Email: Jeffrey Epstein [jeevacation@gmail.com to Tazia Smith; Paul Morris (03/13/2014)

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) Nav highlights the binary below, where the payout is much cleaner. Ruble weakens 3% (european observation)in this example, and payout is Slmm for 5255k invested: 1-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of pa