Pckg Sint qv' Pe eftww„ From: Caroline Kitidis Sent: 1/29/2015 3:33:58 PM To: Dario Schiraldi Subject : ne i ea or merging policies - calls on global dispersion [CI Classification: Confidential Chip Packard 4 trades w this client over the past 3 weeks ! Now we need more of these clients onboarded! Keep it up! Kind regards, Caroline Kitidis IL Caroline V. Kitidis Managing Director I Head of Key Client Partners A. Wealth Investment Coverage - Americas Deutsche Bank Securities Inc ent From: Daniel Sabba Sent: Thursday, January 29, 2015 3:27 PM To: Dario Schiraldi; Caroline Kitidis; Chip Packard Subject: Fw: One idea for diverging policies - calls on global dispersion [C] Classification: Confidential Dario - this is the trade I mentioned to you earlier. Printed just now with Epstein 20 minutes after sending the email. From: Daniel Sabba Sent: Thursd nu 2 2 1 02: PM To: jeffrey E. Cc: Vahe Stepanian; Richard Kahn Paul Morris Subject: One idea for diverging policies - ca s on g o a *person [C] Classification: Confidential Jeffrey, As we look at the world, the enormous dispersion of monetary and fiscal policies is obvious. One transaction we have used in the past to articulate this theme, and it trickling down to equity markets, are calls on dispersion. This is an OTC transaction in which a client pays a premium and receives a payout based on the average realized dispersion across global markets. It is a way to be economically short correlation and long volatility across markets, similarly to CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 122681 CONFIDENTIAL SDNY_GM_00268865 EFTA01460935