EFTA01344676

From: Sent: To: CC: Subject: Tazia Smith 1/7/2014 11:55:06 AM [email protected] Recommendations.... ICI Classification: Confidential Paul Morris ; Vinit Sahni I; Vahe Stepanian Jeffrey - Looking forward to seeing you Friday for complete positron review and current, actionable recommendations from your DB team (cc'ing Vine who will join us from London by phone). In the ritenm consider the following. Haze • Redeem -$2.7mrn JP High Yield Mutual (OHYFX) - you made -19% total return over your hold. (down -3.5% on price) Southern Financial • well Sell 750k face JPM 6% fixed-to-float perpetual preferred, floats only at 3moL+330bps in '22 - ymire dawn just -84bps total return basis, doesn't comp • Sell 1.4mm face GE 5.25% fixed-to-float perpetual preferred. floats only at 3moL•296.7bps 73 down • You own 397k cures. earn no interest. consider EURUSD Deposit Plus. Ex: EURUSD. euro on deposit. 2-week duration. 3% annualized yield. -1.373 stoke vs 1 36 spot ref (for comparison, short dated periphery bond spreads have come in, as you know. ex: spanish 10/15 bond -100bps) After the year-end rally, consider an entry point on the knock-out put on the Etsoston50 we had talked about vs. your basket of single names that you claret own (still at JP at the moment). Following the record-beta year we just had. we think relative value, alpha. and US. will be integral to absolute returns. Re- freshed pricing on the KO Put overlay here. please let us know Structure: Client buys Knock-out Put Eurostou50 Underlying: SXSE Currency: Euro Notional: lOmm Tenor 13-months Put Strike: 100% Barrier 80% (observed at maturity only) Offer: 3.97% (vs vanilla at 8.92%) Indicative levels only. Subject to market movement Source DB Equity Derivatives, 1,7/14 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New Tel. Fax Mob Erna PA2ii-i01417 PediretTh- CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0030404 CONFIDENTIAL SDNY GM_00176588 EFTA01344676