Tel. +1 (212) 454-2889 Fax +1 (646) 257.3131 Mobile +1(917) 327.4107 Email <mailto Forwarded by Tazia Smith/db/dbcom on 11/07/2013 02:51 PM From: Harlin Singh/db/dbcom@DBAMERICAS To: Tazia Smith/db/dbcom@DBAMERICAS@DBCOEX, Date: 10/21/2013 01:21 PM Subject: Re: lyr USDJPY Classification: For internal use only Keep in mind, none of these include markup so you will have to account for that Risk Reversal selling 90 strike puts (23 delta) cheapens the long call by 1.38% vs the forward that gives you 1-for-1 downside exposure beginning at 97.84. We can change the downside strike to wherever the client is comfortable getting long USDJPY. The one year low in USDJPY has been 79.38 Leg 1: European Option Call <Client> buys European USD Call on USD/JPY Strike: 97.84 (atmf) Notional: USD 1,000,000 Expiry: Tue 21.Oct-2014 (ly) Settlement: Thu 23-Oct-2014 ZoneCut: NY Premium: USD 41,000 Premium Date: Wed 23.Oct-2013 Leg 2: European Option Put <Client> sells European USD Put on USD/JPY Strike: 90 Notional: USD 1,000,000 Expiry: Tue 21-Oct-2014 (ly) Settlement: Thu 23-Oct-2014 ZoneCut: NY Premium: USD -13,830 Premium Date: Wed 23-Oct-2013 Kind regards, Harlin 2 EFTA_R1_01974893 EFTA02678062