From: Jeffrey Epstein <jeeyacation@grnail.com>

From: Jeffrey Epstein <jeeyacation@grnail.com> To: Tazia Smith Subject: Fwd: percentages get a read from your team [C] Date: Fri, 14 Feb 2014 15:19:53 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4) Forwarded message From: Jeffrey Epstein <jeeyacation@gmail.com> Date: Fri, Feb 14, 2014 at 4:13 PM Subject: Re: percentages get a read from your team [C] To: Jeffrey Epstein <jeeyacation@gmail.com> I agree with your changes lets look at 50 million dollars to start On Fri, Feb 14, 2014 at 1:26 AM, Jeffrey Epstein <jeeyacation@gmail.com> wrote: Forwarded message From: Jeffrey Epstein <jeeyacation@gmail.com> Date: Fri, Feb 7, 2014 at 6:04 PM Subject: Fwd: percentages get a read from your team [C] To: Jeffrey Epstein <jeeyacation@gmail.com> Forwarded message From: Jeffrey Epstein <jeeyacation@gmail.com> Date: Wed, Feb 5, 2014 at 4:38 PM Subject: Fwd: percentages get a read from your team [C] To: Jeffrey Epstein <jeeyacation@gmail.com> Forwarded message From: Tazia Smith Date: Tue, Feb 4, 2014 at 3:25 PM Subject: Re: percentages get a read from your team [C] To: jeeyacation@ mail.com Cc: Paul Morris , Vinit Sahni , Nay Gupta , Vahe Stepanian Classification: Confidential EFTA01134885 Jeffrey - Summary below takes into account the DB team's feedback. We agree with overall themes. Commentary here, further implementation detail below and to follow: - Specific recommendations for modifications to the thematic baskets (Please see Healthcare detailed below -back with specifics on each level) - Propose allocation to US Tech equity (cognizant though that you have private equity investments) - Propose additional opportunistic FX exposure (trades like your short CAD) - Energy renaissance will include trades on crude, in addition to equities that are beneficiaries of secular shift in underlying energy supply, and supply chains (not just the nat gas theme in the US, but also companies like Hannon Armstrong (HASI) that finance energy efficiency) - We are reviewing PO v 1O mortgages with rates where they are. US Proposed Suuest Healthcare 15 15 Energy Renaissance 15 15 Financials 22 12 -10 Tech 0 5 +5 S&P Barrier Note 0 5 +5 52 52 Europe Single Stocks 10 5 -5 European Credit 0 10 r +10 Eurostmo< Barrier Note 10 5 r -5 20 20 Japan Single Stocks 5 5 Topix Swap (or Delta 1) 7 7 Short Yen (premium) 13 5 -8 25 17 4 F% -Tactical (premium( 0 10 +10 Alternatives 8 I -7 105 100 - Not a typo on Proposed total of 105; original just didn't include the single names in Japan EFTA01134886 Propsed Updated Current 1 L Equity Bristol Myers Pfizer Merck %/steam Actavis Gilead tAylan Endo Health HCA Rite Aid Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management Per far $ 2.50 $ 2.00 $ 2.00 $ 2.50 $ 2.00 $ 2.00 Foundation Medical Ariad Sangamo Biosciences Biogen Agerion CVS Sub Total From: Jeffrey Epstein leev,sao g ti mail.com> To: Tazia Smitti/db/cl . Paul Morrisld Date: 02/02/2014 08:59 PM Subject: percentages get a read from your team S $ [repeated 7 times] 2.50 $ 2.00 $ 2.00 1.50 S 1.00 $ Imo 1.50 S 1.00 Imo 1.50 S 1.50 1.50 LW S 1.00 Loo 1.00 S 1.00 1.00 0.50 S 1.00 $ 1.00 0.50 $ 0.50 0.50 $ 0.70 $ 0.70 0.10 0.10 1.00 1.00 $ 0.50 $ 0.60 $ 1.10 $ 0.50 oso 15.00 1.00 1.00 $ 15.00 $ 2.40 $ 17.40 EFTA01134887 Equity Energy Equity Financials Equity Bristol Myers $ 2.50 Pfizer $ 2.50 Merck $ 2.50 Valeant $ 1.50 Actavis $ 1.50 Gilead $ 1.50 Mylan $ 1.00 Endo Health $ 1.00 HCA $ 0.50 Rite Aid $ 0.50 Sub Total $ 15.00 Energy Renaisance Theme $ 15.00 Sub Total Bank of America S 3.00 Fixed-to-Float Preforreds• (ODI Eligible) JPM 6.75%. BBB. callable 2024 $ 3.00 Cdi - K 6.875% BB+. nibble 2023 $ 3.00 Morgan Stanley - F 6.875%. BB+, callable 2024 $ 2.00 Ally - B 0.50%. B, callable 2016 $ 1.00 Sub Total $ 9.00 Fixed Income Europe Equity Recovery Consumer Carrefour S 1.50 Financial Intesa Sanoaolo S 1.50 Auto Volkswagen S 1.50 Advertising JC Oecaux S 1.50 Staffing Adecco S 1.50 Insurance Grupo Catalana S 0.50 Healthcare Roche Holdings S 1.00 Energy Total S 1.00 Sub Total S 10.00 Agency Interest Only Mortgages 5% Coupon Agency Interest Only Mortgages 4.5% Coupon Sub Total Total $ 5.00 $ 5.00 $ 10.00 $ 52.00 Eurostoxx Barrier Note $ 10.30 Total $ 20.00 Japan Equity Financials Sumitomo $ 0.50 Insurance Mitsui Fudosan $ 0.50 Oaiichi Life $ 0.50 Consumer Seven and I $ 0.50 Unicharm $ 0.50 Exporters Sumitomo Electric $ 0.50 Toyota $ 0.50 Japan Tobacco $ 0.50 Hitachi $ 0.50 Advertising Oentsu $ 0.50 Sub Total $ 5.00 TOPIX Delta One Note $ 7.00 Foreign Exchange Long USD / Short Yen ($5 hedge. S8 spec) S 13.00 Total $ 20.00 Alternatives Credit Watford Re: $ 8.00 Total $ 8.00 EFTA01134888 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeeNS®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this EFTA01134889 communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, 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 unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and EFTA01134890 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01134891