From: Tazia Smith <

From: Tazia Smith < a> To: "Jeffrey epstein" <jeevacation®gmail.com> Cc: "Rich Kahn" , >, "Nav Gu ta" Ste anian" "Paul Morris" Subject: Fw: KCP Capital Markets Flash - You can buy 3x 105 S&P Call money out Date: Tue, 10 Jun 2014 16:05:25 +0000 Importance: Normal Sahni" , "Vahe vs sell lx 95Put - and still take Classification: External Communication Jeffrey - Consider taking advantage of the skew that Nay identifies in his email below in the LISTED market (clearly, you can see levels on exchange) depending on your bull/bear views over next 3mos (or longer tenor - express or replace long risk). Example at current levels 3x1 —105/95 3mo risk reversal: SPX Spot ref 1949.40 Sep Future ref 1948.50 SPX Sep 2050 call: $6.50x$7.50 (bbg) SPX Sep 1850 put: $20.50x$22.50 (bbg) Buy 3 SPX Sep 2050 calls, Sell 1 SPX Sep 1850 put = Net Credit $0.50/sh Quote from exchange trader, not DB (Subject to market movement As of 6/10/14) Let us know your thoughts, Tazia * Non-Advisory Clients Only Like the risk:reward here of this 1x3 - better than running outright long in S&P Underlying : S&P Expiry : 3mth 105 call is 9.1% vol mid ie 0.29% of notional (0.30% offer) 95 put is 13.5% vol mid ie 0.95% of notional (0.95% bid) Mid Forward 99.60 Buy three 105 Calls against selling one 95 Put, net take out 5bp I'd switch S&P longs into this - Worst case S&P tanks and you have the same delta exposure as outright long. But if S&P rallies materially you have 3x the delta risk. Upfront rec a few bp. Pls show to your clients - happy to price variations of this - let us know Best, Nav EFTA00706853 « image 1 » Nay Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & 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 ("DB"). 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. « image 2 » This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York NY 10154 Tel: Mobile Fax: E-mail: This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the 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. EFTA00706854