From: Paul Morris Sent: 12/4/2014 2:59:05 PM To: Daniel Sabba CC: Subject: Re: An of i ea C Classification: Confidential does nat gas make sense to short? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: 212.454-0701 Cell: From: Daniel SabbaideMbcom To: joevacation(eamaitcom, Cc: Date: 12/04/2014 02:55 PM Subject: Re: An oil Idea (C) Paul Mon*, Stewart Oldfield/db/dbcomeDIMMERIDAS Classification: Confidential Jeffrey, I had planned to discuss this idea with you at our call, but we ran out of time. We refreshed the original trade, whose market value is significantly up (mid level at $1.74/bbl from $0.75/bbl). The recent disruptions in WTI have caused transaction costs to increase (vol bid asks in vanilla options on that expiry have more than doubled). Therefore, while the idea was something we liked two weeks ago before the OPEC meeting, we don't think its risk reward is that attractive now given the increased transaction costs. Regards, Daniel Frtmn Daniel Sabba/dbfdbcom Tc seevacationegrnadcom. C-,. Datc 11/212014 02.25 PM Su*: t An oil idea [C] Classification: Confidential Jeffrey, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055864 CONFIDENTIAL SDNY_GM_00202048 EFTA01365191