From: Yana Smith c:===.•

From: Yana Smith c:===.• To: [email protected] Cc: II , Paul Morris Nay Gupta Vahe Stepanian Subject: Copper (bid $275.71, +313.4k vs cost) (C) Date: Tut, 01 Jul 2014 17:52:28 +0000 Inline-Images: unnamed: unntuned(1); unnamed(2); unnamed(3) Cissslik:aban. Conedenbal Jeffrey - Positive momentum behind copper (3mo currently 7015. see char 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 ceder -5276/MT. Indicative bid and charts below (recall. you abated your position at $265/MT, 1250 MT on 4/7/14). Spot Ref: 3m 37015/MT Bid: 3275.71/MT ($344.637.50, 413.388 vs your cost). 15% Vol Mid: $285.60 (3357.000). •325,750). 15.6% Vol The above is a DB bid. I did check away (Susquehana) and they quoted same 15 vol dd. 15.5 mid. At these vols, would need to see $7025 on spot to see $280/MT on the option, or 3350k on your position. •18.750 gain. Regards. Tata 3mo Copper Price History as of 711/14, as of 1:30pm EST EFTA01193811 ■ Last Price 7013.25 ■ Close on 04/02 ---- 6675.00 High on 01/02 08:00 7460.00 • Average 6923.33 - Low on 03/19 12:00 6321.00 EFTA01193812 IDIOM° 97015.00 7014.00/ 7015.00 As of Close "eD 1,n d Vol 57545 Openint 4396 tHC.ADiC3 EI1E Comdt 07/01/2033 ner • Milani • Bal" Ff Nax 110,1Y • 06/30/20111ASZ r s• Last Price 7015.00 High on 08/16/13 7400.00 4- Average 7011.47 1 Low on 03/13/14 6415.00 Open Interest 4398 • SMAVG (15) 5327 tine Owt CaToye " ent O Track / Annmate Zoom 7400 Sep Dec Mar 2013 2014 7200 6800 6600 6400 30000 20000 4356 T8Z4ISffgh DronatlftreomParmors.l* 0BSocuMasInc DeutadwAseek6fteMiLtregreed USParkAwawa.1015.140))4Ne.YoacW.USA .1t212)454-24$9 Fax .116461457.3131 Enrol aniowf.o.BwOrm. This communication may contain confidential and/or privileged information. If you aro not the intended recipient lor have received this communication in error) ploaso notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the matorial in this communication is strictly forbidden. Deutsche Bank does not rondos' legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01193813