attractive for equity replacement or participation. This is not an argument from the KCP Capital Markets Global team that the market will rise, or fall. Rather, this is an opportunistic entry point for a trading position in which you are well compensated with upside exposure (arguably over compensated) to take the risk that the market falls. Note that the options referenced here are priced are around the forward, not around spot, so we are looking at the true skew rather than the optics involving spot/forward spread. Please contact the desk for live pricing <0.B8E.gif> Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 10154-0004 New York, NY, USA <0.15D2.gif, Siri Cowden---07/29/2014 11:41:34 AM--Classification: For internal use only Hi Tazia: Unfortunately. there are the same issues with the do From: Sin Cowden/db/dbcom To: Tana Smi Cc: Zbynek Kozclsky Date: 07/29/2014 11:41 Subject: Fw: For Approval [II Classification: For internal use only Hi Tazia: Unfortunately, there are the same issues with the document as we had last week. The same revisions regarding Nav's personalized comments and his contact information apply equally here when compared to the earlier communique. Please edit as you did previously. I understand that you wish to challenge that decision, but to get this piece out today we need to CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0113258 CONFIDENTIAL SONY GM_00259442 EFTA01454864