From: Paul Morris Sent: 1/14/2014 3:38:09 PM To: Tazia Smith CC: Vahe Stepanian Subject: Re: Japanese Equity Basket... ICI Attachments: pic27667.gif; pic18108.gif; pic02374.gif Classification: Confidential hi did we ever buy the jap equities? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 office: Cell: From: Tazia smith To: jeevacationOgmail.com, cc: Paul morris, vahe stepanian Date: 12/18/2013 02:31 PM Subject: Japanese Equity Basket... [C] Classification: Confidential Jeffrey - Now that the FOMC decision is behind us (with the SlObn taper we just talked about), here is the basket of single-name Japanese equities that we put together to build on your bullish view (presently in DX)). To incorporate your bearish yen view, we could quanto this basket like we talked about...in note form, we priced 13mos with HSBC, comes to a 95% participation eg. if the basket was up 18%, note would be up 17.1%; if basket is down 10%, note is down 9.5%. max loss 95% of principal (indicative levels only, subject to market movement, as of 12/18/13). we can look to add to your yen short position opportunistically as an alpha overlay (USDJPY now at 103.40). Let us know your thoughts, Tazia (Embedded image moved to file: pic27667.gif) Indicative levels, subject to market movement. source: Bloomberg and DB Global Markets Research 12/16/13. supplemental Information: DB Research expects Japanese equities could double by 2015 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123194 CONFIDENTIAL SDNY_GM_00269378 EFTA01461260