<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, August 12, 2014 2:44 PM</td></tr><tr><td>To:</td><td>Tazia Smith</td></tr><tr><td>Subject:</td><td>Re: Indicative Levels - USDCNH 1yr Options [C]</td></tr></table>

that does not sound right , are you sure=its on 75 milion

<tazia.smith@d=.com <mailto:tazia.smith@db.com> > wrote:

Classification: Co=fidential

Jeffrey -- That' done for Southern Fnl at 36.4bps ($173,000 premium)

lyr
USDCNH put
ATMS strike (6.16)
75mm USD notional

Best Regards,
Tazia

From: "jeffrey E." <jeevacation@gmail.=om <mailto:jeevacation@gmail.com> >
To: 
Date: 08/12/2014 10:23 AM
Subject: Re: Indicative Levels - USDCN= 1yr Options [C]

75 million notional puts at 38 basis points

On Tue, Aug 12, 2014 at 6:55 AM, Tazia Smith > > wrote: Classification: Confidential

Jeffrey -

USDCNH Ref: Spot 6.1604; Fwd 6.2723 (i.e. 101.82% of spot)

ly ATMS (6.1604) USDCNH call: 1.041°4/2.215% ly ATMF (6.2723) USDCNH call: 1.041°4/1.190%

1y ATMF / ATMF +3% call spread: 0.469% / 0.73% Strikes: 6.2723 /6.4605

ly ATMS (6.1604) USDCNH put: 0.256%/ 0.38% ly ATMF (6.2723) USDCNH put: 1.007%/ 1.154%

Indicative levels, subject to market movement. Source: DB FX Pricer, 8/12/1=

USDCNH Syr Price History

Tazia Smith
Director I Key Client Partners - US

DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, <u>USA</u>

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please note

The information conta=ned in this communication is confidential, may be attorney-client privi=eged, may constitute inside information, and is intended only for the use of the a=dressee. It is the property of JEE

Unauthorized use, disclosure or c=pying of this communication or any part thereof is strictly prohibited<=r> and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, =nd destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved