 From: Vahe Stepanian Sent: Monday, May 04, 20151:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel Sabba; Mane Dwyer; Stewart Oldfield Subject: RE: DB James Malcolm: Are the Bo] shifting stance? Own some ch

Sent: Monday, May 04, 20151:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel Sabba;

tepanian Sent: Monday, May 04, 20151:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel

ify, we priced the structures by choosing a strike on the USD/JPY put sale, then solving for the call. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) As a spre

Bank Securities Inc. E . Mobile: Email: Original Message From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabha; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C]

2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabha; Ariane Dwyer; Ric

May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabha; Ariane Dw

[C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) Struc

Sent: Monday, May 04, 2015 1:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel Sabba;

epanian Sent: Monday, May 04, 2015 1:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel

use only Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: Vahe Stepanian Sent: Monday, May 04, 2015 1:44 PM To: 'Jeffrey Epstein' Cc: Paul Morris; 'Richard Kahn'; Daniel Sabba; Arlene Dwyer; Stewart Oldfield Subject: RE: DB James Malcolm: Are the Bo) shifting stance? Own some

ify, we priced the structures by choosing a strike on the USD/JPY put sale, then solving for the call. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) As a spre

Securities Inc. Tel. Mobile: Email: ---Original Message---- From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C]

2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Ric

May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dw

As a spread: Price on the 117 is $149,100 / $160,000 Price on the 123.45 is $149,100 #3) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 116.00 Call Strike: 125.00 Notional: USD 10,000,000 USD Expiry: Thu 05-Nov-2015 (6m) Settlemen

art Oldfield Subject: RE: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionatity..... [CI Vahe Stepanian 5/4/2015 1:44:15 PM 'Jeffrey Epstein' [[email protected]] Jeffrey- bid/ask below per your request. There was a typo in the previous email, the mid represented was not the mid on the

CI Vahe Stepanian 5/4/2015 1:44:15 PM 'Jeffrey Epstein' [[email protected]] Jeffrey- bid/ask below

y..... [CI Vahe Stepanian 5/4/2015 1:44:15 PM 'Jeffrey Epstein' [[email protected]] Jeffrey- bid/as

ify, we priced the structures by choosing a strike on the USD/JPY put sale, then solving for the call. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) As a spre

000,000 USD Expiry: Thu 05-Nov-2015 (6m) Structure Mid: USD 130,000 Thank you, Vahe From: Daniel Sabba Sent: Friday, May 01, 2015 4:35 PM To: jeffrey E.; Paul Morris Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionality

n the world would i put up any money if i can short puts? buyu calls .risk reversal. sorry On Fri, May 1, 2015 at 10:15 AM, Daniel Sabba < wrote: Jeffrey — we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the BoJ - he

: Call Strike: Notional: Expiry: Structure Mid: 117.00 123.45 USD 10,000,000 USD Thu 05-Nov-2015 (6m) USD -160,000 #3) Snit sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 116.00 Call Strike: 125.00 Notional: USD 10,000,000 USD Expiry: Thu 05-Nov-2015 (6m) Struc

00 To: Stewart Oldfield ‹ > Classification: For internal use only Paul Morris Managing Director Deutsche Bank Private Bank Office Cell: From: jeffrey E. [mailto:[email protected]] Sent: Monday, May 04, 2015 10:08 AM To: Vahe Stepanian Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn S

put up any money if i can short puts ? buyu calls .risk reversal. sorry EFTA01400977 On Fri, May 1, 2015 at 10:15 AM, Daniel Sabba e > wrote: Jeffrey — we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the BoJ -

cation: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 EFTA01400975 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) Stru

From: jeffrey E. [[email protected]] Sent: 5/4/2015 10:07:56 AM To: Vahe Stepanian CC: Paul Morris Sabba ); Ariane Dwye Richard Kahn Subject: Re: DB Jam

epanian < > wrote: Classification: Confidential Jeffrey- please find risk reversal pricing below per your

rote: Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) Struc