<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Sunday, March 29, 2015 4:47 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Vahe Stepanian; Ariane Dwyer</td></tr><tr><td>Subject:</td><td>FW: EOD Commodities Note - 27 Mar</td></tr></table>

From: Prateek Jain

Sent: Friday, March 27, 2015 4:12 PM Subject: EOD Commodities Note - 27 Mar

OIL

Tensions in Yemen seemed to have eased a bit with Ir=n calling out for talks between the warring factions. Saudi and allies con=inued strikes on sites controlled by Houthis in order to prevent the= from overthrowing President Hadi. At the same time Iran talks are being aimed to reach a framework by Sunday wh=ch added to bearish sentiment today. On the other hand Libya was reported =o boost its oil output to 622kbd from less than 500kbd last month. At the =ame time Libyan exports have reached 465kbd on average in March against 265kbd in Feb as violence eased. Overal= opec crude supply is estimated to average 30.75mbd in March, 750kbd over =he 30m production ceiling, with main contributors to increase being Saudi =rabia, Libya and Iraq. Another event to watch over the weekend, apart from the Yemen unrest and Iran talk=, is the presidential elections in Nigeria..an opposition win of muslim ca=didate Muhammadu Buhari may shift the Boko Haram violence and disturbance =o the southern oil producing region. Nigeria production stands at about 2mbd of which it exported 1.84m last mo=th.

On the American side of atlantic, oil rig count drop=ed by 12 to 813. The rate of decline seems to have dropped against an aver=ge decline of 59 rigs in Feb. This data pushed oil further south and rever=ed all the gain from yesterday..

Vols rallied sharply on the collapse and ahead of th= event risks over the weekend.

&=bsp; &nb=p; =nbsp; WTI (/change) &=bsp; &nb=p; BRE (/change) I:15 &nbs=; =nbsp; 51.00% +5.00% &nb=p; 47.90= +3.00% M15 &nbs=; =nbsp; 49.75% +4.20% &n=sp; = 46.45% +2.45% Z15 &=bsp; &nbs=; 36.40% +1.30% &nb=p; =35.20% +1.20% Z16 &nbs=; &=bsp; 26.00% +0.0=% =nbsp; 26.10% +0.50%

Regards,

Prateek

Pleas= access the link for disclaimer:

=span style="color:#595959">http://globalmarkets.db.com/new/content/3045.=tml

=

Deuts=he Bank External Business Conduct Standards can be found at

www.DB.com/doddfrank

This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati.n. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidde=.

Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such.