EFTA01453868

From: Nay Gupta SeM: 4/21/2014 2:43:41 PM To: Tazia Smith I CC: Vinit Sahni ; Paul Morris Subject: Re: Jeffrey - latest prices with suggested sizes - Nay PI The qns are 1) do we think usdjpy can exceed 103 his approx break even from current valuation before maylst and 2) is it worth spending more money on the same bet by rolling his option longer. 1). Spot is 102.60. 103 isn't far away. In the next month I don't see any obvious triggers for usdjpy to drop or rise a lot. For 50k I'd keep it and if usdjpy rises to 103.25 or 103.50 sell 100pct of the delta to lock in p&I 2) is it worth spending more. The japan story seems to be losing momentum. This has shown up in nky but not usdjpy. I'd be inclined to find a longer term cheaper way to bet. I'll take a look tomorrow to see what looks smart now that vols are a lot lower. Best Nav On 21 Apr 2014, at 19:33, "Tazia Smith" ‹ > wrote: Classification: For internal use only Nav - thoughts on his 102.50 strike USDcIPYp that matures 5/1...-46k left of value (down —143k). Maintain short yen view (this was his, he thought it was going to 110 within the time frame). Do you roll it here and save what's left in the premium? <0.25A.gif> <0.50CC.gif> Tazia Smith Director I Key Client Partners US DB Securities inc Deutsche Asset 8 Wealth Management 345 Park Avenue 10154-0004 New York, NY, USA Tel. Fax Mobi Email <0.5B0E.gif> Paul Morris---04/21/201.4 01:59:09 PM--Classification: For internal use only thx pls stay on him, hope you're all well, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0111713 CONFIDENTIAL SONY GM_00257897 EFTA01453868