From: Richard Kahn hii To: "jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Euro and Yen.... [C] Date: Wed, 13 Aug 2014 13:57:40 +0000 Inline-Images: Mail Attachment.gif; Mail Attachment(1).gif; Mail Attachment(2).gif: Mail Attachment(3).gif; Mail_ Attachment(4).gif i have a hard time with their pricing overnight statement i will send in next email showed a 120,000 unrealized profit overnight when you are ready to sell euro position i would like to get bids from other firms as i believe they are being to aggressive on spreads.. also not sure of your interest in revisiting dollar / yen (see below) linkedin page for new hire Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Tazia Smith <n Subject: Euro and Yen.... [C] Date: August 13, 2014 at 9:20:04 AM EDT Cc: Paul Morris < , Vahe Stepanian Matt 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 ‘yr 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. EFTA00720911

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vanilla option in the worst case scenario. If we place a low probability that USDJPY drops back below 100, then this is interesting. Putting this back on the radar - provided Jeffrey's view remains ‘yen weaker’. Watching spot and pricing. Recall Jeffrey's current position is at 101 call, 99, 98, 97 one-touch. (1yr and interday charts below). Last - but certainly not least! - please meet Matt Glassman a new sr. member of our team who has joined us this week from Goldman institutional cross-asset sales. Best Regards, Tazia Indicative level, subject to market movement. Source: DB FX Sales, 8/13/14 Spot ref = 102.27 (Very spot sensitive) Could do the following at zero cost... Using a strike of 103.00 for the upside call. Leg 1: European Option Call <Client> buys European USD Call on USD/JPY Strike: 103 Notional: USD 10,000,000 Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD 278,000 Premium Date: Fri 15-Aug-2014 Leg 2: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 100 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD -110,000 Premium Date: Fri 15-Aug-2014 Leg 3: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 99 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD -95,000 Premium Date: Fri 15-Aug-2014 Leg 4: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 98 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY EFTA00720912

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Premium: USD -73,000 Premium Date: Fri 15-Aug-2014 EURUSD Interday Chart EUR | een oe iN 1.3410 /1.3411 At 9:02 Op 1.3369 Hi 1.3415 Lo 1.3342 Close 1.3369 Value 08/15/14 EUR BGN Curncy 08/13/2014 17:00 15:59 [Trace La Tick ¥ Track 4% Annotate = Ne Wi Last Price 1.3411 Mi Close on 08/12 ---- 1.3369 T High on 08/13 08:53 1.3415 + Average 1.3371 1 Low on 08/13 05:28 1.3342 20:00 00:00 04:00 08:00 13 Aug 2014 Te) 2 BLOOMBERG FOR YOUR (w= |Bicombers IPHONE, iPAD, BLACKBERRY, ANDROID Mos! <GO> USDJPY Interday Chart EFTA00720913

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LI pr 102.27 /102.28 102.26 102.51 102.22 102.26 08/15/14 99 Save As 99 Actions ~ 97) Edit - Intraday Chart I 11) Compare Max Tick ¥ « & Security/Study Track Annotate = News Zoom Ml Last Price 102.28 f 102.50 Close on 08/12 ---- 102.26 r T High on 08/13 04:25 102.51 a 102.45 + Average 102.34 : : 1 Low on 08/12 21:27. 102.22 > 102.40 P 102.35 102.30 P 102.28 we] tl | 102.25 20:00 ° 00:00 04:00 | 08:00 13 Aug 2014 USDJPY 1-Yr Price History Preemie 102.31 /102.32 102.26 102.51 102.22 102.26 08/15/14 99) Save As 99 Actions ~ 97 Edit~ 9 Table Line Chart lens a 11) Compare Annotate News PSA Penne Wi Last Price 102.31 T High on 12/31/13 105.31 + Average 101.40 1 Low on 10/07/13 96.71 T T T T Jun 2014 Used with permission of Bloomberg Finance LP EFTA00720914

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Tazia Smith Director | Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA contain confidential and ended recipien the s i r privileged information eived this i th and 10orized ng i ure or distribution of the rmation r legal or tax and the in communication should not be regarded as such. EFTA00720915