Upside Max: Uncapped Barrier Level: 82.5% Max Loss: 100% In fully-funded form, the absolute return structure prices well on crude. You can unwind this early to capture a move. This vehicle gives room to monetize moves in crude prices both on the upside and downside. This structure has a relatively high delta, should crude move higher and can help offset/compensate for your premium paid should crude move lower, but stay above the barrier. Implied Vol & Price Curves: The degree of backwardation has subsided but vols are still very low compared to their average over the last 10 years. Investors looking to express a bullish view on Brent crude oil can take advantage of premiums which are close to 10-year lows. IPE Brent lmo Implied vol - Mid Implied vol (Embedded image moved to file: pic00646.gif) (Embedded image moved to file: pic26855.gif) Source: DB AnalyzerLite, 11/5/13 Please join Deutsche Bank for a Conference Call on Monday November 25, 2013 10am ET The Outlook for Oil Prices in 2014 Hosted by: Soozhana Choi Chief Oil Strategist and Head of Energy Research Paul Sankey DB oil & Gas Analyst 1 week REPLAY: U.S: Intl. Acces Amy Tan Equity Focus Group - North America 60 wall Street New York. NY 10005 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123061 CONFIDENTIAL SDNY_GM_00269245 EFTA01461188