EFTA Document EFTA01451248

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On Tue, Jan 14, 2014 at 4:23 AM, Vinit Sahni wrote: Classification: Confidential Jeffrey - was looking for value in the EM space, post the PDVSA analysis, started looking at Mexico... here is a trade I think makes sense -> buying MBONO 30y unhedged At around 7.5% yield, inflation probably in the 3-4% in the foreseeable future, and uSD/MXN likely stable or stronger in real (deflated) terms, I think it is good value. The curve is steep. If you look at 10Y10Y usT and 'Waft MXN yields, the spread is above 500bp . Say inflation differential is 100bp higher in Mex and credit diff is 100bp (10Y CDS is about 100bp higher in Mexico although Mex has much better debt dyn), this still leaves about 300bp of cushion for real depreciation per year In sum, it seems good value near term mark to market risk is slower pace of implementation of energy reform and a selloff in USTs happy to discuss further if u find interesting... (Embedded image moved to file: pic13738.gif) CNYMXN chart courtesy Nav Gupta (shows relative value in Labour cost between China and Mexico) (Embedded image moved to file: pic13320.gif) (Embedded image moved to file: pic03007.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 old Broad St (Pinners Hall), EC2N lEN London, united Kingdom Tel. Mobi Emai (Embedded image moved to file: pic22227.gif) 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. Fro Jeffrey Epstein <jeevacation@gmail.com> m: To: Cc: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107609 CONFIDENTIAL SDNY_GM_00253793 EFTA01451248

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Fax: (646 257-3131 E-mail: Nav Gupta ---- Original Message -- From: Nav Gupta Sent: 09/10/2014 08:05 AM GDT To: Paul Morris Cc: Tazia Smith; Vinit Sahni; Uzair Agee]. Subject: Re: epstein (I) Classification: For internal use only Paul - FX 1) sell 3mth 102 $Y Puts vs buy 111 $Y Calls roughly zero upfront prem (spot 106.50) 2) sell 3mth 1.5150 GBP put vs buy 1.685 Calls roughly zero upfront prem (spot 1.6150) 3) sell 6mth 1.35 eurusd calls vs buy 6mth 1.215 puts (spot 1.2950) of the

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From: Tazia Smi Sent: 3/13/201410:31:31 PM To: Vinit Sahni ; Paul Morris Subject: Re: Trade Report 3/13/14 - WTI Zero Cost Risk Reversal IC) classification: confidential Nav Gupta Thank you vinit. Appreciate the global team coverage very much. I'm reorging my schedule and my broader client list/responsibilities (non-cap Mkts) for the immediate term, until we're built-out further in the US. Tazia Smith Director Key Client Partners - US Deutsche Bank securities, Inc. Deutsche Ass

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