EFTA00858996.txt

"Daniel Sabba Key Client Partners Deutsche Bank Securities Inc."

"From: Daniel Sabba Sent: Monday, April 13, 2015 2:41 PM To: Jeffrey E. Subject: Levered plays on BASF, Allianz and Volkswagen"

"This is a first cut of what we are looking at for you. ... They work for a notional of USD 5mm."

"Cc: Vahe Stepanian; Mane Dwyer; Paul Morris; Richard Kahn"

"This is a first cut of what we are looking at for you. ... BASF WAS GR) 100% implied vol"