From: Tazia Smith

From: Tazia Smith To: jeevacationggmail.com Cc: Paul Morris < , Vinit Salmi < Na' Gupta ?, Valle Stepanian < Subject: Re: percentages get a read from your team [Cl Date: Tue, 04 Feb 2014 20:25:42 +0000 Inline-Images: unnamed; unnamed()); unnamed(2); unnamed(3); unnamed(4) Classification: Confidential 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 10 mortgages with rates where they are. EFTA01140891 US Proposed Suzeest Healthcare 15 15 Energy Renaissance 15 15 Financials 22 12 Tech 0 5 r -5 S&P Barrier Note 0 5 +5 52 52 Europe Single Stocks 10 5 -5 European Credit 0 10 +10 Eurostaa Barrier Note 10 5 -5 20 20 Japan Single Stocks TopixSwap (or Delta 1) 7 7 Short Yen (premium) 13 5 -8 25 17 -8 FX -Tactical (premium) 0 10 +10 Alternatives 8 Sr -7 105 100 Not a typo on Proposed total of 105; original just didn't include the single names in Japan Propsed Updated Curre Total Healthcare Equity Bristol Myers 2.50 2.00 2.00 Pfizer $ 2.50 2.00 2.00 Merck $ 2.50 $ 2.00 $ 2.00 Va lea nt $ 1.50 $ 1.00 $ 1.00 Actavis $ 1.50 $ too $ 1.00 Gilead $ 1.50 $ 1.50 $ 1.50 Mylan $ 1.00 $ 1.00 $ 1.00 Endo Health $ 1.00 $ 1.00 $ 1.00 HCA $ 0.50 $ 1.00 $ 1.00 Rite Aid $ 0.50 0.50 $ 0.50 Foundation Medical $ 0.70 $ 0.70 Ariad $ 0.10 $ 0.10 Sangamo Biosciences $ 1.00 $ 1.00 Biogen 0.50 $ 0.60 $ 1.10 Agerion $ 0.50 $ 0.50 CVS $ 1.00 1.00 Sub Total 15.00 $ 15.00 $ 2.40 $ 17.40 EFTA01140892 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York NY 10154 Panitn,l-o- Perform. Front Jeffrey Epstein <ieevacationeomail com> To: Tazia Smith Date: 02,02,2014 08:59 PM Subject: percentages get a read from your team EFTA01140893 Equity Energy Equity Energy Renaisance Theme S 15.00 Sub Total Financials Equity Bristol Myers S 2.50 Pfizer S 2.50 Merck S 2.50 Valeant S 1.50 Acitayis S 1.50 Gilead S 1.50 Mylan S 1.00 Endo Health S 1.00 HCA S 0.50 Rite Aid S 0.50 Sub Total 15.00 Bank of America S 3.00 Fixed-to-Float Preferreds' (CIDI Eligible) JPM 6.75%. BBB. callable 2024 S 3.00 Citi - K 6.875% BB+, callable 2023 S 3.00 Morgan Stanley - F 6.875%, BB+. callable 2024 S 2.00 Ally - B 6.50%. B, callable 2016 S 1.00 Sub Total $ 9.00 Fixed Income Agency Interest Only Mortgages 5% Coupon Agency Interest Only Mortgages 4.5% Coupon Sub Total S 5.00 S 5.00 $ 10.00 Total $ 52.00 Europe Equity Recovery Consumer Carrefour S 1.50 Financial Intesa Sanoaolo S 1.50 Auto Volkswagen S 1.50 Advertising JC Decaux 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 Eurostoxx Barrier Note S 10.00 Japan Equity Total $ 20.00 Financials Sumitomo S 0.50 Insurance Mitsui Fudosan S 0.50 Daiichi Life S 0.50 Consumer Seven and I S 0.50 Unicharm S 0.50 Exporters Sumitomo Electric S 0.50 Toyota S 0.50 Japan Tobacco S 0.50 Hitachi S 0.50 Advertising Dentsu S 0.50 Sub Total S 5.00 TOPIX Deta One Note S 7.00 Foreign Exchange Long USD / Short Yen ($5 hedge. S8 spec) S 13.00 Total S 20.00 Alternatives Credit Watford Re: Total S 8.00 8.00 EFTA01140894 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 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. EFTA01140895