EFTA Document EFTA01479348

Subject: Fw: INTC buy-and-write [C From: Paul Morris < Date: Tue, 26 Nov 2013 14:41:35 -0500 To: Vahe Stepanian Classification: Confidential Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Offic Cell: Forwarded by Paul Morris/db/dbcom on 11/26/2013 02:41 PM From: To: Cc: as Tazia Smith/db/dbcom [email protected], Date: 11/22/2013 10:25 AM MINI , Paul Morris, Vahe Stepanian/db Subject: INTC buy-and-write [C] 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 Dec 24 calls are -$0.51 bid bid INTC has a 3.7% current dividend yield, goes ex 2/5, reports 1/16 (Jan expiry is 1/18) (See attached file: INTC 11.22.13.pdf) EFTA01479348 (Embedded image moved to file: pic08474.gif) Tazia Smith Director I Key Client Partners - US Deutsche Deutsche 345 Park New York, Tel. + Fax +1 Mobile Email Bank Securities Inc Asset & Wealth Management Avenue, 26th Floor NY 10154 (Embedded image moved to file: pic22713.gif) EFTA01479349