<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Saturday, October 15, 2016 8:34 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: Bearish Russia FX plays [C)</td></tr></table>

Another way to play ruble short from d=

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
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B=gin forwarded message:

Key information from the image:

*   **From**: Darlene Zong
*   **Date**: October 14, 2016, 4:29:21 PM EDT
*   **CC**: Stewart Oldfield, Daniel Sabba, Vahe Stepanian
*   **Subject**: Bearish Russia FX plays [C]

Classification: Confidential

Hi Rich,

As requested, please find below indicative levels on t=o iterations.

Happy to discuss further on the strategy and refresh p=icing, together with 9-month versions on Monday when Russia is open.</=:p>

Spot ref 63
6-month ATMF ref 65.6732

Indicative notional $10mm

#1— Seagull 6 months Sell European USD put RUB call 62.4 strike Buy European USD call RUB put 68.96 strike (- 5% OTMF)=o:p> Sell European USD call RUB put 72.5 strike=/p> Expiry 4/14/2017 Costless upfront

#2 — USD/RUB ratio call spread

=

6 months

Buy European USD call RUB put 68.96 strike

Sell 2x European USD call RUB put 72.25=strike

Expiry 4/14/2017

Costless upfront

Darlene Zong, CFA

Key Client Partners I Deutsche Bank Securities, Inc

345 Park Avenue, 26th Floor, New York, NY, 10154=/o:p>

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