<table><tr><th>From:</th><th>Daniel Sabba &lt;</th></tr><tr><td>Sent:</td><td>Thursday, November 19, 2015 12:29 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: (No Subject)</td></tr></table>

For avoidance of doubt - by rolling do you mean premium paid puts only (i.e. no short call to finance it)?

-----Original Message-----

From: jeffrey E. [jeevacation@gmail.com <mailto:jeevacation@gmail.com> Sent: Thursday, November 19, 2015 04:13 AM Pacific Standard Time To: Daniel Sabba Subject: Re: (No Subject)

short and rolling

On Thu, Nov 19, 2015 at 7:09 AM, Daniel Sabba <████████████████████████████ <mailto:█████████████████████> > wrote:

Ok. Will look into it and revert. Two question:

1. What expires would you like to focus on?

2. Please confirm you meant long put, short call with equal premiums when you wrote zero cost put strategies.

Thanks

-----Original Message-----

From: jeffrey E. peevacation@gmail.com <mailto:jeevacation@gmail.com> Sent: Thursday, November 19, 2015 03:35 AM Pacific Standard Time To: Daniel Sabba; Vahe Stepanian; Richard Kahn Subject:

we should look at zero cost put strategies, on the dow or s and p. . . if there is a terrorist incident the market will drop 1000 points in an hour.. maybe one touch options

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## please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such.