<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Saturday, November 23, 2013 9:09 AM</td></tr><tr><td>To:</td><td>Tazia Smith</td></tr><tr><td>Subject:</td><td>Re: INTC buy-and-write [C]</td></tr></table>

what are you proposing???

On Fri, Nov 22, 2013 at 4:25 PM, Ta=ia Smith < <rnailte > > wrote:

## Classification: Co=fidential

Not fancy - INTC, down over 4.5% following a self-critical Analyst Day. DB is one of the only analysts across the Street defending the name - in fact he raised his price target to 28 from 26. In part, he thinks management is being conservative and setting up for outperformance., $2 eps for 2014E (current 12x vs large cap semi peers at 16x)

INTC spot is $24.09 Dec 23 calls are —$1.21 bid Dec 24 calls are —$0.51 bid

INTC has a 3.r4 current dividend yield, goes ex 2/5, reports 1/16 (Jan expiry is 1/18)

Tazia Smith
Director | Key Client Partners - US

Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management
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