EFTA01461325

(Embedded image moved to file: pic11734.gif) Notes: premium decays positively if spot is unchanged the premium is sensitive to moves in spot - much more than a regular l0y option the mid price for a lOyear expiry 85 strike USD)PV call (without any KO feature) is 10.5% and the mid price for a lyear 102.51 strike call is 4% and compared with either of these the option with the KO feature has better risk:reward in Nav's opinion we suggest sizing it to worst loss (Embedded image moved to file: pic01848.gif) Tazia smith Director I Key client Partners - us Deutsche Bank Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor New York NY 10154 Tel. Fax Mobi Email (Embedded image moved to file: pic08737.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123297 CONFIDENTIAL SDNY_GM_00269481 EFTA01461325