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From: Paul is Sent: 9/26/2014 3:22:30 PM To: Tazia Smith CC: jeevacation r mail.com• Nav Gupta • • Vahe Stepanian ; Vinit Sahni Subject: Re: Fw: Key themes & trades Jeffrey, let us know if you can jump on the phone Monday to discuss ideas? thx Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: Cell: From Tazia Smith/dhrdbcom To jeevacationes. mail corn. Cc D31.6 092512014 02.18 PM Subiecr Fw. Key themes & trades Paul Morris. Vint Sahnildb, Nay Guptafdb Vahe Stepanian/dbi Happy New Year Jeffrey - Below please find key themes and trade ideas from Vinit and Nay's DB KCP Global Capital Markets team. In shod: - Continue to press euro short - Long Indian rupee vs. euro - Sell S&P puts to buy 4x SW calls - Long Nikkei via risk reversals [could do rr on your DXJJ Please see below and we will refresh any trades that resonate with live levels. Regards, Tazia Forwarded by Tazia Smantdbedbcom on 0425/2014 01.32 PM -- Key themes: • Divergence in monetary policy between the Fed & Bank of England on the one hand and ECB & Bank of Japan on the other • Continued capital inflows into Asian countries where financial conditions are easing (eg, Japan) and/or structural reforms are being implemented (eg, India) • US recovery - buying into dips as US anchors global growth EURUSD continues to break down -- if you're looking to reload: Trade: A ly EURUSD 1.25 put financed by selling the 1.30 call has zero net premium (spot ref: 1.2740) • CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 124712 CONFIDENTIAL SDNY_GM_00270896 EFTA01462249