From: Tazia Smith •t: a> To: "jeffrey epstein" <jeevacation®gmail.com> Cc: "Vahe Stepanian" alMa>, "Paul Morris" <a Subject: Unwind your CAD [C] Date: Wed, 05 Mar 2014 14:51:13 +0000 Importance: Normal lnlin mages: graycol.gif; 1B292101.gif; I B296578.gif; I B880376.gif Classification: Confidential Jeffrey - Consider unwinding your cad trade. See Nav's comments below, but essentially higher energy prices and outflows of short CAD are expected to provide support/remove downward pressure on the currency. You paid $109k for your reverse knock-in call spread. Indicative unwind level today is $136k (source: DB WM FX Tading, 3/5/14). Consider taking the $27k gain. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 Nay Gupta --- Original Message FSOO: HAW Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; Subject: usdcad update for JE (I] Classification: For internal use only three points ; Vinit Sahni 1. commodity px are much higher - bullish cad 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad EFTA01189516