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Parscd1:03,-* Perfirevit. --- Forwarded Ity n 03'07201401'18 PM --- From. Jeffrey Epstein <reeriacabon@gmail.com> To. Date. 01/17/2014 11:15 AM Sterrett Re. Trade Idea: Long 3-Month USDCAD KI Call Spread -1.10 'Arra 1.13 sold call knocking-in only if USDCAD trades to 1.17 LIJ i like it size? On Fri, Jan 17, 2014 at 11:48 AM, Tazia Smith < •> wrote: Classification: For internal use only Jeffrey - Our US FX traders agree/like Nay'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 b on 011712014 10 35AM -- From: To: Date: 01/17/2014 07:35 AM Subject I like buying USDCAD calls to position for further weakness in CAD. Spot FX is eurrerty 1.085. pj 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 pricing 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. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110249 CONFIDENTIAL SDNY_GM_00256433 EFTA01452920