From: Richard Kahn Sent: Saturday, October 15, 2016 8:34 PM To: Jeffrey Epstein Subject: Fwd: Bearish Russia FX plays [C) Another way to play ruble short from d= Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Pho=e Fax Cell B=gin forwarded message: From:=/b> Darlene Zong Date: October 14, 2016 at 4:29:21 PM EDT To Cc: Stewart Oldfield , Daniel Sabba , Vahe Stepanian= , <=r>Subject: Bearish Russia FX plays [C) Classification: Confidential Hi Rich, As requested, please find below indicative levels on t=o iterations. Happy to discuss further on the strategy and refresh p=icing, together with 9-month versions on Monday when Russia is open.</=:p> Spot ref 63 6-month ATMF ref 65.6732 EFTA_R1_01544451 EFTA02447440

Indicative notional $10mm #1 — Seagull 6 months Sell European USD put RUB call 62.4 strike Buy European USD call RUB put 68.96 strike (- 5% OTMF)=o:p> Sell European USD call RUB put 72.5 strike=/p> Expiry 4/14/2017 Costless upfront #2 — USD/RUB ratio call spread = 6 months Buy European USD call RUB put 68.96 strike Sell 2x European USD call RUB put 72.25=strike Expiry 4/14/2017 Costless upfront Darlene Zong, CFA Key Client Partners I Deutsche Bank Securities, Inc 345 Park Avenue, 26th Floor, New York, NY, 10154=/o:p> 2 EFTA_R1_01 544452 EFTA02447441

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