EFTA01447553

DB Securities Inc Deutsche Asset & wealth Management 345 P 10154-0004 New York, NY, USA Tel. Fax Mobile Email (Embedded image moved to file: pic29474.gif) From: "jeffrey E." <jeevacation@gmail.com, T• • Date: 07/01/2014 02:23 PM Subject: Re: Copper (bid 5275.71, +513.4k vs cost) (C) take it On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smith wrote: Classification: Confidential Jeffrey - Positive momentum behind copper (3mo currently 7013, see chart below). FYI, DB traders want to see a close above 7050 before they consider this a sustained break-out. My view: take the gains and be done, work order —5276/mT. Indicative bid and charts below (recall: you initiated your position at 5265/MT, 1250 MT on 4/7/14). Spot Ref: 3m 57013/MT Bid: 5275.71/MT (5344,637.50, +513,388 vs your cost), 15% vol Mid: S285.60 (5357,000), +525,750), 15.6% vol The above is a DB bid. I did check away (Susquehana) and they quoted same 15 vol bid, 15.5 mid. At these vols, would need to see 57025 on spot to see 5280/MT on the option, or $350k on your position, +18,750 gain. Regards, Tazia 3mo Copper Price History as of 7/1/14, as of 1:30pm EST (Embedded image moved to file: pic01764.gif) AS of 6/30 close (Embedded image moved to file: pic2777S.gif) (Embedded image moved to file: pic14137.gif) Tazia Smith Director I Key Client Partners - US CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102215 CONFIDENTIAL SDNY_GM_00248399 EFTA01447553