EFTA01468515.pdf

Subject: $/Y and Biotech [C] From: Tazia Smith ‹ > Date: Wed, 23 Apr 2014 11:54:05 -0400 To: [email protected] Cc: Paul Morris Nav Gupta Vinit Sahni Vahe Stepanian Classification: Confidential Jeffrey - Just posting you on your biotech basket - earnings a positive catalyst reversing that downtrend in Gilead. Biogen reported this morning (bottom line miss, top-line beat), stock has come in from pre-market highs of $310, now —$303 (3-day chart below). Just a reminder that your $Y 102.5 call is going to expire 5/1. In speaking with Nav and Vinit, they looked at lot of weaker-yen iterations but their view is vols are too low and there is an absence of catalysts to present a compelling trade at this moment to roll into; Nav will email you directly to highlight entry points on a trade when he sees one. As you know, you've got your zero-cost option on for some exposure to yen weakness. Source: Pershing, LLC and Bloomberg Biogen - 3-day inter-day chart Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA EFTA01468515 Tel. Fax Mobile +1 Email EFTA01468516