From: Tazia Smith Sent: 4/23/2014 11:54:04 AM To: [email protected] CC: • Paul Morris I; Nav Gupta ; Vinit Sahni J; Vah Stepanian I Subject: WY and Biotech (C) Attachments: pic24428.gif; pic23103.gif; pic27254.gif; pic21295.gif; pic14997.gif; 182298_20140422_20140423_1.pdf Classification: Confidential Jeffrey - Just posting you on your biotech basket - earnings a positive catalyst reversing that downtrend in Gilead. Biogen reported this morning (bottom line miss, top-line beat), stock has come in from pre-market highs of 5310, now — $303 (3-day chart below). Just a reminder that your SY 102.5 call is going to expire 5/1. In speaking with Nav and vinit, they looked at lot of weaker-yen iterations but their view is vols are too low and there is an absence of catalysts to present a compelling trade at this moment to roll into; Nav will email you directly to highlight entry points on a trade when he sees one. As you know, you've got your zero-cost option on for some exposure to yen weakness. (Embedded image moved to file: pic24428.gif)source: Pershing, LLC and Bloomberg (Embedded image moved to file: pic23103.gif) Biogen - 3-day inter-day chart (Embedded image moved to file: pic27254.gif) (Embedded image moved to file: pic21295.gif) Tazia smith Director I Key client Partners - us DB securities Inc Deutsche Asset & wealth management 345 Park Avenue. 10154-0004 New York, NY, USA (Embedded image moved to file: pic14997.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 111770 CONFIDENTIAL SDNY_GM_00257954 EFTA01453914