From: Daniel Sabba <1

From: Daniel Sabba <1 To: Ariane Dwyer "jefirey E." leevacation@gmail.com> CC: '41=M" Paul Morris <1 , "Vahe Stepanian" Subject: RE: bullish expression of single stocks [C) Date: Wed, 10 Jun 2015 15:28:25 +0000 , Stewart Oldfield Classification: Confidential Jeffrey — please see email below from An. Please note DB does not cover DISH Networks. Would you still like to buy 5000 shares of it? Please confirm. From: Mane Dwyer Sent: Wednesday, Jun 10, 2015 11:14 AM To: Jeffrey E. Cc: Daniel Sabba; ; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: RE: bullish expression of single stodcs [C] Classification: Confidential Jeffrey, We are reaching out the research analysts to answer your questions. Please note DB research does not cover Dish Networks. It covers Dish 1V, whose research report we sent earlier. Please see the updated table reflecting this information below: Company Ticker Price 06/1/15 Close Prim . 6/10/15 DB Global Markets Research Rating (GMR) DB GMR Target @ 6/1/15 DB GMR Target @ 6/10/15 Retrophin RTRX $31.85 $31.90 Buy $52 $55 Orexigen Therapeutics OREX $4.91 $4.51 No Coverage Akorn Inc. AKRX $46.25 $46.23 Buy $55 $55 Dish Networks DISH $72.07 $72.78 No Coverage Pioneer Natural Resources PXD $149.77 $150.00 Hold $182 $175 EOG Resources Inc. EOG $88.76 $90.04 Buy $101 $101 General Dynamim GD $140.25 $140.56 Buy $166 $166 Delphi Automotive DLPH $86.83 $87.42 Buy $94 $94 Comcast CMCSA $58.78 $58.13 No Coverage Glaxo Smith Kline GSK 1456 GBP 1376 GBP Hold 1540 GBP 1540 GBP Viacom VIAB $66.71 $67.40 Buy $85 $85 Baidu BIDU $201.56 $204.92 Buy $239 $239 Alibaba MBA $90.78 $88.32 Buy $104 $102 From: Jeffrey E. frnailtmjeevaSgmail com Sent: Wednesday, Jun 10, 2015 10:50 AM To: Ariane Dwyer Cc: Daniel Sabba; ; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: bullish expression of single stocks [CJ price targets over what time frame??? and why is is pioneer a hold if the price target is so much highter than today On Wed, Jun 10, 2015 at 10:40 AM, Ariane Dwyer < Classification: Confidential Hi Jeffrey, wrote: EFTA00707292 Per your conversation with Daniel, please find below the refreshed table. Company Ticker Price. 6/1/15 Close Priced 6/10/15 DB Global Markets Research Rating (GMR) DB GMR Target @ 6/1/15 DB GMR Target @ 6/10/15 Retrophin RTRX $31.85 $31.90 Buy $52 $55 Orexigen Therapeutics OREX $4.91 $4.51 No Coverage Mom Inc. AKRX $46.25 $46.23 Buy $55 $55 Dish Networks DISH $72.07 $72.78 Buy 105 lNR 105 lNR Pioneer Natural Resources PXD $149.77 $150.00 Hold $182 $175 EOG Resources Inc. EOG $88.76 $90.04 Buy $101 $101 General Dynamics GD $140.25 $140.56 Buy $166 $166 Delphi Automotive DLPH $86.83 $87.42 Buy $94 $94 Comeast CMCSA $58.78 $58.13 No Coverage Glaxo Smith Kline GSK 1456 GBP 1376 GBP Hold 1540 GBP 1540 GBP Viacom VIAB $66.71 $67.40 Buy $85 $85 Baidu BIDU $201.56 $204.92 Buy $239 $239 Alibaba BABA $90.78 $88.32 Buy $104 $102 Best, Ari From: Daniel Sabba Sent: Wednesday, lune 10, 2015 9:48 AM To: leevacationOgmail.com% Cc: Paul Morris; Stewart Oldfield; Vahe Stepanian; Ariane Dwyer Subject: bullish expression of single stocks [C] Classification: Confidential Jeffrey, I called you back yesterday and left a message with =1. We had reached out to discuss using short dated structured notes to articulate constructive views on single name stocks. We priced the example below for AAPL and BK, and could do the same for your favorite names from the list we sent you last week (email below). sample transaction terms - 18mo Callable Yield Note Issuer: BNP Paribas Maturity: 18 months (callable after 3 months) Underlying: Lesser of: Apple Inc (AAPL) Bank of New York Mellon (BK) Callable: Quarterly — at issuers discretion Contingent Coupon: 10.00% I.. subject to coupon barrier Observed and paid quarterly Coupon Barrier 75% of initial strike observed quarterly Principal Barrier: 75% of initial strike observed at maturity only Description: The investor receives 2.50% per quarter (10% if all (2) underlying stocks are above the coupon barrier on the quarterly observation date. The note is callable at the discretion of the issuer on each quarterly observation date. If not redeemed early, at maturity, the principal is at risk if one or more of the underlying stocks has a final strike below their principal barrier, with the investor being exposed to the return of the worst performing underlying stock. Settlement at termination can be either cash or physical. Looking forward to discussing, Daniel EFTA00707293 From: Arian Dwyer Sent: Tuesday, Jun 02, 2015 9:24 AM To: tjeevacationOgmail.coms; Cc: Vahe Stepanian; Daniel Sabba; Paul Morris Subject: RE: send to rich please [C] Classification: Confidential Good morning, Per your request, please find below the stocks with 6/1/15 close price, DB Global Market Research Rating and DB Global Market Research Target price. In addition please find attached DB Global Market Research Reports about the companies we cover. Please note these are independent equity research views. Company Ticker Price @ 6/1/15 dose DB Global Markets Research Rating DB Global Markets Research Target Retrophin RTRX $31.85* Buy $52 Orexigen Therapeutics OREX $4.91 No Coverage Akom AKRX $46.25 Buy $55 Dish Networks DISH $72.07 Buy $105 Pioneer Natural Resources PXD $149.77 Hold $182 EOG Resources EOG $88.76 Buy $101 General Dynamics GD $140.25 Buy $166 Delphi Automotive DLPH $86.83 Buy $94 Comcast CMCSA $58.78 No Coverage Glaxo Smith Kline GSK 1456 GBP Hold 1540 GBP Viacom VIAB $66.71 Buy $85 Baidu BIDU $201.56 Buy $239 Alibaba BABA $90.78 Buy $104 *52 week high Let us know if you have any questions. Best, Ari From: Daniel Sabba Sent Tuesday, Jun 02, 2015 6:41 AM To: leflvarationOgakilamt Cc: Vahe Stepanian; Mane Dwyer Subject: Re: send to rich please [C] Classification: Confidential ; Paul Monis Jeffrey, to clarify, are you looking at closing prices as of 06/01/2015? From: Jeffrey E. OssillbzimatatluadMaiLa/M] Sent: Monday, June 01, 2015 09:54 PM To: Daniel Sabba; Richard Kahn < Subject: send to rich please ; Paul Morris prices on RTRX, OREX AKRX dish networks, PXD EOG, GD, delphi, comcast, glaxo viacom, baidu baba please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for EFTA00707294 the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jpevacationagmail run, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to I I, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00707295