EFTA01755103.pdf

Subject: [C] From: Tazia Smith To: "jeffrey epstein" <[email protected]> Cc: "Harry Beller" Sent: Thursday, November 7, 2013 1:27:59 PM Classification: Confidential Good Morning Jeffrey - Fm sure you know that the ECB cut rates to 25bps this morning. EURUSD broke down to a 1.33 handle. Just wanted to check in on the european equity basket you have away from DB - I'm sure you've realized nice gains (names like JCDecaux, for example, which was one of our top picks here too). While the accontodative ECB should be supportive for the markets nearterm, the ECB doesn't have the same firepower as the Fed and the risk-reward for curopcan equity indices is not as clearly to the upside. Vol is still relatively low, but rd favor something like an absolute return note, rather than being delta-one. Call you shortly on TWTR allocation, as you saw, it priced at 26. Best Regards, Tazia Tazia Smith Director Markets Coverage Group Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA_R1_00055716 EFTA01755103