EFTA01454866

Is 3:1 - 4:1 compelling enough? If on the other hand you're long equities or bullish this looks way better to me. I'm not arguing that the market rises or falls, just that you are (overly I believe) well compensated to take the risk it falls. Also the options i've priced are around the forward not around spot so we are looking at the true skew not optics involving spot/forward spread. Call with any qns or for live pricing best, Nav <0.5A 16.gif, Nay Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall), EC2N 1EN London, United Kingdom Tel. Mobi Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates (TB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <0.66CO.gif> This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.cotn/en/content/eu disclosures.htm for additional EU corporate and regulatory disclosures and to htty://www.db.com/unitedkingdom/content/privacv.htm for information about privacy. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0113282 CONFIDENTIAL SONY GM_00259448 EFTA01454866