RTY and HYG Rolling 3 Month Performance 4000% 30.00% 4 20.00% - 10.00% • 0.00% -10.00% • -20.00% -30.00% -40.00% 9/25/2007 9/25/2008 9/25/2009 9/25/2010 9/2512011 9/25/2012 9/25/2013 9/25/2014 HYG NHS) -RTY (RHS) 60.00% • 40.00% - 20.00% 0.00% • -20.00% .40.00% -60.00% Russell vol in historical lows and historicall chea • to S&P in relative absolute terms for 95% strike 3m vols SPX and RTY 3-Month 95% Strike Implied Volatility and Spread so 0 70 • 60 - 10 0 25-Jun-07 25-Jun-OS 25-Jun-09 25-Jun-10 25-Jun-11 25-Jun-12 25-Jun-13 25-Jun-14 .SPX 3M-Maturity 95%-Strrkelnipltecl Voat I ty .RUT 3M-Maturity95%-Stnke Implied Volatility - Spread Looking forward to discussing further. Regards, Daniel Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. +1 212 454 0857 Mobile +1 917 374 4185 Email daniel.sabbakib.com CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079458 CONFIDENTIAL SDNY_GM_00225642 EFTA01380889