EFTA Document EFTA01387059

From: Stewart 0ldfield Sent: 4/4/2018 3:17: PM To: Martin Zeman I Subject: Re: Paul, this looks cheap here -> (BFW) Ferroglobe Raised to Overweight on Valuation: JPMorgan [I) Out of sight, out of mind. Stewart Oldfield, CFA, CALA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. Mobile Email Securities offered through Deutsche Bank Securities Inc. On Apr 4, 2018, at 2:50 PM, Martin Zeman ‹ > wrote: Classification For internal use only Of course I somehow forgot to include you again, but you're not here anyway.... From: Martin Zeman Sent: Wednesday, ril 04 2018 2:08 PM To: 'Paul Barrett Cc: Xavier Avila ; Joshua Shoshan < >; Davide-A Sferrazza >; Liam Osullivan < Subject: Paul, this looks cheap here -> (BFW) Ferroglobe Raised to Overweight on Valuation: JPMorgan Have you ever looked at GSM? They sold off massively — see story below — and are being upgraded to Buy on the street. I think purely on a technical bounce, this is very cheap. See below text from JPM upgrading the stock and also this link explaining why it sold off so much a couple weeks ago: https://www.fool.com/investing/20 I 8/03/23/why-lerroelobe-ples-stock-is-tumbling-today.aspx <image001.jpg> Ferroglobe Raised to Overweight on Valuation: JPMorgan 2018-03-26 18:40:56.459 GMT By Janet Freund (Bloomberg) — Ferroglobe raised to overweight from neutral by JPMorgan analyst Michael Gambardella who cites stock's CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089112 CONFIDENTIAL SONY GM_00235298 EFTA01387059