EFTA01461809.pdf

0.90000 0.88000 0.86000 0.2.4000 0.82000 0.78500 it• 2011. 2012 2013 2014 O.KGSP curacy (ClPhiPSP )(Aar!) Copyright 201* Plownberg Virara LP. 19-3im-2014 16:37:34 We like this trade because • Upbeat economic data coming out of the UK is supportive of rally in equities • Monetary policies of BoE and ECB are clearly moving in opposite directions, which means BoE would hike rates much before ECB would, leading GBP to outperform EUR further DB Research expects an upside of 10% in FTSE by the end of 2014 https://qer.qm.cib.intranet.db.comiqeddocument/Ddf/0900b8c0880fb7b5.pdf Option details Type: European call subject to contingency Underlying: FTSE 100 Index Expiry: 19-Dec-14 Strike: 7000 (3% OTMspot) Contingency: EURGBP FX less than or equal to 0.785 (1.9% from spot) at expiry Offer: 0.66% of GBP notional Reference spot: FTSE 100: 7000, EURGBP: 0.800 Implied call volatility: 11.2% Implied 6m correlation: -12.0% KCP Capital Markets Apurva Gupta Associate I Key Client Partners Capital Markets Group Deutsche CIB Centre Private Limited Asset and Wealth Management Nock 81. Ninon Knowledge Park Goregaon (E). 400063 Mtrnbai. India Tel. +9t 22 6181 2309 Mobil • Email PA2cier1A-'11T PeAftWert This material was prepared by the DeAWM Key Client Partners (-KCP") desk and was not produced, reviewed or edited by the Research Department Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank AG or ore of its affiliates (collectively 'Deutsche Bank"). CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 124064 CONFIDENTIAL SDNY_GM_00270248 EFTA01461809