Epstein Secrets

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From: Paul Morris Sent: 9/25/2014 11:29:26 AM To: Uzair Aqeel CC: Caroline Kitidis l; Nav Gupta j; Tazia Smith I j; Vinit Sahni Subject: Re: Key themes & trades Attachments: pic21923.gif; pic08924.gif;

let's try to get some folks engaged on these Paul Morris Managing Di rector Deutsche Bank Private Bank New York NY 10154 office: cell: From: Uzair Aqeel To: Tazia Smith Cc: Nav Gupta, Vinit Sahni Paul Morris Caroline Kitidis Date: 09/25/2014 08:07 AM Subject: Key themes & trades Hi Tazia,

o of calls-to-puts is highest for US equities Skew (y-axis) vs ATM vol (x-axis) is stretched (Embedded image moved to file: pic24816.gif) Source: Bloomberg 24-Sep-2014 Renewed interest in Japanese equities ahead of GPIF re-allocation and policy momentum Trade: A 6m 110% call financed by 6m 90% put has

to file: pic28488.gif) Source: Bloomberg 25-Sep-2014 Past performance is not a reliable indicator of future results. Best regards, EFTA01471138 Uzair Aqeel Investment Specialist Key Client Partners Deutsche Bank AG, Filiale London 105/108 Old Broad St (Pinners Hall), London EC2N lEN, United Kingdom

rticularly as the majors are expected to produce record free cash flow this year. Delta Airlines is about 20% off from the September high (Source: Bloomberg, Oct-15, 2014) At the same time, the dramatic drop in oil prices will eventually feed into improved margins. Indeed, this is one of the few US sect

volatility rising across equity markets. Details included below. Thank you, Vahe Forwarded by Tazia Smith/db/dbcom on 10/15/2014 10:46 AM Fr=m: Uzair Aqeel/db/=bcom@DBEMEA To: Nay Gupta/db/dbcom@DBEMEA, Vi=it Sahni/db/dbcom@DBEMEA, Date: 10/15/2014 08:38 AM Subject:<=ont size="3"> KCP Capital Marke

articularly as the majors are expected to produce record free cash flow this year. Delta Airlines is=about 20% off from the September high (Source: Bloomberg, Oct-15, 2014) At the same time, the dramatic dr=p in oil prices will eventually feed into improved margins. Indeed, this is one of the few US sect

volatility rising across equity markets. Details included below. Thank you, Vahe Forwarded by T=zia Smith/db/dbcom on 10/15/2014 10:46 AM From: Uzair Aqeel/db/II IIPPIPM To: Nay Gupta/db/c Vinit Sah=i/db/ci Date: 10/15/2014 08:38 AM Subject: KCP Capital Markets Ideas - US Airli=es (IJ Classificat

articularly as the majors are expected to produce record free cash flow this year. Delta Airlines is about 20% off from the September high (Source: Bloomberg, Oct-15, 2014) At the same time, the dramatic drop in oil prices will eventually feed into improved margins. Indeed, this is one of the few US sect

volatility rising across equity markets. Details included below. Thank you, =br> Vahe Forwarded by n 10/15/2014 10:46 AM - font size=3> From: Uzair Aqeel To: Nay Gupta/ Date: 10/15/2014 Subject: KCP Capital Markets Ideas - US Airli=es [Il Classification: For internal use only The equity sell-of