From: Tazia Smith

From: Tazia Smith To: [email protected] Cc: M , Nay Gupta , Paul Morris ir e Stepanian Subject: Oil Lock-In? [CI Date: Mon, 04 Aug 2014 19:34:50 +0000 Inline-Images: unnamed; unnamed(1) Classification: Confidential Jeffrey - What is your current view on crude? With the recent pullback and fundamentals suggesting downside, yet significant geopolitical risk of Gaza, Iraq, and Russia arguably not being priced in (plus the favorable term structure for options given the forward curve's backwardation, that we know you are very aware of)...I wanted to just run this by you: we've had a mandate for a longer term hedge vs. geopolitical risk that has led to a 5yr lock-in note (10/15/20%...45% locks), 60% european barrier, principal protected once one of the lock- in levels is touched; daily end-of-day observation. This example is based on WTI. Would look forward to modifying terms per your view. Let us know your thoughts. Best Regards, Tazia Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 -0004 New York. NY. USA Tel. Fax Mobil Email Passin,l/rgefolst 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. EFTA01201159