From: Jeffrey Epstein <jeevacation®gmail.com> To: Tazia Smith Subject: Re: [C] Date: Thu, 13 Mar 2014 14:15:27 +0000 do nav trade On Thu, Mar 13, 2014 at 9:24 AM, Tazia Smith Classification: Confidential Jeffrey - > wrote: Consider the USDRUB 1-mo binary for —25.5% (very sensitive to spot, so indicative level, we'd work an order 26% or better). vanilla calls for comparison, Imth 3% OTM vanilla call is -0.57%I0.67% (12.4% / 13.25% vol) 2mth 4.25% OTM vanilla call is - 0.96%I1.08% (12.2% / 13% vol) Nav highlights the binary below, where the payout is much cleaner. Ruble weakens 3% (european observation)in this example, and payout is SImm for $255k invested: 1-MONTH USD/RUB 3% OTM BINARY CALL costs 25.4% of payout European Digital on USD/RUB Strike: 37.55 Payout: USD 1,000,000 Payout Ccy: USD Expiry: Fri 11-Apr-2014 Settlement: Mon 14-Apr-2014 ZoneCut: MO Premium: USD 255,000 Premium 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 Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 EFTA00985891