EFTA01468514

Subject: $1Y and Biotech From: Tazia Smith < Date: Wed, 23 Apr 2014 11:54:04 -0400 To: 'eevacation@•mail.com Cc: Paul Morris Nav Gupta < Vinit Sahni Vahe Stepanian < Classification: Confidential Jeffrey - Just posting you on your biotech basket - earnings a positive catalyst reversing that downtrend in Gilead. Biogen reported this morning (bottom line miss, top-line beat), stock has come in from pre-market highs of $310, now - $303 (3-day chart below). Just a reminder that your $Y 102.5 call is going to expire 5/1. In speaking with Nav and Vinit, they looked at lot of weaker-yen iterations but their view is vols are too low and there is an absence of catalysts to present a compelling trade at this moment to roll into; Nam will email you directly to highlight entry points on a trade when he sees one. As you know, you've got your zero-cost option on for some exposure to yen weakness. (Embedded image moved to file: pic24428.gif)Source: Pershing, LLC and Bloomberg (Embedded image moved to file: pic23103.gif) Biogen - 3-day inter-day chart (Embedded image moved to file: pic27254.gif) (Embedded image moved to file: pic21295.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. +1 Fax +1 Mobile +1 Email (Embedded image moved to file: pic14997.gif) EFTA01468514