From: Tazia Smith

From: Tazia Smith To: [email protected] Cc: Paul Morris c Subject: INTC buy-and-write [C] Date: Fri, 22 Nov 2013 15:25:43 +0000 Attachments: INTC_11.22.13.pdf Inline-Images: unnamed; unnamed(1) >, Vahe Stepanian Classification: Confidential Not fancy - INTC, down over 4.5% following a self-critical Analyst Day. DB is one of the only analysts across the Street defending the name - in fact he raised his price target to 28 from 26. In part, he thinks management is being conservative and setting up for outperformance., $2 eps for 2014E (current 12x vs large cap semi peers at 16x) INTC spot is $24.09 Dec 23 calls are —$1.21 bid Dec 24 calls are —$0.51 bid INTC has a 3.7% current dividend yield, goes ex 2/5, reports 1/16 (Jan expiry is 1/18) 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 Email Panio-frcl-u Pedfcrent 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. EFTA01186817