EFTA01446993

Initial Margin: 13% From: Tazia Smith/db/dbcom To: [email protected], cc: vinit sahni/db/dbcomODBEmEA, Nav Gupta/db/dbcom@DBEMEA, Paul Morris, vahe Stepanian/db/dbcom@DBAmericas Date: 03/14/2014 10:07 AM subject: Zero Cost WTI Collar 101/94.5, spot ref 97.75 (I] Classification: For internal use only Good Morning Jeffrey - Crude ticking up this AM as you know, you can add to your risk reversal with the same 101 strike call with a 94.50 indicative sold put (vs. your 93.50 yesterday. Let us know: WTI Jun14 YOU buy call, strike 101 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.75 X = 94.50 Initial Margin: 13% TDS (Embedded image moved to file: pic25732.gif) Forwarded by Tazia smith/db/dbcom on 03/14/2014 09:52 AM From: vanshree verma/db/dbcom@DBEMEA To: Date: 03/14/2014 03:53 AM Subject: Markets opening weaker. Kerry and Lavrov meeting today key I KCP capital markets [I] Risk aversion continues from yesterday as we approach the weekend. Nikkei -3.3.%, MICEX (Russia) -4%, DAX futures -1% Commodities have remained relatively stable despite the movements in other markets WTI and Gold (charts below) have hardly reacted CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101464 CONFIDENTIAL SDNY_GM_00247648 EFTA01446993