EFTA01461839

Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 10154-0004 New York: NY, USA Tel. +1(212)454-28ES Fax +1(848)257-3131 Ema Pe-scitn,..-Iv Perform. From' Jeffrey E." leevacationdts mail corn, To' Tazia SmIth/db/dbcom@DBAMERICAS: Date' 07/01/2014 02:23 PM Subject: Re: Copper (bid $275.71. +513.4k vs cost) (CI take it On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smith c > 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 —$276/MT. Indicative bid and charts below (recall: you initiated your position at $265/MT, 1250 MT on 4/7/14). Spot Ref: 3m $7013/MT Bid: $275.71/MT ($344,637.50, +$13,388 vs your cost), 15% Vol Mid: $285.60 ($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 $7025 on spot to see $280/MT on the option, or $350k on your position, +18,750 gain. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124105 CONFIDENTIAL SDNY_GM_00270289 EFTA01461839