EFTA01451130

(2) Favor DM >EM. (3) Japan, ex-yen. Bullish Japanese Recovery, equities and assets. Bearish JPY vs. USD. (4) European Recovery. Bullish Europe. Note: Periphery spreads have collapsed, favor equity and real assets. Favor: Financials, SMID cap equities, Germany (DAX is a levered play on global growth, year- end forecast of 11,000, 12.4x) (5) Bullish USD. Bearish Euro. The year it finally fumbles? (6) Rising rates — limited opportunity, but for the Syr part of the curve. Syr part of the curve should sell off further, short end stays anchored through mid 2015, back end has steepened/fairly valued at present. (7) Rising Inflation. Upside risk to inflation long-term given the Fed's tolerance for inflation short-term and the sheer magnitude of liquidity in the system. III. JE DB Account Summary [Tazia) IV. JE Position Review Winit & Tazia) V. Reccomendations (1) 10yr USDc.IPYp 85 strike, 90 KO (2) DBUUPPN Index - 13mo Call option (3) Gymboree (GYMB) 9.125% '28 at - 94.625 (10.5%) VI. Appendix: Global Markets Research Forecasts (for reference): GDP Forecasts 13/14: Global GDP: 2.8%/3.7% US GDP: 1.896/3.2% Eurozone: -0.2%/1.2% Germany: 0.5%/1.5% Japan: 1.696/0.7% China: 7.796/8.6% EM: 4.596/5.3% CPI Inflation 13/14: US: 1.696/2.5% Eurozone: 1.5%/1.4% Japan: 0.396/2.7% China 2.6%/3.5% 2014 Year End Forecasts: US 10yr: 3.25% EURUSD: 1.15 USDJPY 115 S&P 1850 Stoxx600 375 Oil WTI 95 Oil Brent 105 Gold 1325 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107366 CONFIDENTIAL SDNY_GM_00253550 EFTA01451130