Subject: Fw: Euro and Yen.... [C] From: Paul Morris < IMI=> Date: Thu, 14 Au 2014 12:00:05 -0400 To: Classification: Confidential sorry we were cut short yesterday, we can talk again later, want your feedback, thx Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York. NY 10154 Office: Cell: Forwarded by Paul Morris/db/dbcom on 08/14/2014 11:59 AM From: Tazia Smith/db/dbcom To: , Cc: Paul Morris, Vahe Stepanian/db/dbcom@DBAmericas, Matt Glassman/db/dbcom@DBAMERICAS Date: 08/13/2014 09:20 AM Subject: Euro and Yen.... [C] Classification: Confidential Good Morning Rich - Weak retail sails saw the dollar sell off this morning. Indicative level on the EURUSD risk reversal is 89.5/97.8 vs. 1.3397 spot, or $89,500 bid on 10mm euro notional (9/8/14 EURUSD 1.345:1.38). That's down from —$101k before the retail sails number (inter-day EURUSD chart below). Separately, we've been revisiting USDJPY call/triple one-touch again. As of this morning, a 103 USDJPY lyr call could be funded (for zero-cost up front premium) with 100, 99, and 98 strike one-touches, each with a 1.5% payout if that strike is touched. In other words the vanilla call would cost 2.78%, if USDJPY touched 100 then 1.5% cost, if USDJPY touched 99 than 3% total cost, and if USDJPY touched 98, then 4.5% total cost - so a 4.5% max loss, or —36% more expensive vs. vanilla option in the worst case scenario. If we place a low probability that USDJPY drops back below 100, then this is EFTA01462682