EFTA Document EFTA01457635

From: Daniel Sabba Sent: Wednesday, June 10, 2015 9:48 AM To: 'jeevacation@gmail.com'; Cc: Paul Morris; Stewart Okifield; Vahe Stepanian; Anne Dwyer Subject: bullish expression of single stocks [C] Classification: Confidential Jeffrey, I called you back yesterday and left a message with Lesley. 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 atter 3 months) Underlying: Lesser of: Apple Inc (AAPL) Bank of New York Mellon (BK) Callable: Quarterly — at issuer's discretion Contingent Coupon: 10.00% p.a. 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% p.a.) 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 retum of the worst performing underlying stock. Settlement at termination can be either cash or physical. Looking forward to discussing, Daniel From: Ariane Dwyer Sent: Tuesday, June 02, 2015 9:24 AM To: leevacation@gmail.conf; Cc: Vahe Stepanian; Daniel Sab ; at rilliorris 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 Close DB Global Markets Research Rating DB Global Markets Research Target Retrophin RTRX $31.85* Buy $52 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 117264 SDNY_GM_00263448 EFTA01457635