<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, February 12, 2015 11:30 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Fwd: Follow-up stock screen for Twitter-style trade [C]</td></tr></table>

Forwarded message:
From: Daniel Sabba <redacted>
Date: Wed, Feb 11, 2015 at 5:58 PM
Subject: RE: Follow-up stock screen for Twitter-style trade [C]
To: "jeffrey E." =lt;jeevacation@gmail.com <mailto:jeevacation@gmail.com> ><=r>

Classification: Confidential

You are right. DB4,=99s research analyst has had the wrong call so far.

But we didn't pro=ose the screen below based on buy ratings, but on whether the name was cov=red by DB's research analysts... In fact some names have Hol= ratings.

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 trade [C]</=>

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

On Wed, Feb 11, 2015 at 6:43 PM, Daniel Sabba

Classification: Confidential

Jeffrey – is this=what you are looking for? Let us know if you would like the past research =eports. 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 trade [C)

can you tell me what the recoomendation on fcx was i= oct nov dec.

On Tue, Feb 10, 2015 at 8:32 PM, Daniel Sabba

Classification: Confidential

Jeffrey,<=u>

Jay and=Vahe from my team put this together to follow-up on lower priced equities =or which we can implement the TWTR equity structure in either a listed or OTC structure. To start, we screened the S&P 500=with the following criteria:

-Share Price ($10-$20 range)

-Market Cap (>$10bn)

-Covered by DB Research

The following 5 nam=s fit the criteria:

(Note: Pricing as o= close 02/09/2015)

As demonstrated bel=w, all S names remained in a narrow band for the earlier part of 2014.

In the latter month= of the year, FCX, BAC and FITS saw a significant increase in implied vola=ility, most notably Freeport-McMoRan (FCX).

As a result of thes= fluctuations, listed premiums are now as follows:

V

(Note: Pricing as o= close 02/09/2015)

(*Premium (%) = Bi=/Price (Sh.))

Regar=s,

Danie=

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JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to jeevacation@gmail.com <mailtojeevacation@gmail.com> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served