Deutsche Bank Securities, Inc. Deutsche Asset & wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 From: Jeffrey Epstein [jeevacation@gmail.com] sent: 03/13/2014 10:15 AM AST To: Tazia Smith Subject: Re: [c] do nav trade On Thu, Mar 13, 2014 at 9:24 AM, Tazia Smith Classification: confidential Jeffrey - wrote: 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 41.57%/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 $255k 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: MD Premium: USD 255,000 Premium pate: 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 New York, NY 10154 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 101566 CONFIDENTIAL SDNY_GM_00247750 EFTA01447066