EFTA Document EFTA01405715

Subject: RE: bullish expression of single stocks [C] [I] From: Daniel Sabba <ffi Date: Wed, 10 Jun 2015 12:26:42 -0400 To: Stewart Oldfield Paul Morris Classification: For internal use only Agree. The notes allows him to get more downside protection, and higher carry. 18m ATM calls on BK are at —9% premium and AAPL at —12% premium. This is for 18m, so annualizing premium annual carry at around 7% vs 10% of the note. Paul / Stew — do you want to respond or should I? From: Stewart Oldfield Sent: Wednesday, June 10, 2015 12:18 PM To: Paul Morris; Daniel Sabba Subject: RE: bullish expression of single stocks [C] [I] Classification: For internal use only Primary benefits are worst-of structure which can't be replicated with vanilla options and the barrier which gives better protection vs. long stock/- short call. From: Paul Morris Sent: Wednesday, June 10, 2015 12:12 PM To: Stewart Oldfield; Daniel Sabba Subject: FW: bullish expression of single stocks [C] [I] Classification: For internal use only EFTA01405715 Pls discuss Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: jeffrey E. [mailto: Sent: Wednesday, June 10, 2015 11:50 AM To: Daniel Sabba; Paul Morris Subject: Re: bullish expression of single stocks [C] why is this differnet or better than sellling calls against the stock? ? no provisoin to call can change mind overnight no exectuion risk? On Wed, Jun 10, 2015 at 10:14 AM, Daniel Sabba < E > wrote: Classification: Confidential Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. + Mobile Email EFTA01405716 From: jeffrey E. [mailto: Sent: Wednesday, June 10, 2015 10:13 AM To: Daniel Sabba Subject: Re: bullish expression of single stocks [C] number to call? On Wed, Jun 10, 2015 at 9:48 AM, Daniel Sabba e > wrote: 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: Apple Inc (AAPL) Bank of New York Mellon (BK) Callable: Quarterly — at issuer's discretion Contingent Coupon: 10.00% p.a. subject to coupon barrier Observed and paid quarterly EFTA01405717 Coupon Barrier: 75% of initial strike observed quarterly Principal Barrier: 75% of initial strike observed at maturity only Description: The investor receives 2.50% per quarter (10% p.a.) 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 please find attached DB Global Market Research Reports about the companies we cover. Please note these are independent equity research views. Company Ticker Price @ 6/1/15 Close EFTA01405718 DB Global Markets Research Rating DB Global Markets Research Target Retrophin RTRX $31.85* Buy $52 Orexigen Therapeutics OREX $4.91 No Coverage Akorn AKRX $46.25 Buy $55 Dish Networks DISH $72.07 Buy $105 Pioneer Natural Resources PXD EFTA01405719 $149.77 Hold $182 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 EFTA01405720 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 high Let us know if you have any questions. EFTA01405721 Best, Ari From: Daniel Sabba Sent: Tuesday, June 02, 2015 6:41 AM To: [email protected] 1; Cc: Vahe Stepanian; Ariane Dwyer Subject: Re: send to rich please [C] Classification: Confidential ; Paul Morris 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 < >; Paul Morris Subject: send to rich please 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 EFTA01405722 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. 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 EFTA01405723 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. 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 EFTA01405724