EFTA01454177

From: Nay Gupta Sent: 5/13/2014 3:10:09 AM To: Tazia Smith I; Paul Morris CC: Vinit Sahni Subject: Re: Fw: a suggestion from nay april 15 (CI Classification: confidential i showed JE 4 trades Buy 10y BTPS - he would have made 18bp in a straight line incl transaction costs Buy Nationwide CoCo - which he transacted and is up 30bp on already Buy eurusd ly put - which he would be up v small on as eurusd has moved from 1.382->1.376 A penny option (6bp of notional) tactical 2week trade that didnt work he should focus on the big picture From: Tazia Smith/db/dbcom@DBAMERICAS To: Nav Gupta/db/dbcom@DBEMEA, Vinit Sahni/db/dbcom@OBEMEA, Date: 12/05/2014 14:44 subject: Fw: a suggestion from nav april 15 [c] Classification: Confidential see below. spoke with Rich. He recommends, despite Jeffrey's feed back, many more carry trades (eg high yielding bonds) and non-binary options (those that offer flexibility over the life). fyi only Forwarded by Tazia Smith/db/dbcom on 05/12/2014 09:40 AM From: Richard Kahn a To: Tazia Smith/db/dbcomODBAMERICAS, Date: 05/12/2014 09:19 AM Subject: Fwd: a suggestion from nav april 15 please call me when you have a minute thanks Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor, New yo rk. Hew York 10022 tel fax cel CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112149 CONFIDENTIAL SDNY_GM_00258333 EFTA01454177