From: Tazia Smith ( M] Sent: 12/19/2013 10:39:06 AM To: [email protected] CC: Paul Morris Subject: your short yen position presently +$24k (spot ref 104.30) [C) Attachments: pic20817.gif; pic084254gif Classification: Confidential Vahe Stepanian Good morning Jeffrey - Posting you that your 101 strike USD)PY zero-cost triple one touch position is presently —424k bid. Post Fed and then yen sell-off, DB FX Research reiterates expectations of USD)PV at 115 at end-2014. The commentary below is actually on expectations for asset flows from forthcoming investment tax exemptions in Japan beginning in January. I thought you might find the quick comment of interest. we'd reiterate a view that matches yours: bearish yen, bullish Japanese equities (buy on dips). You saw a basket of single-names we highlighted in our email yesterday. Best Regards, Tazia Forwarded by Tazia Smith/db/dbcom on 12/19/2013 10:20 AM From: "Taisuke Tanaka, Deutsche Securities Inc." To: Tazia Smith/db/ Date: 12/18/2013 12:36 AM Subject: DEutsche JApan view on FX - DB, yen-bear, talks on NISA Deutsche Securities Inc. - Fixed Income Research DEutsche JApan View on FX - DB, yen-bear, talks on NISA 18 December 2013 (1 page/ 117 kb) Download the complete report: http://pull.db-gmresearch.com/p/601-FcD1/22257582/DB_DEJAviewFx_2013-12-18_09 00b8c087ad4ca2.pdf Reason we have not stressed NISA'S yen depreciation impact The Japanese version of the Individual Savings Account system, known as NISA, will come into force in January. Tax exemptions will be granted to new investments of up to Vim per year for a maximum of five years, thus allowing for as much as Y5m per person. Market participants have frequently expressed an expectation that this money will flow to the stock markets and foreign CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0123131 CONFIDENTIAL SDNY_GM_00269315 EFTA01461227