Subject: Re: S&P risk reversals.... I] From: Tazia Smith < Date: Fri, 10 Oct 2014 11:08:05 -0400 To: Paul Morris Cc: Daniel Sabba < Vahe Stepanian < Classification: For internal use only fantastic! congratulations! (Embedded image moved to file: pic16947.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & 345 Park Avenue Tel. Fax Mobile Email Wealth Management 10154-0004 New York, NY, USA (Embedded image moved to file: pic19173.gif) From: Paul Morris/db/dbcom To: Tazia Smith/db/dbcom@DBAMERICAS, Cc: AS Daniel Sabba/db/dbcom@DBAMERICAS, Vahe Stepanian/db/dbcom@DBAMERIC Date: 10/10/2014 10:58 AM Subject: Re: S&P risk reversals.... [I] Classification: For internal use only new hire started this week, going to work with me, Director comes from CS, very sophisticated around derivatives, alts, single stock, he will come up on EFTA01479772

Tuesday to meet you, i believe he has met Daniel Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 Office: Cell: From: Tazia Smith/db/dbcom To: Cc: AS Paul Morris/db/dbcom@DBAMERICAS, Daniel Sabba/db/dbcom@DBAMERICAS, Vahe Stepanian/db/dbcom@DBAMERIC Date: 10/10/2014 10:51 AM Subject: Re: S&P risk reversals.... [I] Classification: For internal use only sure. who's stewart? (Embedded image moved to file: pic00382.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & 345 Park Avenue Tel. Fax Mobile Email Wealth Management 10154-0004 New York, NY, USA (Embedded image moved to file: pic30550.gif) EFTA01479773

From: Paul Morris/db/dbcom To: Tazia Smith/db/dbcom@DBAMERICAS, Cc: AS, Daniel Sabba/db/dbcom@DBAMERICAS, Vahe Stepanian/db/dbcom@DBAMERIC Date: 10/10/2014 10:48 AM Subject: Re: S&P risk reversals.... [I] Classification: For internal use only good morning, please cc Stewart going forward, thanks Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 Office: Cell: From: Tazia Smith/db/dbcom To: [email protected], Cc: ICAS, Vahe , Paul Morris, Daniel Sabba/db/dbcom@DBAMER Stepanian/db/dbcom@DBAmericas Date: 10/10/2014 10:33 AM EFTA01479774

Subject: S&P risk reversals.... [CJ Classification: Confidential Good Morning Jeffrey - S&P listed options indicative levels below. If you have an upside view on US big caps, consider a risk reversal. Example: 1895p/1925c SPX November risk reversal +$0.20 premium collected, offer side (Bloomberg) ref: 1917.01 Example: 186p/193c SPY March risk reversal +$0.02 premium collected, offer side (Bloomberg) ref: 191.53 (Embedded image moved to file: pic26069.gif) (Embedded image moved to file: pic04974.gif) (Embedded image moved to file: pic09169.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, Tel. Fax Mobile Email 10154-0004 New York, NY, USA (Embedded image moved to file: pic22994.gif) EFTA01479775