(4) Bullish European Recovery. Note: Periphery spreads have collapsed, favor equity and real assets. Bullish SMID cap equities. Bullish Germany (DAX 11,000) (5) Bullish USD. Bearish Euro. The year it finally fumbles (6) Rates — Syr part of the curve should sell off further, short end stays anchored through mid 2015, back end has steepened/fairly valued at present. (7) Inflation — upside risk to inflation long-term given the Fed's tolerance for inflation short-term and the sheer magnitude of liquidity in the system. III. JE DB Account Summary (Tazia) IV. JE Position Review Ninit & Tazia) V. Reccomendations (1) 10yr USDcJPYp 85 strike, 90 KO (2) DBUUPPN Index - 13mo Call option (3) Gymboree (GYMB) 9.125% '28 at - 94.625 (10.5%) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107356 CONFIDENTIAL SDNY_GM_00253540 EFTA01451126