EFTA01447222

From: Sent: To: CC: Tazia Smith 4/23/2014 11:54:04 AM [email protected] [email protected]; Paul Morris Vahe Stepanian Subject: WY and Biotech K1 Attachments: pic25012.gif; pic20056.gif; pic27955.gif; pic15934. Classification: Confidential Nav Gupta ; Vinit Sahni gif; pic28276.gif; 182298_20140422_20140423_1.pdf Jeffrey - Just posting you on your biotech basket - earnings a positive catalyst reversing that downtrend in Gilead. Biogen reported this morning (bottom line miss, top-line beat), stock has come in from pre-market highs of $310, now —$303 (3-day chart below). Just a reminder that your SY 102.5 call is going to expire 5/1. In speaking with Nay and vinit, they looked at lot of weaker-yen iterations but their view is vols are too low and there is an absence of catalysts to present a compelling trade at this moment to roll into; Nav will email you directly to highlight entry points on a trade when he sees one. As you know, you've got your zero-cost option on for some exposure to yen weakness. (Embedded image moved to file: pic25012.gif)Source: Pershing, LAX and Bloomberg (Embedded image moved to file: pic20056.gif) Biogen - 3-day inter-day chart (Embedded image moved to file: pic2795S.gif) (Embedded image moved to file: pic15934.gif) Tazia Smith Director I Key client Partners - us DB Securities Inc Deutsche Asset & wealth management 345 Park Avenue, 10154-0004 New York, NY, USA Tel Fax mobile Email (Embedded image moved to file: pic28276.gif) CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 101788 SDNY_GM_00247972 EFTA01447222