EFTA01454098

From: Vinit Sahni Sent: 5/2/2014 11 34:05 AM To: Paul Morris Tazia Smith■ Nay Gupta Subject: Fw: Jeffrey - Payrolls IC] Attachments: pic01852.gif; pic21950.gif; pic12985.gif; pic20340.gif Classification: confidential fyi Best Vinit (Embedded image moved to file: pic01852.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), ECZN lEN London, united Kingdom 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 ("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 Wino), 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: pic21950.gif) Forwarded by vinit Sahni/db/dbcom on 02/05/2014 16:33 From: "jeffrey E." <jeevacationagmail.com> To: Vinit sahni/db/dbcom@DBEMEA, Date: 02/05/2014 13:58 Subject: Re: Jeffrey - Payrolls LC] monday on Fri, may 2, 2014 at 2:53 PM, vinit sahni <vinit.sahni@db.com> 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 SySy, Equity over credit as volatility CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112031 CONFIDENTIAL SDNY_GM_00258215 EFTA01454098