<table><tr><th>From:</th><th>Tazia Smith &lt;-&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, July 1, 2014 5:58 PM</td></tr><tr><td>To:</td><td>jeevacation@ mail.com</td></tr><tr><td>Cc: </td><td></td></tr><tr><td>Subject:</td><td>Copper (bid $275.71, +513.4k vs cost) [C]</td></tr></table>

Classification: Confidential

7013/MT spot ref, 7015/MT 6/30 close -- trader corrected me on reference. Corrected the spot ref below:

Jeffrey -

Positive momentum behind copper (3mo currently 7013/MT, see chart below). FYI, DB traders want to see a close above 7050 before they consider this a sustained break-out. My view: take the gains and be done, work order —$276/MT.

Indicative bid and charts below (recall: you initiated your position at $265/MT, 1250 MT on 4/7/14).

Spot Ref: 3m $7013/MT Bid: $275.71/MT ($344,637.50, +$13,388 vs your cost), 15% Vol Mid: $285.60 ($357,000), +$25,750), 15.6% Vol

The above is a DB bid. I did check away (Susquehana) and they quoted same 15 vol bid, 15.5 mid. At these vols, would need to see $7025 on spot to see $280/MT on the option, or $350k on your position, +18,750 gain.

Regards,
Tazia

3mo Copper Price History as of 7/1/14, as of 1:30pm EST

As of 6/30 Close

Tazia Smith
Director | Key Client Partners - US

DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 10154.0004 New York, NY, USA

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