<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, January 17, 2014 4:16 PM</td></tr><tr><td>To:</td><td>Tazia Smith</td></tr><tr><td>Subject:</td><td>Re: Trade Idea: Long 3-Month USDCAD KI Call Spread - 1.10 with a 1.13 sold call
knocking-in only if USDCAD trades to 1.17 [I)</td></tr></table>

i like it .. size?

On Fri, Jan 17, 2014 at 11:48 AM= Tazia Smith <tazia.smith@db.com <mailto:tazia.smith@db.com> > wrote:

Classification: Fo= internal use only

Jeffrey-

Our US FX traders agree/like Nav's call here. The 3-month 1.10/1.13 USDCAD, 1.17 knock-in call spread (where that 1.13 short call only exists if USDCAD goes to 1.17 during the life of the trade) described below is currently offered -1.1% (Source: DB FX Sales, 1/17/14). Please see the investment thesis below and let us know your thoughts.

Best,

Tazia

Indicative levels only. Subject to market movement. Source: DB Key Client Partners London, as of 1/17/14.

----- Forwarded =y Tazia Smith/db/dbcom on 01/17/2014 10:35 AM -----

## From:

To: kcp-emea@list.db.com <mailto:kcp-emea@li=t.db.com> , loop@list.db.com <mailto:lo=p@list.db.com> , Date: 01/17/2014 07:35 AM Subject: I like buying USDCAD calls to=position for further weakness in CAD. Spot FX is currently 1.095. (II

Classification: For internal use only

I like USDCAD call options to position for further weakness in CAD. Spot FX is currently 1.095.

Over the course of the past week the interest rate curve has started pricin= in a small amount of rate cuts - this development is significant and clearly a beginning of a pain trade. I believe it can go further. Lower CAD rates from here will drive USD CAD higher.

## From: (cont.)

The limited downside play I like best in USDCAD is buying a 3month expiry 1.10 / 1.13 call spread on USDCAD but where the short 1.13 call position only exists (knocks-in) if USD trades at 1.17 trades in the market before the option expires, otherwise the option payoff is the same as a 1.10 call option.

It costs 1% of USD notional. I believe the buyer is well compensated for the knock-in component.

If USDCAD rises to 1.15 the option payout is 5 big figures. If 1.17 trades before expiry the payout is limited to 3 big figures.

Tazia Smith

Director I Key Client Partners - US

Deutsche Bank Securities Inc

Deutsche Asset & Wealth Management

345 Park Avenue, 26th Floor

New York, NY 10154
Tel.:  <tel:%2B1%20%28212%29%20454-2889>
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Email tazia.smith@db.com <mailto:tazia.smith@db.com>

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