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From: "Jeffrey E." <jeevacation@gmail.com> To: Richard Kahn Subject: Fwd: Follow-up stock screen for Twitter-style trade [C] Date: Thu, 12 Feb 2015 23:30:04 +0000 Inline-Images: image005.png; image002.png; image004.png; image001.png; image003.png Forwarded message From: Daniel Sabba Date: Wed, Feb 11, 2015 at 5:58 PM Subject: RE: Follow-up stock screen for Twitter-style trade [C] To: "jeffrey E." <jeevacation@gmail.com> Classification: Confidential You are right. DB's research analyst has had the wrong call so far. But we didn't propose the screen below based on buy ratings, but on whether the name was covered by DB's research analysts... In fact some names have Hold ratings. From: Jeffrey E. [mailto:jeevaS Sr nioj. Sent: Wednesday, February 11, 2015 10:49 PM To: Daniel Sabba Subject: Re: Follow-up stock screen for Twitter-style trade [CJ am i missing someting or has DB recommended fcx all the way down to 50 percent of its value. ??? On Wed, Feb 11, 2015 at 6:43 PM, Daniel Sabba < > wrote: Classification: Confidential Jeffrey — is this what you are looking for? Let us know if you would like the past research reports. Daniel EFTA01193046 Freeport-McMoRan (FCX) DB Target History Date of Report Target Recommendation 1/27/2015 $36.00 Buy 1/25/2015 $36.00 Buy 1/14/2015 $36.00 Buy 11/7/2014 $41100 Buy 10/23/2014 $45.00 Buy From: Jeffrey E. [mailto:jeevacation@gmail.com Sent: Wednesday, February 11, 2015 10:13 PM To: Daniel Sabba Subject: Re: Follow-up stock screen for Twitter-style trade [C] can you tell me what the recoomendation on fcx was in oct nov dec. On Tue, Feb 10, 2015 at 8:32 PM, Daniel Sabba < > wrote: Classification: Confidential Jeffrey. Jay and Vahe from my team put this together to follow-up on lower priced equities for which we can implement the TWTR equity structure in either a listed or OTC structure. To start, we screened the S&P 500 with the following criteria: Share Price ($10-$20 range) Market Cap (>$10bn) Covered by DB Research The following 5 names fit the criteria: Ticker Price Mkt Cap (bn) Div Yid 08 Rating 08 Target Ford F $ 15.92 $ 59.00 3.77% Hold $ 16.00 Bank of America BAC $ 16.35 $ 168.00 1.25% Buy $ 18.50 Fre e port- McMo Ran FCX $ 19.51 $ 20.00 6.41% Buy $ 36.00 Fifth Third Bancorp FITB $ 18.79 $ 15.00 2.77% Hold $ 20.00 Boston Scientific Corp BSX $ 14.45 $ 19. CC Hold $ 16.00 (Note: Pricing as of close 02/09/2015) EFTA01193047 As demonstrated below, all 5 names remained in a narrow band for the earlier part of 2014. In the latter months of the year, FCX, BAC and FITS saw a significant increase in implied volatility, most notably Freeport-McMoRan (FCX). 50 12M ATM Call Implied Volatility 45 40 — F 35 — BAC — Fa 30 — FRB 25 BSX 20 15 2A0/2014 5/10/2014 8/10/2014 11/10/2014 As a result of these fluctuations, listed premiums are now as follows: V EFTA01193048 American Call Option Structure Company Price (Sh.) Strike Expiry Premium Bid *Premium (%) F $ 15.92 $ 15.00 1/15/2016 $ 182 1143% MC $ 16.35 $ 17.00 1/15/2016 $ 120 7.34% FC X $ 19.51 $ 20.00 1/15JZO16 $ zoo 14.35% FTTB $ Ian $ 20.00 1/15/2016 $ 0.87 4.63% BSX $ 14.45 $ 15.00 1/15/2036 $ 133 9.20 e Note: Pric ng as of el( se 02/09;2015) •Premium %) Bid,Priee Regards. Daniel 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. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacationO)gmail.com and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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 EFTA01193049 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. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01193050