<table><tr><th>From:</th><th>Tazia Smith</th></tr><tr><td>Sent:</td><td>Tuesday, July 1, 2014 7:07 PM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com</td></tr><tr><td>Subject:</td><td>Re: Copper (bid $275.71, +$13.4k vs cost) [C)</td></tr></table>

Classification: Confidential

thank you - work 275.71 or better?

Tazia Smith
Director I Key Client Partners - US

DB Securities Inc
Deutsche Asset & Wealth Management

From: "jeffrey E." <jeevacation@gmail.com>
To: Tazia Smith/db/██████████████
Date: 07/01/2014 03:06 PM
Subject: Re: Copper (bid $275.71, +$13.4k vs cost) [C]

yes

On Tue, Jul 1, 2014 at 2:59 PM, Tazia Smith ████████████████████████████████ wrote:
Classification: Confidential

Jeffrey - Can we take a level ($275 or $276?) to work in London market? Liquidity opens back up starting 8am GMT/2am EST. Traders cannot take the naked risk now.

From: Tazia Smith/db/dbcom
To: "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@gmail.com> >@DEUBAINT,
Date: 07/01/2014 02:39 PM
Subject: Re: Copper (bid $275.71, +$13.4k vs cost) [C]

Classification: Confidential

Jeffrey - London and electronic mkt are both closed now, so I'm tying to convince a trader to take this so you can be done (provided it's inline). Be right back with a level for you if doable...

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

From: "jeffrey E." <jeevacation@gmail.com <mailto:jeevacation@gmail.com> >
To: Tazia Smith/db/dbcom@DBAMERICAS,
Date: 07/01/2014 02:23 PM
Subject: Re: Copper (bid $275.71, +$13.4k vs cost) [C]

take it

On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smit wrote:
Classification: Confidential

Jeffrey -

Positive momentum behind copper (3mo currently 7013, 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 I Key Client Partners - US

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

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communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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