Subject: RE: Cnh trade [C] From: Vahe Stepanian Date: Tue, 11 Aug 2015 09:41:02 -0400 To: Richard Kahn Cc: Daniel Sabba Paul Morris Ariane Dwyer Classification: Confidential Hi Rich — just tried callin you to discuss. Please give me a call at your convenience @ Thank you, Vahe From: Richard Kahn [mailto: Sent: Tuesday, August 11, 2015 9:30 AM To: Vahe Stepanian Cc: Daniel Sabba Subject: Re: Cnh trade [C] Please explain as my understanding is that when cnh weakens this increases in value. Is it a time factor? What are spreads? Didn't you just reprice to see if mr Epstein wanted to extend trade? Please advise. Thank you. Sent from my iPhone On Aug 11, 2015, at 8:58 AM, Vahe Stepanian a wrote: Classification: Confidential Rich - we confirmed with our traders that the option currently does not have any value. Recall the trade details are as follows: EFTA01474231 TradeType EUR BuySell Client Buys Currencyl USD CP Put Notionall 75,000,000 Currency2 CNN Notional2 -462,000,000 Strike 6.1600 ZoneCut TK: 15:00 hours (Local time in Tokyo) ExpiryDate Wed 12 August 2015 EFTA01474232 SettlementDate Fri 14 August 2015 FixingReference SPOT Premium 273,000 PremiumTerms USD PremiumDate Thu 14 August 2014 Thank you, Vahe <image002.jpg> *Used with the permission of Bloomberg LP Original Message From: Richard Kahn [mailto: Sent: Tuesday, August 11, 2015 5:51 AM To: Daniel Sabba; Vahe Stepanian Subject: Cnh trade EFTA01474233 I know we have 2 days left. Please advise on pricing and market value on option based on current news. Thank you. Richard Kahn HBRK Associates Inc. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01474234