EFTA01453365.pdf

New York. NY 10154 Tel: Fax: From: Tazia Smith Sent: 03/13/2014 10:32 AM EDT To: "Jeffrey epstein" leevacationggmail.com> Subject: Re: (C] Classification: Confidential Ok on it Tath Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: Fax E• From: Jeffrey Epstein [jeevacation4p,mail.coml Sent: 03/13/2014 10:15 AM AST To: Tazia Smith Subject: Re: [CI do nav trade On Thu, Mar 13, 2014 at 9:24 AM, Tazia Smith wrote: Classification: Confidential Jeffrey - Consider the USDRUB 1-mo binary for —25.5% (very sensitive to spot, so indicative level, we'd work an order 26% or better). vanilla calls for comparison, lmth 3% OTM vanilla call is —0.57°4/0.67% (12.4%/ 13.25% vol) 2mth 4.25% OTM vanilla call is — 0.96%/1.08% (12.2% / 13% vol) Nav highlights the binary below, where the payout is much cleaner. Ruble weakens 3% (european observation)in this example, and payout is $1mm for $255k invested: 1-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of payout CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110917 CONFIDENTIAL SONY GM_00257101 EFTA01453365