EFTA01447002

Subject: 97.75 [I] Zero Cost WTI Collar 101/94.5, spot ref 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: pic12698.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 wri and Gold (charts below) have hardly reacted There is increasing nervousness ahead of Sunday's referendum in Crimea. G7 leaders said they would not recognize the outcome of the referendum, while Russia has maintained that they were prepared to "mirror" any sanctions There were reports of Russian military "training exercises" along the border yesterday Key events to watch today: 1) Russian Foreign minister Sergei Lavrov and 0S Secy of State John Kerry meet in London. This is a last-ditch effort to de-escalate the situation 2) Central Bank of Russia meeting today at 9:30 where Bloomberg survey expects no change Swaps curve is pricing in over a 100bp hike. How will the central bank react to FX pressures? CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101475 CONFIDENTIAL SDNY_GM_00247659 EFTA01447002