<table><tr><th>From:</th><th>Vinit Sahni</th></tr><tr><td>Sent:
To:</td><td>Friday, May 2, 2014 1:02 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Jeffrey - Payrolls [C]</td></tr></table>

Classification: Confidential

Sure lets chat mond=y, what time works and what number.

=b> Subject: Re: Jeffrey - Payrolls [C]

monday

On Fri, May 2, 2014 at 2:53 PM, Vinit Sahni wrote:

## Classification: Co=fidential

Jeffrey - strong payrolls, positioning was short into the number, reaction could have been more violent. Confirms view that US growth is strong and this could be the start of the market buying the fact that we will see a strong US recovery. Brings us back to US equity growth baskets, US rates higher especially 5s and possibly SySy, Equity over credit as volatility picks up...we are now going back to the drawing board and will look for ideas this weekend.

if u have 2 mins Nav and I can get on the phone with u

Best
Vinit

## Vinit Sahni

Managing Director ] Global Head - Professional Client Group & Key Client Partners Capital Markets Group

Deutsche Asset & Wealth Management
105/108 Old Broad St (Pinners Hall),
EC2N lEN London, United Kingdom
Tel.

## Vinit Sahni (cont.)

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