EFTA Document EFTA01454854

that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency rate or other market or economic measure. Furthermore, past performance is not necessarily indicative of future results. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Deutsche Bank trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein, and these may be known to the author. Deutsche Bank may make a market in the instruments (or related derivatives) discussed herein. Assumptions, estimates and opinions expressed constitute the author's judgment as of the date of this material and are subject to change without notice. Information contained herein is subject to change without notice. Thanks. I will look for your revision. Kind regards, Siri (Embedded image moved to file: pic16341.gif) Siri Cowden Vice President I Head, Marketing Review Group Securities Inc. Baltimore, MD, USA (Embedded image moved to file: pic17942.gif) Forwarded by Siri Cowden,-on 07/29/2014 11:14 AM From: Tazia Smith/db/dbcomeDBAMERICAS To: "Siri Cowden" Cc: "Nav Gupta" Date: 07/29/2014 09:06 AM subject: Re: For Approval [I] Classification: For internal use only Siri/Ziggy - "Zbynek Kozelsky" < are we able to send the commentary on S&P skew if we include this disclaimer? This material has been prepared solely for informational purposes only and is not an offer to buy or sell, or a solicitation of an offer to buy or sell any swap, security or financial instrument, or to participate in any particular trading strategy. All rates are indicative and subject to change. Any terms and conditions included herein are to illustrate the logistics of a swap, and any offer of a swap eventually made may contain terms which are substantially different. Any decision to enter into a swap, such as those described herein, should only be made after reviewing the final swap confirmation and conducting such investigation in order to independently determine the suitability and consequences of participating in swaps. Any finalized terms and conditions of a prospective swap transaction will be subject to discussion and negotiation and will be evidenced by a formal agreement. Deutsche Bank is not acting and CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 113246 CONFIDENTIAL SDNY_GM_00259430 EFTA01454854