EFTA Document EFTA01383805

structure is flat. We've continued to see the spot up / vol up correlation remain positive and if this theme continues, now is a good entry level into buying inexpensive vol. SPY ATM Calls: SPY 284 Cal let 28130 I Price I I Tenor S I % Vol IntapPeriod Fwd Vol konornk Events Cumuledve beery Reported i%1 Friday, August 8:2018 1.40 M9% 93 ISMitioth).ACP,I4FP, MT Decision 61% Friday august 10, 2118 :96 069% 92 89 PM. (Pi 441% Friday. Ausg 17.2018 1A7 087% 9.2 93 70% Fnday. August 14, 3/18 2.30 102% 9.2 91 FO#.0 rani 1441 72% Friday, Aug WA 31.2016 358 7.19% 93 104 PCIt Tat Fray, Statamber C7, 2018 3.75 7.32% 9.6 10S ISM (bOtry, ADP, NFP 75% SPY 2% Upside Calls: SPY 288Call yr. 281.30 Ecceceek Everts I Ormoliellie Earnings Reported I* Tea Price Inttelteriodfied Vol Friday, August 03, WM 0.19 020% t3 ISM teeth), ADP, NF P, ktfer Decision 61% Friday. Audiat le 2018 0,47 037% 8.1 64 PPI. CPI 66% Friday, August 17, 2018 0.76 051% BO 54 X% Friday. August bl, 2018 I..C6 065% 50 87 FOLIC ne% 144) 72% Relay, August 12, 2011 139 0.80% 82 96 PC1 74% Fittr, Seim/mbar 07, )018 :69 092% 84 1.01 ism (oath), ACP, NFP Trek Kind regards, Nadean Nadean Novogratz Deutsche Bank Securities Inc Global Equity Derivative Sales 60 Wall Street, 4th Floor New York. NY 10005 Please click on this link and read the disclaimer: https://ederivatives.db.com/static/disclaimer.html 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. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. 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. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0083641 CONFIDENTIAL SDNY_GM_00229825 EFTA01383805