From: Matthew ()Connor

From: Matthew ()Connor To: Matthew ()Connor < >, "[email protected]" <[email protected]> CC: Tazia Smith , Paul Morris < >, Jatin Bindal Subject: RE: Oil update [C] Date: Tue, 08 Apr 2014 16:45:14 +0000 Inline-Images: image001.gif; image002.jpg Classification: Confidential Oil just popped. A couple of factors, the DOE short term report cut OPEC spare capacity projections and also cut non- OPEC production estimates. We have rallied up to $101.53 in M4 (up nearly .80 from this morning). The collar is now trading at $2.00 Thanks, Matt Matthew O'Connor Managing Director I Commodity Investor Sales Deutsche Bank AG From: Matthew OConnor Sent: Tuesday, April 08, 2014 7:57 AM To: Matthew OConnor; jeeyacationftmail.com Cc: Tazia Smith; Paul Morris; Jatin Bindal Subject: RE: Oil update [C] Classification: Confidential Good morning Jeffrey — We are trading very similar to where we were Friday morning after this morning's large rally. M4 WTI is trading $100.74 and the 93.5/101 collar is now worth $1.55 again. You can see the decay kicking in a bit as we are 12c higher in flat price, but the option is worth the same as Friday. To give you a sense, the collar closed yesterday (before the big rally) at $1.10. Thanks, Matt EFTA01197266 From: Matthew ()Connor Sent: Frida Aril 04 2014 10:40 AM To: Cc: Tazia Smith; Paul Morris; Jatin Bindal Subject: Oil update [CJ Classification: Confidential Jeffrey — Good morning. Post payrolls, WTI has rallied about 1%. Your M4 93.5/101 collar is now worth $1.55 with M4 WTI trading at $100.62. The equity rally is fading a bit and to be honest, expecting a soft commodity close as well going into the weekend. Thanks, Matt Matthew O'Connor Managing Director I Commodity Investor Sales Deutsche Bank AG 6 C.—ca Share Leader Grand Slam! For the fourth year running, Deutsche Bank ranks No 1 in Overall US Fixed Income, according to the industry benchmark client study by Greenwich Associates, 2013. Pfarptei,ITyPeefarm. 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. EFTA01197267