To: Tazia Smith; Subject: usdcad update for JE (IJ Classification: For internal use only three points 1. commodity px are much higher - bullish cad 2. CAD 2 swa rate tit her not lower as i had ex • 1.&165 Last Price cl CDSW2 Curncy 1.3460 n USSW2 Curncy 0.4705 • - Low: 1.2460 CDSW2 Curncy - USSW2 Curncy 0.8755 CDSW2 Cun, Sep Oct Nov 2013 (CAD NAP Dec Mar Jan Feb 2014 2 YR) Daily CSSEP2013-05MAR2014 Copyright @ 2014 Bloomberg Finance L.P. cte Vinit Sahni vs US rates coin • ared to 2mths a o - bullish cad 1.6000 Last 0.8755 Mean 0.932 -17.95 1.3460 Off Avg ttedlan -0.0565 0.9566 1.2000 5tDey St0ev from mean 0.0796 -0.7098 Percentile 28.4615 1.0000 huh 09/18/13 1.0675 Low 01/23/14 0.754 0.8000 0.6000 ; • 0.4705 U.94.S.X./ LOS 1.00 0.95 .8755 0.85 0.80 0.75 OS-Mar-2014 12:56:14 canada still has v vulnerable housing sector and several high profile clients have been exiting canadian risk (pimco ed devlin in ft last week) but nevertheless given 1 and 2 above im less bearish cad vs usd than 2mths ago when JE entered the trade. so given 1 and 2 im surprised usdcad hasnt moved lower - i dont have a view on usdcad here and therefore dont like the trade anymore Nav Nav Gupta Managing Director Deutsche Bank AG, Male London Deutsche Asset a Wealth Management CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110160 CONFIDENTIAL SDNY_GM_00256344 EFTA01452866