EFTA01462238

EUR BGN Curncy 09'25 2013 09 2S'2014 ID 3D II YTD lY s'Y lax Daily • + Track / Annotate 9m Table Line Chart 11 Compare v Securty/Stk U Event 0 News rA Zoom 1,4000 r 0.10 0 Reset ■ EUR 6GN Curncy - Last Price (R1) 1.2716 ■ EUSA2 CMPN Curncy - USSW2 Curncy (R2) -03955 Jan Feb Mar Apr May Jun Jul 2014 Source: Bloomberg 25-Sep-2014 EURINR lower as a combined play on continued inflows into India and ECB activism: • Trade: A 6m EURINR 78 put (at-the-money spot) financed by selling the 83 call has zero net premium (spot ref: 77.95, forward: 80.50) • • With the Modi government showing decisiveness in pursuing its reform agenda, capital inflows into India look likely to continue for the foreseeable future • Indian equities are at all-time highs and the entry point is not very attractive • The rupee also embeds carry of No/year, cheapening risk reversals Chart of EURINR spot CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 124696 CONFIDENTIAL SDNY_GM_00270880 EFTA01462238