From: Vahe Stepanian To: "jeffrey E." <[email protected]> CC: Daniel Sabba , Arianc Dw er < • Stewart Oldfield < Subject: AAPL Autocallable [C] Date: Thu, 23 Jul 2015 19:33:07 +0000 >, Paul Morris >, Richard Kahn Classification: Confidential Jeffrey — we indicatively priced the below note following the downward move in Apple (AAPL) this week. The structure takes advantage of the lower stock price and increase in volatility, while offering an attractive yield if you believe AAPL will trade sideways or positive over the next 18 months. We can also look at other AAPL implementations if interested. Please let us know. Thank you, Vahe Sample transaction terms - 18mo AAPL Phoenix Autocallable Note For discussion purposes only — terms subject to change Issuer: Maturity: Underlying: Autocall: Contingent Coupon: Coupon Barrier: Principal Barrier: Goldman Sachs 18 months, callable after 3 months Apple Inc. (AAPL) Quarterly — if underlying is above initial strike 8.75% p.a. subject to coupon barrier Observed and paid quarterly 80% observed quarterly 80% observed at maturity only Description: Assuming a coupon of 8.75% p.a., the investor receives 2.1875% per quarter (8.75% p.a.) if the underlying (AAPL) is above the coupon barrier (approx -20% return). If the underlying is positive after 3 months, the note is automatically called and redeemed early - observed quarterly thereafter. If not redeemed early, at maturity, the principal is at risk if the underlying has a final strike below the principal barrier (approx -20% return) and the investor will receive the return of the underlying. Vahe Stepanian Assistant Vice President I Key Client Partners De Tel. Mo Email This material has been prepared for discussion purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, or other instrument. or for Deutsche Bank to enter into or arrange any type of transaction as a