<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Tuesday, April 14, 2015 12:55 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Levered plays on BASF, Allianz and Volkswagen (Cl</td></tr></table>

Classification: Confidential

We are working on them.

<=p>

jeffrey E. Imailto:jeevacation@gmail.com] Sent: Tuesday, April 14, 2015 8:13 AM To: Daniel Sabba Subject: Re: Levered plays on BASF, Allianz and Volkswagen [C]co:p>

prices??

On Mon, Apr 13, 2015 at 2:41 PM, Daniel Sabba

wrote:

Classification: Confidential

Jeffrey,

This is a first cut of what we are looking at for you. We are pric=ng these alternatives tomorrow when European markets reopen. Will also con=ect with European colleagues to explore other opportunities, including credit.

A. =uanto call options (denominated in USD).

- = The idea is to benefit o= the performance in local currency in USD, without the need to hedge for E=R FX.

B. =n-the-money vanilla call-options (denominated in EUR).

= The goal is to purchase =ptions whose premium is mostly composed by intrinsic value to obtaining la=ge embedded option leverage.

Vol references (from Bloomberg):

3m BASF (VAS GR) 100% implied vol: 22.1=%

3m Allianz (ALV GR) 100% implied vol: 15.35%</=>

3m Volkswagen (VOW GR) 100% implied vol: 25.08%

We will revert tomorrow. Please let us know if anything else comes=to mind.

Daniel

Daniel Sabba

Key Client Partners

Deutsche Bank Securities Inc.

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please no=e

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