From: Tazia Smith •tt

From: Tazia Smith •tt > To: [email protected] Cc: Paul Morris Subject: buy euro vol... [1] Date: Mon, 10 Feb 2014 14:01:48 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3) Vahe Stepanian Classification: For internal use only Good Morning Jeffrey: Euro vol is trading at recent (and multi-year) lows, —6.40. See 1 yr and 4yr histroies below. And seems ripe for a mean reversion move upward. We discussed getting long euro vol on this morning's trading call, and Ill be back with any additional iterations and/or crosses our team identifies, but I like a simple EURUSD 3mo put offered -1.85% (1mo offered —1%); look to take gains upon a mean reversion move. Let us know your thoughts. Best Regards, Tazia European Option Put <Client> buys European EUR Put on EUR/USD Strike: 1.3625 Notional: EUR 10,000,000 Expiry: Thu 08-May-2014 (3m) Settlement: Mon 12-May-2014 ZoneCut: NY Premium: USD 185,000 Premium Date: Wed 12-Feb-2014 Indicative Levels Only. Subject to market movement. Source: DB WM FX Sales, 2/10/14 EURUSD 1mo Implied Vol - 1yr history EFTA01140141 EURUSDV1M 6.3950 -.0350 BGN 6.2450 /6.5450 BGN EURUSDV1M BGN 02/11/2013 1D 3D 1M 6M YTD 1Y SY Max Daily • 02/10/2014 Last Price BGN IMO DI Compare Mov.Avgs e Line Chart IMMO. :;:! Security/Study No Lower Chart Track z Annotate M News Zoom p uso 4 Event 0 4-10.0000 • Last Price 6.3950 - T High on 02/26/13 9.9725_ 4. 95000 -9- Average 7.7176 1 Low on 12/06/13 6.1850 .9.0000 stry - vral A I\ Dec I 2014 4-8.5000 4-8.0000 4-7.5000 4-7.0000 "..41INS 4-6.0000 Mar Jun 2013 Sep EURUSD 1mo Im.lied Vol - 4 r histo EURUSDV1M EURUSDV1M BGN 02/11/2010 1D 3D 6.3750 -.0550 B34 6.2250 /6.5250 BGN 95) Save r96) Actions - 9D Or- 9E0 Table Line Chart Fl BGN Lire p El Compere Mov.A MMM No Lower Chart n USD I 1Y 5Y Max Daily • 4- Track 7 Annotate 02/10/2014 1M 6M YTD Last Price (;*: Security/Study 4 Event 0 ig News O, Zoom 18.0000 • Last Price I 6.3750 T High on 05/20/10 17.7350 -0- Average 10.5231 .1 Low on 12/06/13 6.1850 2010 2011 2012 2013 201 16.0000 14.0000 12.0000 10.0000 8.0000 U.t/i/ 4.? Used with permls:::10:-: of 3100:7..b,.. EFTA01140142 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. +1 (212)454-2889 Fax +1 (848)257-3131 Mobile +1 917 3274107 Email PurrinoV Peeronw 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. EFTA01140143