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sd-10-EFTA01383630Dept. of JusticeOther

EFTA Document EFTA01383630

Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile: Email: Original Message From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells P

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sd-10-EFTA01383630
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Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile: Email: Original Message From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells P

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Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile: Email: Original Message From: Vahe Stepanian Sent: Monday, May 04, 2015 10:00 AM Eastern Standard Time To: Jeffrey Epstein Cc: Paul Morris; Daniel Sabba; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality [C] Classification: Confidential Jeffrey- please find risk reversal pricing below per your request. Spot ref = 120.15 #1) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 118.00 Call Strike: 122.45 Notional: USD 10,000,000 USD Expiry: Thu 06-Aug-2015 (3m) Structure Mid: USD -113,000 #2) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 117.00 Call Strike: 123.45 Notional: USD 10,000,000 USD Expiry: Thu 05-Nov-2015 (6m) Structure Mid: USD -160,000 #3) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 116.00 Call Strike: 125.00 Notional: USD 10,000,000 USD Expiry: Thu 05-Nov-2015 (6m) Structure Mid: USD -130,000 Thank you, Vahe From: Daniel Sabba Sent: Friday, May 01, 2015 4:35 PM To: Jeffrey E.; Paul Morris Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionality [C] CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0083380 CONFIDENTIAL SDNY_GM_00229564 EFTA01383630

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As a spread: Price on the 117 is $149,100 / $160,000 Price on the 123.45 is $149,100 #3) SFLLC sells Put, buys Call on USD/JPY in a premium neutral Risk Reversal Put Strike: 116.00 Call Strike: 125.00 Notional: USD 10,000,000 USD Expiry: Thu 05-Nov-2015 (6m) Settlement: Mon 09-Nov-2015 ZoneCut: NY As a spread: Price on the 116.00 is $117,500 / $130,000 Price on the 125.00 is $117,500 choice Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. M

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