From: Vinit Sahni Sent: 1/13/2014 6:47:06 AM To: Tazia Smith CC: Nav Gupta (DEUTSCHE ASSET MANAG) ]; jeffrey epstein i; Subject: Re: PDVSA chart + USDJPY Trade (CI Attachments: VENZ-Curye.png; pic28681.gif; picl5S67.gif; pic08310.gif classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. (see attached file: vENz-curve.png) (Embedded image moved to file: pic28681.gif) vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management 105/108 old Broad St Pinners Hall), Tel. Mobile Email vinit.sahn14'db.com EC2N lEN London, united Kingdom (Embedded image moved to file: pic15567.gif) From: Tazia smith/db/dbcom@DBAmuicAs To: "jeffrey epstein" <jeevacation@gmail.com>, cc: "vinit sakni" "Nav Gupta (DEUTSCHE ASSET MANAG)" Date: 12/01/2014 22:52 subject: Re: PDVSA chart + USDJPY Trade [c] Classification: Confidential Looping in vinit here as he was recently involved with a large offering in the pdvsa credit and may have some take-aways. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107506 CONFIDENTIAL SDNY_GM_00253690 EFTA01451199