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2011. 2012 2013 2014 O.KGSP curacy (ClPhiPSP )(Aar!) Copyright 201* Plownberg Virara LP. 19-3im-2014 16:37:34 0.90000 0.88000 0.86000 0.2.4000 0.82000 0.78500 it• We like this trade because • Upbeat economic data coming out of the UK is supportive of rally in equities • Monetary policies of BoE and ECB are clearly moving in opposite directions, which means BoE would hike rates much before ECB would, leading GBP to outperform EUR further DB Research expects an upside of 10% in FTSE by the end of 2014 https://qer.qm.cib.intranet.db.comiqeddocument/Ddf/0900b8c0880fb7b5.pdf Option details Type: Underlying: Expiry: Strike: Contingency: Offer: Reference spot: Implied call volatility: Implied 6m correlation: KCP Capital Markets European call subject to contingency FTSE 100 Index 19-Dec-14 7000 (3% OTMspot) EURGBP FX less than or equal to 0.785 (1.9% from spot) at expiry 0.66% of GBP notional FTSE 100: 7000, EURGBP: 0.800 11.2% -12.0% Apurva Gupta Associate I Key Client Partners Capital Markets Group Deutsche CIB Centre Private Limited Asset and Wealth Management Nock 81. Ninon Knowledge Park Goregaon (E). 400063 Mtrnbai. India Tel. +9t 22 6181 2309 Mobil • Email PA2cier1A-'11T PeAftWert This material was prepared by the DeAWM Key Client Partners (-KCP") desk and was not produced, reviewed or edited by the Research Department Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank AG or ore of its affiliates (collectively 'Deutsche Bank"). CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 124064 SDNY_GM_00270248 EFTA01461809