EFTA Document EFTA01447037

consider the USDRUB 1-mo binary for -25.5% (very sensitive to spot, so indicative level, we'd work an order 26% or better). vanilla calls for comparison, lmth 3% OTM vanilla call is —0.57%/0.67% (12.4% / 13.25% vol) 2mth 4.25% OTM vanilla call is — 0.96%/1.08% (12.2% / 13% vol) Nay highlights the binary below, where the payout is much cleaner. Ruble weakens 3% (european observation)in this example, and payout is Slmm for S255k invested: 1-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of payout European Digital on USD/RUB Strike: 37.55 Payout: USD 1,000,000 Payout Ccy: USD Expiry: Fri 11-Apr-2014 settlement: Mon 14-Apr-2014 zonecut: MO Premium: USD 255,000 Premium Date: Fri 14-Mar-2014 This Digital pays the owner USD 1,000,000 if USDRUB is above 37.55 at the time of expiry. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & wealth Management 345 Park Avenue - 26th Floor From: Jeffrey Epstein (jeevacation@gmail.com] sent: 03/13/2014 08:10 AM AST To: Tazia Smith; Paul Morris ruble short . lets play 44 *44444444444444444444444444444444444444444444444444444444 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 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 101523 CONFIDENTIAL SDNY_GM_00247707 EFTA01447037