ADP report came in light this morning at +175k v 185k cons, as you saw, payrolls catalyst on Friday. For US exposure on pullback and jump-up in volatility, consider (proposed percentages = 5.0): S&P Current: 8O%: 1742 1394 Russell 2000 Current: 1086 80%: 868 13mo Contingent Minimum Return Worst-of Note (S&P 500 and Russell 2000): WoF SPX/RTY 8% Cont Min Return 80% Barrier Daily obs. 29.30% Cap Indicative levels only, subject to market movement, source: DB AWM Structured Solutions, 2/5/14. Europe Note: your current Eurostoxx Contingent Note matures 8/26/14, cont min was 4%, cap was 17%, barrier was 70% (1935). A direct comp to your existing structure is currently not pricing well (10.0 on proposed sheet, 5.0 on suggested). Combining US and European views improves the terms and upside participation: SX5E Current: 2962 8O%: 2369 13mo Contingent Minimum Return Worst-of Note (Eurostoxx50 and Russell 2000): WoF SX5E/RTY 11.5% Cont Min Return 80% Barrier Daily obs. uncapped Indicative levels only, subject to market movement, source: DB AWM Structured Solutions, 2/5/14. Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New York NY 10154 Tel. Fax Mobile CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109477 CONFIDENTIAL SDNY_GM_00255661 EFTA01452455