From: To: Date: Subject: Re: lyr USDJPY (I] Classification: For internal use only He's KCP, ISDA almost finalized....let's talk risk reversal! :) Tazia Smith Director Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management Tel. +1 212 454-2889 Fax +1(646) 257.3131 Mobile +1 (917) 327-4107 Email <mato From: Harlin Singh/db/dbcom@DBAMERICAS To: Tazia Smith/db/dbcom@DBAMERICAS@DBCOEX, Date: 10/21/2013 12:19 PM Subject: Re: lyr USDJPY (lj Classification: For internal use only 6 EFTA_R1_01974897 EFTA02678066

The ly forward points are pretty accurate on bberg. The option struck atmf will cost around 4.10% of notional (no markup included) ly volatility is around 10.3% at the moment. It depends on how you look at it - if you are ok without the downside protection, I would do the forward. If the client is qualified to do forwards though, they could also explore a risk reversal to lower cost and give some protection in the event of a correction. What type of client is it and what size are they thinking to do? Kind regards, Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions & Trading Group 345 Park Avenue, 10154-0004 New York, NY, USA Tel. +1 212) 454-8865 Fax +1 (732) 935-2037 Mobile +1 (908) 209- 0909 Email <mailto From: Tazia Smith/db/dbcom@DBAMERICAS To: Date: 10/21/2013 12:07 PM Subject: lyr USD.] PY Classification: External Communication Hi Harlin - can u just confirm that a short jpy long usd lyr fwd prices out inline w what I see on bbg? do you have color/thoughts on a fwd vs option as far as premium of the option and leverage vs the fwd? Would love your thoughts! Thanks:) Tazia Smith Director 7 EFTA_R1_01974898 EFTA02678067

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