EFTA01461649

From: Vahe Stepanian Sent: 5/14/2014 9:50:43 AM To: [email protected] CC: Paul Morn Subject: AAL Take Gains? [CI Classification: Confidential Good Morning Jeffrey- Following up on your American Airlines position. With AAL currently —$39 and near its all-time high of $39.39 (5/12/14), consider taking gains on your position. Your position is as follows: L/S Quantity Position Cost Basis/ct.' Last' Gain/(Loss)' Long 1,000 AAL Jan'15 20 Calls S 8.04 S 19.20 $ 11.16 Short 1,000 AALJan'15 20 Puts $ 1.98 5 0.30 $ 1.68 Total Gain/ct. $ 12.84 AAL Spot Ref. = $39.10 I "Total Gain $ 1,284,000.00 'Note: Pricing is indicative and subject to market fluctuations. Source = Bloomberg LP Please let us know if you wish to unwind. Thank you, Vahe VI Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bar* Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154-0004 Tel. +1 (212) 454-1539 Fax +1 (646) 257-3131 Mobile +1 (347) 854-4676 Email vahe.stepanlanadb.com MI trade execution information contained herein is being provided as an acoonvnodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information avaAable upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confinnation(s) and account statements issued by Deutsche Bar* shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 123808 CONFIDENTIAL SDNY_GM_00269992 EFTA01461649