EFTA01450517.pdf

American Airlines (AAL) is presently trading —$26.5. You can synthetically create the stock via listed risk reversal out to Jan15: Indicative levels: Spot ref 26.50 Buy Jan 15 20 call Sell Jan15 20 put Net Debit: 6.25 Do this on 1000 contracts to represent your 2-3mm of exposure. This priced better than a total return swap. Indicative levels only. Subject to market movement. Source: DB WM Equity Derivatives, 12/11/13. 'IDS Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Vahe Stepanian --- Original Message -- From: Vahe Stepanian Sent: 12/11/2013 11:43 AM EST To: [email protected] Cc: Paul Morris; Tazia Smith Subject: DXJ [C] Classification: Confidential Jeffrey, As a follow up to your conversation with Paul, please confirm you would like to purchase 60,000 DXJ market. DXJ is currently trading —$49.36, therefore the position = —$3mm exposure. PIII be back to you shortly on AAL. Thank you, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0106194 CONFIDENTIAL SONY GM_00252378 EFTA01450517