EFTA Document EFTA01452432

From: Navf3upta Sent: 2/4/2014 2:02:34 PM To: Tazia Smith CC: Paul Morris j; Vinit Sahni Subject: Re: Fw: percentages get a rea om your team [C] Attachments: pic25425.gif Classification: Confidential against JE's short oil personally id buy a Sy 5-10% OTM call on WTI as a hedge because the vol is low and the fwds are are too steep. For the record i like being short oil but itrs over-priced by the fwds. what structure did you come up with? i agree with 50% us exposure. us asset convexity to growth is higher than other countries i would suggest some levered exposure to the FX of countries at the front of the hiking cycle relative to those still easing Long GBP, USD, short AUD, NZD, CAD (which he already has), Am neutral EUR (ECB is cutting rates but real money and reserve managers are underweight EUR and overweight USD) European credit - there are european bank coco bonds (hybrid bonds that pay high cpns provided bank tierl capita ratios dont fall below a certain level). while they are perpetual, some have highly likely call features in 4y. see the BBVA in USD i sent details on earlier. short duration high spread makes sense but id hold off on buying they may cheapen into supply over the next cpl mths. def to watch From: Tazia Smith/db To: vinit Sahni Nay Gupt , Paul Morris, Date: 04/02/2014 17:58 Subject: Fw: percentages get a read from your team [C] classification: confidential - Have some recommendations for modifications to the equity baskets (Healthcare, Financials, Europe, Japan)* - would like to see 5-10% in Tech in us -> take 5% from mortgages, possibly 2-5% from europe and/or 2-5% from energy - PO vs. IO in mortgages? 5% down from 10% (will speak with traders on existing plus opportunistic entry) - Add the near-term short crude trade to the energy allocation, 2% *details to follow. example 1: (Embedded image moved to file: pic25425.gif) Forwarded by Tazia smith/db/dbcom on 02/04/2014 10:30 AM From: Jeffrey Epstein <jeevacation@gmail.com> To: Tazia Smith/ Paul Morris CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109437 CONFIDENTIAL SDNY_GM_00255621 EFTA01452432