<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Wednesday, December 9, 2015 5:22 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>DB</td></tr></table>

FCX was recommended by DB at 19.51 and stock at 7.15 today at =2:10pm

I spoke with =aul and expressed our displeasure with Dispersion Trade (another Daniel =ecommendation) along with poor coverage by Daniel

Paul said that you and =im spoke a few weeks ago and he was still working on a replacement but =s not there yet.. He asked that we speak in a few =eeks and hopefully he has solution by then

I asked if replacement will be a new =ire or someone on their existing desk and Paul said if will be someone =n their existing desk

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022

Begin forwarded message:

From: =/b>"jeffrey E." <jeevacation@gmail.com>

Subject: =/b>Fwd: Follow-up =tock screen for Twitter-style trade ICJ

Date: =/b>February 12, 2015 at 6:30:04 PM =ST

To: =/b>Richard Kahn

-- Forwarded message

From: Daniel Sabba <daniel.sabba@db.com <mailto Date: Wed, =eb 11, 2015 at 5:58 PM Subject: RE: Follow-up stock =creen for Twitter-style trade [CI To: "jeffrey E." <jeevacation@gmail.com>

## Classification: Confidential

You are right. DB's research =nalyst has had the wrong call so far.

But we didn't propose the =creen below based on buy ratings, but on whether the name was covered =y DB's research analysts... In fact some names have Hold =atings.

From: Jeffrey E. [mailto:jeevacation@gmail.com] Sent: Wednesday, February 11, 2015 10:49 PM To: Daniel Sabba Subject: Re: Follow-up stock screen for Twitter-style =rade [C)

am i missing someting or has DB =ecommended fcx all the way down to 50 percent of its value. ???

On Wed, Feb 11, 2015 at 6:43 PM, =aniel Sabba <> wrote:

Classification: Confidential

Jeffrey — is this what you are =ooking for? Let us know if you would like the past research reports. Daniel

From: Jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com> ] Sent: Wednesday, February 11, 2015 10:13 PM To: Daniel Sabba Subject: Re: Follow-up stock screen for Twitter-style =rade [C)

can you tell me what the =ecoomendation on fcx was in oct nov dec.

On Tue, Feb 10, 2015 at 8:32 PM, =aniel Sabba < > > wrote:

## Classification: Confidential (cont.)

Classification: Confidential

Jeffrey,

Jay and =ahe from my team put this together to follow-up on lower priced =quities for which we can implement
the TWTR equity structure in either a listed or OTC structure. To start, we screened the S&P =00 with the following
=riteria:

- Share =rice ($10-$20 =ange)

- Market =ap =>$10bn)

- Covered =y DB Research

The =ollowing 5 names fit the criteria:

(Note: Pricing as of close =2/09/2015)

As =emonstrated below, all 5 names remained in a narrow band for the =arlier part of 2014.

In the =atter months of the year, FCX, BAC and FITB saw a significant increase =n implied volatility, most notably
Freeport-McMoRan (FCX).

As a result of these fluctuations, listed premiums are now =s follows:

v

(Note: Pricing as of close =2/09/2015)

## Classification: Confidential (cont.)

('Premium =%) = Bid/Price (Sh.))

Regards,

Daniel

...

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please =ote

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## Classification: Confidential (cont.)

please =ote

The information contained in this =ommunication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtcyjeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

This communication may contain confidential and/or privileged =nformation. If you are not the intended recipient (or have received =his communication in error) please notify the sender immediately and =estroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly =orbidden.

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

please note

The information contained in this =ommunication is confidential, may be attorney-client =rivileged, may constitute inside information, and is =ntended only for the use of the addressee. It is the =roperty of JEE

Unauthorized use, disclosure =r copying of this communication or any part thereof is =trictly prohibited and may be unlawful. If you have =eceived this communication in error, please notify us =mmediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this =ommunication and all copies thereof, including all =ttachments. copyright -all rights reserved

## Classification: Confidential (cont.)