EFTA01462677

Subject: Oil Lock-In? C From: Tazia Smith < Date: Mon, 04 Aug 2014 15:34:50 -0400 To: ieevacationQgmail.com Cc: Nav Gupta Paul Morris < Vahe Stepanian Classification: Confidential Jeffrey - What is your current view on crude? With the recent pullback and fundamentals suggesting downside, yet significant geopolitical risk of Gaza, Iraq, and Russia arguably not being priced in (plus the favorable term structure for options g iven the forward curve's backwardation, that we know you are very aware of)...I wanted to just run t his by you: we've had a mandate for a longer term hedge vs. geopolitical risk that has led to a Syr lock-in note (10/15/20%...45% locks), 60% european barrier, principal protected once one of the lock -in levels is touched; daily end-of-day observation. This example is based on WTI. Would look forwa rd to modifying terms per your view. Let us know your thoughts. Best Regards, Tazia (Embedded image moved to file: pic23101.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset a Wealth Management 345 Park Avenue 10154-0004 New York, NY, USA Tel. Fax + Mobil Email (Embedded image moved to file: pic06451.gif) EFTA01462677