From: Tazia Smith •tt > To: jeevacation@gmail.com Cc: Vinit Sahni Nav Gu ta • Paul Morris Vahe Stepanian Subject: Eurostoxx and MSCI Germany synthetic long trade ideas.... [C] Date: Wed, 05 Feb 2014 16:51:46 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4) Classification: Confidential Jeffrey - For a current, liquid, shorter-term position for Eurostoxx 50 exposure, consider listed risk reversal on the FEZ ETF (charts below): FEZ spot $39.28 S FEZ Aug 38 put -$2.05 B FEZ Aug 38 call —$2.75 Net Debit: 70c/sh Effective price on FEZ: $38.70 Indicative levels only, subject to market movement, Source: Bloomberg, 2/5/14. And, thanks to the skew, this looks attractive on the MSCI Germany ETF (EWG) as well: EWG spot $29.49 S EWG Jan15 28 put -$1.75 B EWG Jan15 28 call —$2.85 Net Debit: $1.10/sh Effective price on EWG: $29.10 Indicative levels only, subject to market movement, Source: Bloomberg, 2/5/14. FEZ 1-Year Price History EFTA01168258 FEZ US $ 1 39.29 -- hor—a• K39.28 /39.29K 18x17 At 11:38 Vol 538,999 0 39.29P H 39.376D L 39.175P Val 21.168M IngIUM 99 Save As 98 Actions 9h Edit - 99-Talittairrre art illi Line Fli II Compare vov. Avgs MMIM Volume ii! USD PI 3D IM 6M YTD 1Y SY Max Daily • IN Z Security/Study M Event O + Track /.. Annotate '--E. News Co, Zoom 02/05/2013 ID 02/05/2014 Last Price • Last Price 39.29 I High on 01/15/14 42.38 -9- Average 37.0806 I Low on 06/24/13 32.44 Ep• Volume 0.539M L • SMAVG (15) 2.124M alaelece. JralitiondlokvbalbairrhadAtVallit tiMitallabl inklitaalathiatialakellt Mar Jun 2013 Sep Dec I 2014 0-42.00 .4n nn 39.29 0-34.00 0-32.00 I-10M 0.539I4 Used with permission of Bloomberg Finance LP FEZ 3 r Price Histo FEZ US $ At 11:40 FEZ US Equi 02/07/2011 02/05/2014 10 3D 114 6M YT , 2964 air, K39.29 139.31Z 17 x 19 Vol 548,526 0 39.29P H 39.376 1_ 39.175P Val 21.491M 99 Save As 98 Actions - 97) Edit - 99 Tab Fl Line Fl III Compare v.,/ .,,cs === 1Y SY Max Daily • + Track .! Last Price Line chart MEI" et Event O ►45 Volume O: Security/ tidy Annotate News O Zoom • Last Price 39.2964 T High on 04/29/11 44.03 -- Average 34.4454 Low on 07/24/12 25.47 35 30 25 ...y•Volume„ 01547M L I SMAV6 (15) 2A24M al. L. • wsmoiliatot 2011 2012 2013 I 2014 10M EWG 3-Year Price History EFTA01168259 EWG US $ 129.47 -.05 ArI P29.46/29.47Z 227x75 At 11:37 y211,g21,20 029.46P H29.54Z L29.42Z Val 32.25M Save As Makcl i innIMIPMftwerTabe 02!07!2011 - . Last Price n Line ram ommm Votume .5Y Max Daily • cr. Security/Stuffy + Track. / Annotate. m Um& A.Zoorn. Used with permission of Bloomberg Finance LP Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. +1 (212) 454-2889 Fax +1 646 257-3131 Mobile Email Pan-iinoV *roost 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. EFTA01168260