EFTA01454165

From: Sent: To: CC: Subject: Attachments: Rich- Tazia Smith 5/12/2014 5:01:03 PM Vahe Stepanian Paul Morris Fw: Copper - positive momentum from China cap mkts reform pic14114.gif; pic24742.gif; pic18162.gif; pic26037.jpg Copper faded only slightly - mid on Dec 7000 call is $251. morning. Thus Jeffrey's option mid is using same vol spread (0.6%) morning. TDs 6875 vs. 6883 spot ref this morning (LPZ4 6836) 72 at the end of the day, vs. $252/mt this 5314,650 mid, vs. 5315,000 mid this morning. the EOD indicative bid $299,448 vs. $300,000 this (Embedded image moved to file: pic14114.gif) Tazia smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue 10154-0004 New York, NY, USA Tel. Fax Mobile Email (Embedded image moved to file: pic24742.gif) Forwarded by From: To: jeevacation@gmail.com, Cc: Morris, vahe Date: 05/12/2014 09:40 AM on 05/12/2014 04:31 PM Subject: Copper - positive momentum from china cap mkts reform Good Morning Jeffrey - Your copper option is $300,000 bid (-$31,250 p/1), vs. ref of 6883. This is up from $239,583 as of Friday. Research and desk commentary is below. Bid as of 9:20am 5/12, 3m spot ref 6883, $240/mt. This compares to mid of $252/mt with 0 vol, $240 represents 0.6% vol (0.75% standard, tightened it). Paul CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112131 CONFIDENTIAL SDNY_GM_00258315 EFTA01454165