roll: Buy EUR/USD FVAs, USD/JPY vol swaps and risk reversals, AUD/USD puts r4 9 January 2014 'Research Team London Bilel Hafeez James Malcolm Henrik Gullberg George Sarevelos Siddhanh Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Dreusio GiacomoIli Guilherme Marone Singapo

EUR/CLP Theme #10: Turning Up the Volume: Buy USD/GBP variance swap and AUD/USD variance swap Research Team London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilher

roll: Buy EUR/USD FVAs, USD/JPY vol swaps end risk reversals, AUD/USD puts 9 January 2014 'Research Team IA)(141(O1 Biel Hafeez James Malcolm Henrik Gullberg George Satan)los Seldhaith Kapoor Oliver Harvey Nicholas Wang Nm•, )"O:k Alan Ruskin Daniel Breton Drausio Giacomolk Guilherme Marone Stne.

ad analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Bilal Hafeez/Alan Ruskin/Henrik Gullberg/James Malcolm/Sameer Goel Pago 24 Doutscho Bank AC/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107397 CONFIDENTIAL SDNY_G

roll: Buy EUR/USD FVAs, USD/JPY vol swaps end risk reversals, AUD/USD puts 9 January 2014 'Research Team IA)(141(O1 Biel Hafeez James Malcolm Henrik Gullberg George Satan)los Seldhaith Kapoor Oliver Harvey Nicholas Wang Nm•, )"O:k Alan Ruskin Daniel Breton Drausio Giacomolk Guilherme Marone Stne.