From: Tazia Smith

From: Tazia Smith To: [email protected] Cc: , Paul Morris , Vinit Sahni Nav Gupta , Vahe Stepanian Subject: First BRL note valuation date 3/20, poised to settle beyond barrier (down —20%) [C] Date: Mon, 17 Mar 2014 19:44:24 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2) Classification: Confidential Jeffrey - First BRL note's valuation date is this Thursday, 3/20 (settles 3/27); presently down 19.8%, intrinsic. Your original investment was $1mm notional. Initial strike: 1.9619 15% european barrier: 2.2562 Current USDBRL spot: 2.3505 Your second note has a final valuation of 4/14. Initial strike 2.0035, european barrier =2.3040. Recall that the payout on these was as follows: a) make 28.5% if BRL is up more than 3% vs. USD at maturity, b) make 5% if BRL is up between 0-3% vs USD, c) get your principal down less than 15% vs. USD, d) loose 1 for 1 if BRL is down more than 15% vs USD at maturity (max loss 100%) BRL 2.35O5 +.0039 BGN 2.3500/2.3511 BGN At 15 :19 Op 2.3447 Hi 2.3566 Lo 2.3433 Close 2.3467 Value 03/19/14 BRL BGN Curnc 03/13/2013 1D 30 1/4 614 YID 1Y SY —la Save As —ir6) Actions 03/27/2014 Last Price - 91(iTable II B Line t7 Di Compare ys --- Max Daily 4- Track Annotate News O Zoom [I I. Last Price -0- 2.3505 T High on 08/21/13 2.4543 Average 2.2376 Low on 04112/13 1.9695 Line Chart r y ND Lower Chart . Cr: Securiw/Suly 1.1 Event ► 2.3000 2.2562 ► 2.2000 .-2.1000 .-2.0000 Mar Jun Sep Dec 2013 2014 Mar Used with permission of Bloomberg Finance LP EFTA01191965 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 (646)257-3131 Mobile +1 917 327-4107 Email Pan-inctry ?efferent 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. EFTA01191966