From: J <jeevacationggmail.corn> To: Raphael Zagury Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesting [C] Date: Tue, 14 Jan 2014 13:48:27 +0000 Work I Sent from my iPad On Jan 14, 2014, at 9:35 AM, Raphael Zagury Classification: Confidential wrote: Jeffrey - We just tried calling you. We have an indication on the MBONO's at 7.50% yield for 3MM USD but they move around a bit. Let us know your thoughts and if you'd like us to work an order. You can call either Vahe or myself here in NY. Thanks, Raphael Raphael Zagury, CFA Managing Director Head of Key Client Partners Latin America Deutsche Bank Securities Inc. Deutsche Asset 8 Wealth Management 345 Park Avenue. 26th Floor New York. NY 10154 Tel. Email Front Vinit Sahnitdb/dbcom@DBEMEA To: Jeffrey Epstein <jeevacationAgmail.com>@DEUBAINT. Cc: Raphael Zagury/db/dbcom@DBAMERICAS. Vahe Stepanian/db/dtcom@DBAmericas Date: 01/1412014 08:15 M4 Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesti-ig [CI Classification: Confidential Jeffrey - trying to wake people up in Mexico now. its 7am so sending some coffee across to Mexico...we are on it as soon as we get prices the NY crew will reach out to u. <mime-attachment.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. Mobil Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners (*KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DIY). These ideas are for the consideration of the intended recipients of this mail EFTA00676637

only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID). who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <mime-attachment.gif> From: Jeffrey Epstein <eevac iSi gnt.orn li > To: Vinit Sahniklbldbcom@DBEMEA. Date: 14/01/2014 12:01 Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesting (C) it was a more general question On Tue, Jan 14, 2014 at 7:57 AM, Vinit Sahni Classification: Confidential - wrote: as its local currency all the liquidity is in NY hours so it won't hurt. As soon as they get some liquidity will shoot it across. <mime-attachment.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. Mobile Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ('KCP') London desk for discussion purposes only, and do not create any legaly binding obligation on the part of Deutsche Bank AG and l or its affiliates ("DIY). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID). who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <mime-attachment.gif> From: Jeffrey Epstein <[email protected]> To: Vinit Sahni/db/dbcom@DBEMEA. Paul Morrisklbklbcom@DBAMERICAS. Tazia Smith/db/dbcom@DBAMERICAS. Date: 14/0112014 11:39 Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesting (C) can we set up an account based in london , so i do not have to wait for ny to open? EFTA00676638

On Tue, Jan 14, 2014 at 7:00 AM, Vinit Sahni > wrote: Classification: Confidential got it back to u as soon as NY opens up <mime-attachment.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 1051108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. Email Mobil Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP') London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and or its affiliates ("DIY). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID). who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <mime-attachment.gif> From: Jeffrey Epstein <jeevacation/Agmail.co-n> To: Vinit Sahniklbklbcom@DBEMEA, Date: 14101/2014 10:55 Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesting (C) usd 3m bonds On Tue, Jan 14, 2014 at 6:41 AM, Vinit Sahni > wrote: Classification: Confidential Jeffrey - sorry, to clarify is it 3m USD worth of MXN bonds or 3m MXN, as its a local currency bond. As soon as NY gets in will get a price on the MBONO 7.75% 11/13/2042 and ping u as and when our view on rates or the currency changes will keep u updated, as here u have risk on both components unlike the PDVSA where the bond was denominated in USDs. Best Vinit EFTA00676639

<mime-attachment.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N I EN London. United Kingdom Tel. Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners (*KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DIY). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID). who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <mime-attachment.gif> From: Jeffrey Epstein <[email protected]> To: Wit Sahniklbklbcom@DBEMEA, Date: 14/0112014 10:18 Subject: Re: Jeffrey - Mexico -> MBONO 30y look interesting (C) agreed lets do 3m On Tue, Jan 14, 2014 at 4:23 AM, Vinit Sahni < > wrote: Classification: Confidential Jeffrey - was looking for value in the EM space, post the PDVSA analysis, started looking at Mexico... here is a trade I think makes sense -> buying MBONO 30y unhedged At around 7.5% yield, inflation probably in the 3-4% in the foreseeable future, and USD/MXN likely stable or stronger in real (deflated) terms, I think it is good value. The curve is steep. If you look at 10Y10Y UST and 10Y10Y MXN yields, the spread is above 500bp . Say inflation differential is 100bp higher in Mex and credit diff is 100bp (10Y CDS is about 100bp higher in Mexico although Mex has much better debt dyn), this still leaves about 300bp of cushion for real depreciation per year...In sum, it seems good value near term mark to market risk is slower pace of implementation of energy reform and a selloff in USTs happy to discuss further if u find interesting... <mime-attachment.gif> CNYMXN chart courtesy Nav Gupta (shows relative value in Labour cost between China and Mexico) EFTA00676640

<mime-attachment.gif> <rnime-attachment.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 Old Broad St Pinners Hall). EC2N 1 EN London. United Kingdom Tel. Mobi Email <rnime-attachment.gif> Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ('KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DE'). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide iwestment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. From: Jeffrey Epstein <jeevacationAgmail.com> To: Wit Sahnifdbfdbcom@DBEMEA. Cc: Tazia Smithfclbfdbcom@DBAMERICAS. 'Nay Gupta (DEUTSCHE ASSET MANAG)" . Paul Morrisidbfdbcom@DBAMERICAS. Vahe Stepaniantdb/dbcom@DBAmelicas Date: 13101/2014 11:50 Subject: Re: PDVSA chart + USDJPY Trade (C) thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni < > wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. EFTA00676641