From: Paul Morns Sent: 8 14 2014 12:00:05 PM To: Subject: Fw: Euro and Yen.... (C] Classification: Confidential sorry we were cut short yesterday, we can talk again later, want your feedback, thx Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: Cell: Forwarded by Paul MOW 08/14/2014 11:59AM — From' Tazia Smithy To Ct. Paul Morns. Vahc Stepaniary , Matt Glassman Date oeitarzo14 09.20AM Subicti Euro and Yen.... (CI Classification: Confidential Good Morning Rich - Weak retail sails saw the dollar sell off this morning. Indicative level on the EURUSD risk reversal is 89.5/97.8 vs. 1.3397 spot, or $89,500 bid on 10mm euro notional (9/8/14 EURUSD 1.345:1.38). That's down from —$101k before the retail sails number (inter-day EURUSD chart below). Separately, we've been revisiting USDJPY call/triple one-touch again. As of this morning, a 103 USDJPY 1yr call could be funded (for zero-cost up front premium) with 100, 99, and 98 strike one-touches, each with a 1.5% payout if that strike is touched. In other words the vanilla call would cost 2.78%, if USDJPY touched 100 then 1.5% cost, if USDJPY touched 99 than 3% total cost, and if USDJPY touched 98, then 4.5% total cost - so a 4.5% max loss, or —36% more expensive vs. vanilla option in the worst case scenario. If we place a low probability that USDJPY drops back below 100, then this is interesting. Putting this back on the radar - provided Jeffreys view remains 'yen weaker. Watching spot and pricing. Recall Jeffrey's current position is at 101 call, 99, 98, 97 one-touch. (1yr and interday charts below). Last - but certainly not least! - please meet Matt Glassman a new sr. member of our team who has joined us this week from Goldman institutional cross-asset sales. Best Regards, Tazia Indicative level, subject to market movement. Source: DB FX Sales. 8/13/14 Spot ref = 102.27 (Very spot sensitive) Could do the following at