EFTA01452444.pdf

From: Tazia Smit Sent: 2/4/2014 3:25:42 PM To: [email protected] CC: Paul Morris Vinit Sahni ; Nay Gupta Vahe Stepanian Subject: Re: percentages get a rea rom your team (C) Classification: Confidential Jeffrey - Summary below takes into account the DB team's feedback. We agree with overall themes. Commentary here, further implementation detail below and to follow: - Specific recommendations for modifications to the thematic baskets (Please see Healthcare detailed below -back with specifics on each level) - Propose allocation to US Tech equity (cognizant though that you have private equity investments) - Propose additional opportunistic FX exposure (trades like your short CAD) - Energy renaissance will include trades on crude, in addition to equities that are beneficiaries of secular shift in underlying energy supply, and supply chains (not just the nat gas theme in the US, but also companies like Hannon Armstrong (HASI) that finance energy efficiency) - We are reviewing PO v 1O mortgages with rates where they are. Proposed *.inest 2.1 Healthcare 15 15 Energy Renaissance 15 15 Financials 22 12 -10 r Tech 0 5 •5 S&P Barrier Note 0 5 -5 52 52 Europe Single Stocks 10 5 .5 r European Credit 0 10 .10 Eurostoxx Barrier Nate 10 5 .5 20 20 Japan Single Stocks 5 5 Topix Swap for Delta 1) 7 7 Short Yen (premium) 13 5 -8 25 17 -8 • EX -Tactical [premium( 0 10 +10 • Alternatives 8 1 -7 105 100 Not a typo on Proposed total of 105: original just didn't include the single names in Japan CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 109452 CONFIDENTIAL SDNY_GM_00255636 EFTA01452444