From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: DB Date: Wed, 09 Dec 2015 17:21:58 +0000 Inline-Images: image001.png; image002.png; image003.png; image004.png; image005.png FCX was recommended by DB at 19.51 and stock at 7.15 today at 12:10pm I spoke with Paul and expressed our displeasure with Dispersion Trade (another Daniel recommendation) along with poor coverage by Daniel Paul said that you and him spoke a few weeks ago and he was still working on a replacement but is not there yet.. He asked that we speak in a few weeks and hopefully he has solution by then I asked if replacement will be a new hire or someone on their existing desk and Paul said if will be someone on their existing desk Richard Kahn HBRK Associates Inc. Begin forwarded message: From: "Jeffrey E." <[email protected]> Subject: Fwd: Follow-up stock screen for Twitter-style trade [C] Date: February 12, 2015 at 6:30:04 PM EST To: Richard Kahn < 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." <[email protected]> Classification: Confidential You are right. DB's research analyst has had the wrong call so far. EFTA00645223 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. [mallto:jeevac ion gmail com Sent: Wednesday, February 11, 2015 10:49 PM To: Daniel Sabba Subject: Re: Follow-up stock screen forlWitter-style trade [C] 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 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:jeeation@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 < Classification: Confidential Jeffrey, > wrote: EFTA00645224 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) DivYld DB Rating DB Ford r S 1 S. 92 S 59. CC 3.77% Hold S 16.00 Bank of America BAC $ 16.35 $ 168.00 1.25% Buy $ 1830 Freeport-McMoRan 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 $ 19.03 - Hold $ 16.00 (Note: Pricing as of close 02/09/2015) 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 FITB saw a significant increase in implied volatility, most notably Freeport- McMoRan (FCX). As a result of these fluctuations, listed premiums are now as follows: EFTA00645225 Premium (%) 16.00% - 14.00% - 12.00% - 10.00% - 8.00% - 6.00% 4.00% 2.00% - 0.00% F BAC FCX FITB BSX V American Call Option Structure Company Price (S h.) Strike Expiry Premium Bid 'Premium (96) F $ 1592 $ 15.00 1/15/1016 $ 182 11A396 BAC $ 1635 $ 1100 1/15/20(16 $ 120 7.3.96 FCC $ 19.51 $ 20.00 1/15/2016 $ 230 14.35% RIB $ Ian $ 2000 1/15/20Th $ 027 4.63% EISX $ 14.45 $ 1500 1/15/2036 $ 133 9.21M6 (Note: Pric ng as of close 02/0912015) (*Premium (%) Bid/Price (Sh.)) 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. EFTA00645226 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 [email protected], 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 [email protected], 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. EFTA00645227 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00645228