EFTA01454106

Forwarded by vinit Sahni/db/dbcom on 02/05/2014 16:33 From: "jeffrey E." <jeevacation@gmail.com> To: Date: 02/05/2014 13:58 Subject: Re: Jeffrey - Payrolls [C] monday on Fri, may 2, 2014 at 2:53 PM, vinit sahni wrote: Classification: confidential Jeffrey - strong payrolls, positioning was short into the number, reaction could have been more violent. confirms view that us growth is strong and this could be the start of the market buying the fact that we will see a strong US recovery. Brings us back to us equity growth baskets, us rates higher especially 5s and possibly 5y5y, Equity over credit as volatility picks up...we are now going back to the drawing board and will look for ideas this weekend. if u have 2 mins Nav and I can get on the phone with u Best Vinit (Embedded image moved to file: pic09860.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management 105/108 old Broad st (Pinners Hall), EC2N lEN London, united Kingdom Tel. mobi Email Any proposed ideas are being delivered to you by the DeAWM Key client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic25783.gif) This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://wm.db.com/en/content/eu_disclosures.htm for CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 112043 CONFIDENTIAL SDNY_GM_00258227 EFTA01454106