From: Jeffrey Epstein <[email protected]> Sent: Friday, January 17, 2014 4:16 PM To: Tazia Smith Subject: Re: Trade Idea: Long 3-Month USDCAD KI Call Spread - 1.10 with a 1.13 sold call knocking-in only if USDCAD trades to 1.17 [I) i like it .. size ? On Fri, Jan 17, 2014 at 11:48 AM= Tazia Smith <[email protected] <mailto:[email protected]> wrote: Classification: Fo= internal use only Jeffrey - Our US FX traders agree/like Nav's call here. The 3-month 1.10/1.13 USDCAD, 1.17 knock-in call spread (where that 1.13 short call only exists if USDCAD goes to 1.17 during the life of the trade) described below is currently offered -1.1% (Source: DB FX Sales, 1/17/14). Please see the investment thesis below and let us know your thoughts. Best, Tazia Indicative levels only. Subject to market movement. Source: DB Key Client Partners London, as of 1/17/14. Forwarded =y Tazia Smith/db/dbcom on 01/17/2014 10:35 AM From: To: [email protected] <mailto:kcp-emea@li=t.db.com> , [email protected] <mailto:[email protected]> , Date: 01/17/2014 07:35 AM Subject: I like buying USDCAD calls to=position for further weakness in CAD. Spot FX is currently 1.095. (II Classification: For internal use only I like USDCAD call options to position for further weakness in CAD. Spot FX is currently 1.095. Over the course of the past week the interest rate curve has started pricin= in a small amount of rate cuts - this development is significant and clearly a beginning of a pain trade. I believe it can go further. Lower CAD rates from here will drive USD CAD higher. EFTA_R1_01754813 EFTA02579732

The limited downside play I like best in USDCAD is buying a 3month expiry 1.10 / 1.13 call spread on USDCAD but where the short 1.13 call position only exists (knocks-in) if USD trades at 1.17 trades in the market before the option expires, otherwise the option payoff is the same as a 1.10 call option. It costs 1% of USD notional. I believe the buyer is well compensated for the knock-in component. If USDCAD rises to 1.15 the option payout is 5 big figures. If 1.17 trades before expiry the payout is limited to 3 big figures. Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor Ne Y rk NY Tel Fa Mobile Email tazia.smi 4 tel:%2B1%20%28212%29%20454-2889> tel:%2B1%20%28646%29%20257-3131> tel:%2B1%20%28917%29%20327-4107> com <mailto:[email protected]> This communication may contain confidential and/=r privileged information. If you are not the intended recipient (or have received this communicationar> in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of thear> material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. The information contained in this commun=cation is confidential, may be attorney-client privileged, may constitute inside i=formation, and is intended only for the use of the addressee. It is the=property of Jeffrey Epstein Unauthorized use, disclosure or copying=of this communication or any part thereof is strictly prohibited and may be unla=ful. If you have received this communication in error, please notify us=immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved 2 EFTA_R1_01754614 EFTA02579733