EFTA01461204

reverse to the mid-1.50s by year-end. With that said, we priced up a few options that I've included below - consider selling a call, buying a put or a risk reversal. Recognize that GBP vol. is currently relatively low (vs. historical levels). Spot ref = 1.6397 1) sell European GBP call on GBP/USD strike: 1.67 Notional: GBP 5,988,023.95 (or —SlOmm) Expiry: Tue 03-Jun-2014 (6m) settlement: Thu 05-Jun-2014 Premium: USD -103,400 2) sell European GBP call on GBP/USD Strike: 1.70 Notional: GBP 5,882,352.94 (or —SlOmm) Expiry: wed 03-Dec-2014 (12m) Settlement: Fri 0S-Dec-2014 Premium: USD -123,900 3) Buy European GBP Put on GBP/USD Strike: 1.6376 (ATMF) Notional: GBP 5,988,023.95 (or -410mm) Expiry: Tue 03-Jun-2014 (6m) Settlement: Thu 0S-Jun-2014 Premium: USD 219,365.27 Also worth mentioning - AAPL has run up quite a bit in the past few days (currently trading @ —SS60; up from 4519.80 on 11/22). I know you're looking to sell calls, will provide levels if still interested. Recall you're long 2k AAPL @ —$529.06. Have a great day. Thank you, vahe (Embedded image moved to file: pic05051.gif) vahe Stepanian Associate I wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset & wealth Management (Embedded image moved to file: pic20883.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123092 CONFIDENTIAL SDNY_GM_00269276 EFTA01461204