EFTA01452854

Consider unwinding your cad trade. See may's comments below, but essentially higher energy prices and outflows of short CAD are expected to provide support/remove downward pressure on the currency. You paid 1109k for your reverse knock-in call spread. Indicative unwind level today is 5136k (source: DB WM FX Tading, 3/5/14). Consider taking the 127k gain. Tazia Smith Director Key client Partners - US Deutsche Bank securities, Inc. Deutsche Asset & wealth mana ement Original Message From: Nay Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; vinit Sahni Subject: usdcad update for )E [I] Classification: For internal use only three points 1. commodity px are much higher - bullish cad 2. CAD 2y swap rate higher (not lower as i had expected) vs uS rates compared to 2mths ago - bullish cad (Embedded image moved to file: pic08004.gif) canada still has v vulnerable housing sector and several high profile clients have been exiting canadian risk (pimco ed devlin in ft last week) but nevertheless given 1 and 2 above im less bearish cad vs usd than 2mths ago when JE entered the trade. so given 1 and 2 im surprised usdcad hasnt moved lower - i dont have a view on usdcad here and therefore dont like the trade anymore Nay (Embedded image moved to file: pic30411.gif) Nay Gupta managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth mana•ement Any proposed ideas are being delivered to you by the neAwm 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 ("08"). 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 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110144 CONFIDENTIAL SDNY_GM_00256328 EFTA01452854