From: Tazia Smith SeM: 3/13/2014 9:24:29 AM To: jeffrey epstei n I jeevacation@gmail.coml; Paul Morris CC: Sahni Nav Gupta subJect: Re: ICI Classification: Confickntial Jeffrey - ; Vahe Stepanian Consider the USDRUB 1-mo binary for —253% (very sensitive to spot, so indicative level, we'd work an order 26% or belter). vanilla talls for comparison. Imth 3% OTM vanilla call is —0.57%/0.67% (12.4% / 13.25% vol) 2inth 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 obseivation)in this example, and payout is S I mm for $255k imestcd: I-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of payout European Digital on USD/RUB Snike: 37.55 Payout: USD 1,000,000 Payout Ccy: USD Em:dry: Fri 11-Apr-2014 Settlement: Mon 14-Apr-2014 ZoncCut: MO Premunn: USD 255,000 Premi= Date: 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 Sccurities, Inc. Deutsche Asset & Wca» Management 345 Park Avenue - 26th Floor New York, NY 10154 From: Jeffrey Epstein beevacationtit,gmail.coml Sent: 03/13/2014 08:10 AM AST To: Tazia Smith; Paul Morris ruble short . lets play CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110571 CONFIDENTIAL SDNY GM_00258755 EFTA01453127