<table><tr><th>From:</th><th>Daniel Sabba</th></tr><tr><td>Sent:</td><td>Wednesday, April 1, 2015 10:35 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 - 1 Apr</td></tr></table>

From: Prateek Jain

Sent: Wednesday, April 01, 2015 4:03 PM Subject: EOD Commodities Note - 1 Apr

OIL

Another day of IfIranTalks dragging on without a conc=usion in Lausanne. There was very little news or comments about the status=of the deal, other than white house saying that US is prepared to walk awa= if the talks stall. The talks are likely to drag on another day as there is no hard deadline on the framewor= agreement. Either way, it appears that few of the key points are still re=aining, and in my opinion the talks will end with those issues still unres=lved and postponed for June final agreement talks..

However, the rally in oil today was driven more from=the DOE stats than the fading optimism of an Iran deal. WTI built 4.8m wit= Cushing adding 2.6m, in line with data from API and lower than last week =verall. However, production declined 36kbd (a first decline in 2 months) after being flat the week before, whic= was taken as a signal that finally the production is catching up with the=rig count decline. Gasoline drew 4.3m and implied demand went up by 800kbd=(even as production increased 5m and imports added another 1.5m) which caught the market off guard which wa= expecting a draw of lm. This fuelled a sharp WTI lead rally with prompt W=l spread ending 1.5c stronger and prompt arb up about 50c..

Vols came off sharply today with the rally and a vie= that Iran talks will be a non-event..

<table><tr><th></th><th>&amp;=bsp; &amp;nb=p;</th><th></th><th colspan="4">=nbsp; WTI (/change) &amp;=bsp; &amp;nb=p; BRE (/change)</th></tr><tr><td>K15</td><td>&amp;nbs=;</td><td>=nbsp;</td><td>49.30%</td><td>-3.25%</td><td>=nbsp;</td><td>46=50% -4.65%</td></tr><tr><td>M15</td><td>&amp;nbs=;</td><td>=nbsp;</td><td>48.30%</td><td>-3.00%</td><td>=nbsp;</td><td>45=00% -2.90%</td></tr><tr><td>Z15</td><td>&amp;=bsp;</td><td>&amp;nbs=;</td><td>35.40%</td><td>-1.70%</td><td>=nbsp;</td><td>34.10%&amp;=bsp; -1.75%</td></tr></table>

Metals

<table><tr><th>3m Ivls</th><th>&amp;nb=p;</th><th>=nbsp;</th><th colspan="2">dod change&amp;nbs=;</th><th colspan="2">support &amp;nbs=;</th><th>&amp;=bsp; resistance</th></tr><tr><td>Al $1777</td><td>&amp;n=sp;</td><td>= -$8</td><td>&amp;nbs=;</td><td>&amp;=bsp;</td><td>$1750</td><td>&amp;nb=p;</td><td>=nbsp; $1800</td></tr><tr><td>Cu $6035</td><td>&amp;n=sp;</td><td>= -$6</td><td>&amp;nbs=;</td><td>=nbsp;</td><td colspan="2">$6000 &amp;nb=p;</td><td>=nbsp; $6300</td></tr><tr><td>Zn $2098.5</td><td>=nbsp;</td><td>&amp;nb=p;</td><td>+$17.5</td><td>&amp;=bsp;</td><td>$2=00</td><td>=nbsp;</td><td>$2100</td></tr><tr><td>Ni $12,680</td><td>=nbsp;</td><td>&amp;nb=p;</td><td>+$285</td><td>&amp;n=sp;</td><td colspan="2">&amp;nbs=; $12,000 =</td><td>$13,000</td></tr><tr><td>Pb $1852.5</td><td>=nbsp;</td><td>&amp;nb=p;</td><td>+$33</td><td>&amp;nb=p;</td><td>= $1800</td><td>&amp;n=sp;</td><td>$1900</td></tr></table>

The base complex steadied on better than expected Ch=nese and Eurozone PMIs but traded down post option expiry before recoverin= in the afternoon prior to the supportive US PMI. Japan's Sumitomo=Metal has reduced copper output by 16.5kMT due to planned maintenance on one of its smelters. It's Nickel out=ut has risen by 10.6% to 63.8 kMT in 2015 due to higher supply from =ts Philippines' subsidiary but expect to produce 20kMT less ferro-nickel=due to higher ore prices. Nickel imports to China are rising on low prices and the shutdown of domestic NPI plants sug=esting that a price floor is approaching. The COTR this week has sho=n that money managers are generally going long with the biggest switch in =ead. Long open interest in nickel has however dropped this week on a sustained bearish market.

Shanghai Aluminum on warrant stocks are flat at 108.= kMT. LME Aluminum on warrant stocks are flat at 1888 kMT Shanghai C=pper on warrant stocks are up 1.6% to 88.3 kMT. LME Copper stocks ar= down 0.53% to 251 kMT. LME Nickel stocks are up 0.67% to 330 kMT.

Copper Vols are down 0.5%, Ali Vols are down 0.5%, N=ckel Vols are up 1%, Lead Vols are unch Zinc Vols are unch

Upcoming Data

01/4-China Manufacturing PMI-Sury 49.7, Act=al 50.1, Prior 49.9

01/4-mssc China Manufacturing PMI-Sury 49.3= Actual 49.6, Prior 49.2

01/4-Markit Eurozone Manufacturing PMI-Surv=51.9, Actual 52.2, Prior 51.9

01/4-Markit US Manufacturing PMI-Sury 55.3,=Actual 55.7, Prior 55.3

Regards,

Prateek

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