EFTA01453873

From: Tazia Smith Sent: 4/21/2014 2:59:22 PM To: Nay Gupta CC: Paul Morris I; Vinit Sahni I Subject: Re: Jeffrey - latest prices with suggested sizes - Nay [II Attachments: pic30655.gif; pic23758.gif Classification: For internal use only great - i agree with (2). can you highlight to him? he won't want to hear it from me, just you! (Embedded image moved to file: pic30655.gif) Tazia smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Fax Mobile Email (Embedded image moved to file: pic23758.gif) From: Nav To: Tazia Cc: Vinit Paul Date: 04/21/2014 02:43 PM Subject: Re: Jeffrey - latest prices with suggested sizes Nav [I] 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&l 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 Nay On 21 Apr 2014, at 19:33, "razia Smith" > wrote: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0111718 CONFIDENTIAL SDNY_GM_00257902 EFTA01453873