From: Paul Morris

From: Paul Morris CC: Daniel Ariane Dwyer Subject: RE: FW: bullish expression of single stocks [C] Date: Wed, 10 Jun 2015 15:23:31 +0000 To: "jeffrey E." [email protected]>, Richard Kahn , Stewart Oldfield Classification: Confidential Ari, please see below From: Jeffrey E. [[email protected]] Sent Wednesday, June 10, 2015 11:15 AM To: Paul Morris; Richard Kahn Subject: Re: FW: bullish expression of single stocks [C] buy 5000 viacom. 5000 baba 5000 gsk5000 dish. 5000 akm From: Ariane Dwyer Sent: Wednesday, June 10, 2015 10:4O AM To: Daniel Sabba; '[email protected]'; Cc: Paul Morris; Stewart 0ldfield; Vahe Stepanian Subject: RE: bullish expression of single stocks [C] Classification: Confidential Hi Jeffrey, Per your conversation with Daniel, please find below the refreshed table. Company Ticker Prke # 6/1/15 Close Price # 6/10/15 DB Global Markets Research Rating (GMR) DB GMR Target @ 6/1/15 DB GMR Target 0 6/10/15 Retrophin RTRX $31.85 $31.90 Buy $52 $55 Orexigen Therapeutics OREX $4.91 $4.51 No Coverage Akorn Inc. AKRX $46.25 $46.23 Buy $55 $55 Dish Networks DISH $72.07 $72.78 Buy 105 INR 105 INR Pioneer Natural Resources PXD $149.77 $150.00 Hold $182 $175 EOG Resources Inc. EOG $88.76 $90.04 Buy $101 $101 General Dynamics GD $140.25 $140.56 Buy $166 $166 Delphi Automotive DLPH $86.83 $87.42 Buy $94 $94 Comcast CMCSA $58.78 $58.13 No Coverage Glaxo Smith Kline GSK 1456 GBP 1376 GBP Hold 1540 GBP 1540 GBP Viacom VIAB $66.71 $67.40 Buy $85 $85 Baidu BIDU $201.56 $2O4.92 Buy $239 $239 Alibaba MBA $90.78 $88.32 Buy $104 $102 Best, Ari EFTA00854744 From: Daniel Sabba Sent: Wednesday, June 10, 2015 9:48 AM To: '[email protected]'• Cc: Paul Morris; Stewart OldfieId; Vahe Stepanian; Ariane Dwyer Subject: bullish expression of single stocks [C] Classification: Confidential Jeffrey, I called you back yesterday and left a message with Lesley. We had reached out to discuss using short dated structured notes to articulate constructive views on single name stocks. We priced the example below for AAPL and BK, and could do the same for your favorite names from the list we sent you last week (email below). Sample transaction terms - 18mo Callable Yield Note Issuer: BNP Paribas Maturity: 18 months (callable after 3 months) Underlying: Lesser of: Callable: Contingent Coupon: Coupon Barrier: Principal Barrier: Apple Inc (AAPL) Bank of New York Mellon (BK) Quarterly — at issuer's discretion 10.00% p.a. subject to coupon barrier Observed and paid quarterly 75% of initial strike observed quarterly 75% of initial strike observed at maturity only Description: The investor receives 2.50% per quarter (10% pa.) if all (2) underlying stocks are above the coupon barrier on the quarterly observation date. The note is callable at the discretion of the issuer on each quarterly observation date. If not redeemed early, at maturity, the principal is at risk if one or more of the underlying stocks has a final strike below their principal barrier, with the investor being exposed to the return of the worst performing underlying stock. Settlement at termination can be either cash or physical. Looking forward to discussing, Daniel From: Ariane Dwyer Sent: Tuesday, June 02, 2015 9:24 AM To: '[email protected]'• Cc: Vahe Stepanian; Daniel Sabba; Paul Morris Subject: RE: send to rich please [C] Classification: Confidential Good morning, Per your request, please find below the stocks with 6/1/15 close price, DB Global Market Research Rating and DB Global Market Research Target price. In addition p ease find attached DB Global Market Research Reports about the companies we cover. Please note these are independent equity esearch views. Company Ticker Price @ 6/1/15 Close DB Global Markets Research Rating DB Global Markets Research Target Retrophin RTRX 531.85" Buy $52 Orexigen Therapeutics OREX 54.91 No Coverage Akorn AKRX 546.25 Buy $55 Dish Networks DISH $72.07 Buy $105 Pioneer Natural Resources PM:, $149.77 Hold $182 EFTA00854745 EOG Resources EOG $88.76 Buy $101 General Dynamics GD $140.25 Buy $166 Delphi Automotive DLPH $86.83 Buy $94 Comcast CMCSA $58.78 No Coverage Glaxo Smith Kline GSK 1456 GBP Hold 1540 GBP Viacom VIAB $66.71 Buy $85 Baidu BIDU $201.56 Buy $239 Alibaba BABA $90.78 Buy $104 52 week ig Let us know if you have any questions. Best, Ari From: Daniel Sabba Sent Tuesday, June 02, 2015 6:41 AM To: JjeevacationAgmail.comi; Cc: Vahe Stepanian; Ariane Dwyer Subject: Re: send to rich please [C] ; Paul Morris Classification: Confidential Jeffrey, to clarify, are you looking at closing prices as of 06/01/2015? From: Jeffrey E. [mailto:[email protected] Sent: Monday, June 01, 2015 09:54 PM To: Daniel Sabba; Richard Kahn < Subject: send to rich please >; Paul Morris prices on RTRX, OREX AKRX dish networks, PXD EOG, GD, delphi, comcast, glaxo viacom, baidu baba please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. EFTA00854746 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jegyscatimagtnallSalli, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. EFTA00854747