EFTA01951346

To: 'eevacation mail.com 'eevacation mail.com] Cc: ; Vahe Stepanian Fran: Tazia Smith Sent Thur 11/7/2013 9:14:02 PM Subject: [I) mime part 1 .qit mime Part 2.0if mime part 3.clif mime part 4.oif mime part 5.gif mime part 6mif mime part 7.gif mime part 8.oif mime part 9.aif mime part 10.oif mime part 11.oif mime part 12af mime part 13.Oif mime part 14.af mime part 15.oif mime part 16.gif Classification: For internal use only Hi Jeffrey - Just tried calling you to check-in. FYI below: TWTR closes at $44.90, touching a high of $50.09 in the early morning flurry and retracing as high as $48.66 late in the day. Risk-off move across the markets today, as you likely saw (S&P down 1.3%, eurostoxx jumped and reversed post ECB, finishing down 44bps). Refreshed pricing on the USDJPY 1yr risk reversal that we talked about at our meeting a couple weeks ago (ATMF/90 strikes) is 2.8% cost: spot ref 97.75 Leg 1: Risk Reversal <Client> buys Call, sells Put on USD/JPY in a Risk Reversal Call Strike: 97.47 Put Strike: 90 Notional: USD 1,000,000 USD Expiry: Mon 10-Nov-2014 (1y) Settlement: Wed 12-Nov-2014 ZoneCut: NY Net Premium Paid: USD 28,000 (2.8%) Premium Date: Tue 12-Nov-2013 EFTA_R1_00418357 EFTA01951346 Indicative levels only. Subject to market movement. Source: DB WM FX Solutions, 11/7/13. Tazia Smith Director I Key Client Partners • US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New Y NY 1 1 Tel. Fax Mobile Email Peusimtiv- Pee0ow — Fonvardad by Taira Smithrdbldbcom on 11/07/2013 02:51 PM --- From: Harlin Singh/db/dbcom@DBAMERICAS To: Taira Smith/db/dbcomODBAMERICASODBC0EX. Date: 10/21/2013 01:21 PM Subject: Re: 1yr USDJPY (I) Classification: For internal use only Keep in mind, none of these include markup so you will have to account for that Risk Reversal selling 90 strike puts (23 delta) cheapens the long call by 1.38% vs the forward that gives you 1- for-1 downside exposure beginning at 97.84. We can change the downside strike to wherever the client is comfortable getting long USDJPY. The one year low in USDJPY has been 79.38 Leg 1: European Option Call <Client> buys European USD Call on USD/JPY Strike: 97.84 (atmf) Notional: USD 1,000,000 Expiry: Tue 21-Oct-2014 (1y) Settlement: Thu 23.Oct-2014 ZoneCut: NY Premium: USD 41,000 Premium Date: Wed 23-Oct-2013 Leg 2: European Option Put <Client> sells European USD Put on USD/JPY Strike: 90 EFTA_R1_00418358 EFTA01951347 Notional: USD 1,000,000 Expiry: Tue 21-Oct-2014 (1y) Settlement: Thu 23-Oct-2014 ZoneCut: NY Premium: USD -13,830 Premium Date: Wed 23-Oct-2013 Kind regards, Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions b Trading Group 345 Park Avenue 1015a-000a New York. NV. USA Tel. Fax Mobile Email RusinoN7 loonvt. From. Tazia Sinith/db/dbe0m6DBAMERICAS To: Harlin Singhldb/dbcomeDBAMERICASeDBCOEX. Date: 10/21/2013 12:57 PM Subject. Re: 1 yr USCOPY [I] Classification: For internal use only i'd favor less leverage with some protection (out of the moneyness) built in on the sold option. but would love your input Tazia Smith EFTA_R1_00418359 EFTA01951348 Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New York NY 10154 Tel. Fax Mobile Email Passiowfm Butroott From Harlin Singh/db/dbcomeDBAMERICAS To: Taira Smith/db/dbcorn@OBAMERICAS@DBCOEX. Date: 10/21/2013 12:36 PM Subject tyr USDJPY (I) Classification: For internal use only for how much in notional? ie how much leverage does he want? Kind regards, Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions & Trading Group 345 Park Avenue. 10154-0004 New York. NY. USA Tel Fax Mobile Email Panitri-to- giro ern, From: Tazia Smith/db/dbcom@DBAMERICAS To: Harlin SinglVdb/dbcomODBAMERICAS@OBCOEX Date: 10/21/2013 12:32 PM Subject Re: 1yr USOJPY (I] EFTA_R1_00418360 EFTA01951349 Classification: For internal use only up to $250k in premium Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New York NY 10154 Tel. Fax Mobila Email Para-ark.-trf Peefernw From: Harlin Singh/db/dbcom@DBAMERICAS To: Tatra SmitNclb/dbcom@DBAMERICAS@DBCOEX. Date: 10/21/2013 12:30 PM Subject. Re: 1yr USDJPY Classification: For internal use only How much do you think he's willing to spend in premium? I can solve for possible strikes. Kind regards. Harlin Harlin Singh Director EFTA_R1_004 18361 EFTA01951350 Deutsche Bank Securities Inc. Solutions & Trading Group 345 Park Avenue 10154-0004 New York. NY. USA Tel. Fax Mobile Email Pus owf Pimpoolt From Tazia Smith/db/dbcom@DBAMERICAS To: Hartn Singh/db/dbcornODBAMERICASeDEICOEX. Date: 10/21/2013 12:26 PM Subject. Ro: lyr USOJPY Classification: For internal use only He's KCP. ISDA almost finahzed....let's talk risk reversal! :) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New York NY 10154 Tel. Fax Mobile Email Purrift,* Pura From: Harlin Singh/db/dbcom@DBAMERICAS To: Tula Smith/db/dbcomODBAMERICASODBCOEX, Date: 10/21/2013 12:19 PM Subject. Re: 1 yr USDJPY [II EFTA_R1_00418362 EFTA01951351 Classification: For internal use only The 1y forward points are pretty accurate on bberg. The option struck atmf will cost around 4.10% of notional (no markup included) 1y volatility is around 10.3% at the moment. It depends on how you look at it - if you are ok without the downside protection, I would do the forward. If the client is qualified to do forwards though, they could also explore a risk reversal to lower cost and give some protection in the event of a correction. What type of client is it and what size are they thinking to do? Kind regards, Harlin Harlin Singh Director Deutsche Bank $ocuribes Inc. Solutions & Trading Group 345 Park Avenue 10154-0004 New York. NY. USA Tel. Fax Mobile Email Runierwter Peepynn From To: Date Subject Tazia Smithielbldbcom@DBAMERICAS 10121/2013 12'.07 PM 1yr USDJPY Classification: External Communication Hi Harlin - can u just confirm that a short jpy long usd 1yr fwd prices out inline w what I see on bbg? do you have color/thoughts on a fwd vs option as far as premium of the option and leverage vs the fwd? Would love your thoughts! Thanks :) EFTA_R1_00418363 EFTA01951352 Tazia Smith Director Markets Coverage Group Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: Mobile: Fax: E-mail: This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA_R1_00418364 EFTA01951353