Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105 ' ners Hall), EC2N lEN London, United Kingdom Tel. Mobi Emai <8.348.gif> From: Tazia Smith/dbMbcomirDBANIERICAS To: Iefftey epstein" < neltion com>, Cc: "Vinit Sahni" Gupta (DEUTSCHE ASSET MANAG) Date: 12/01/2014 22:52 Subject:Re: PDVSA chart + USDJPY Trade [CI 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. My view is the bonds are money good in 2015, as of now, but you are not looking for yield carry (as discussed), and the risks of restructuring and near-term downside due to politics specific to venezuela and chatter around EM assets at large are likely greater than implied by the bonds' current -'85 levels; would use Friday's rally to sell (particularly if you believe it was rates driven vs credit). For what ifs worth, we've found Latam family offices that are very familiar the credit (and do like carry) are fully loaded and do not have incremental demand. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107940 CONFIDENTIAL SDNY GM_00254124 EFTA01451386