Email tazia.smith@db.com (Embedded image moved to file: pic08273.gif) From: "Jeffrey E." <jeevacation@gmail.cono To: Tazia Smith/db/dbcom@DBAMERICAS, 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 <tazia.smith@db.com> 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. ►ty view: take the gains and be done, work order -$276/Mr. Indicative bid and charts below (recall: you initiated your position at S265/MT, 1250 MT on 4/7/14). Spot Ref: 3m 57013/MT Bid: S275.71/mff (5344,637.50, +513,388 vs your cost), 15% Vol Mid: 5285.60 ($357,000), +$25,750), 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 S280/MT on the option, or S350k 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: pic14471.gif) As of 6/30 Close (Embedded image moved to file: pic08290.gif) (Embedded image moved to file: pic25613.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. +1(212)454-2889 Fax +1(646)257-3131 Mobile +1 (917)327-4107 Email tazia.smith@db.com CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 124090 CONFIDENTIAL SDNY_GM_00270274 EFTA01461829