From: Richard Kah (i iii To: "jeffrey E." <jeevacation@gmail.com> Subject: DB Date: Wed, 09 Dec 2015 17:21:58 +0000 Inline-Images: image001.png; image002.png; image003.png; image004.png; image005.png FCX was recommended by DB at 19.51 and stock at 7.15 today at 12:10pm I spoke with Paul and expressed our displeasure with Dispersion Trade (another Daniel recommendation) along with poor coverage by Daniel Paul said that you and him spoke a few weeks ago and he was still working on a replacement but is not there yet.. He asked that we speak in a few weeks and hopefully he has solution by then I asked if replacement will be a new hire or someone on their existing desk and Paul said if will be someone on their existing desk Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fay cel Begin forwarded message: From: "jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Follow-up stock screen for Twitter-style trade [C] Date: February 12, 2015 at 6:30:04 PM EST To: Richard Kahn <j > n--------- Forwarded message ---------- From: Daniel Sabba < Date: Wed, Feb 11, 2015 at 5:58 PM Subject: RE: Follow-up stock screen for Twitter-style trade [C] To: "jeffrey E." <jeevacation(@ gmail.com> Classification: Confidential You are right. DB’s research analyst has had the wrong call so far. EFTA00839199

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But we didn’t propose the screen below based on buy ratings, but on whether the name was covered by DB’s research analysts... In fact some names have Hold 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 fex all the way down to 50 percent of its value. ??? On Wed, Feb 11, 2015 at 6:43 PM, Daniel Sabba <> wrote: Classification: Confidential Jeffrey — is this what you are looking for? Let us know if you would like the past research reports. Daniel |p cid:image001.png@01D0464C.0DDDC180 From: jeffrey E. [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 fex was in oct nov dec. On Tue, Feb 10, 2015 at 8:32 PM, Daniel Sabba hii! wrote: Classification: Confidential Jeffrey, EFTA00839200

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Jay and Vahe from my team put this together to follow-up on lower priced equities for 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 names fit the criteria: ipicid:image007.png@01D04554.C14EA2F0 (Note: Pricing as of close 02/09/2015) As demonstrated below, all 5 names remained in a narrow band for the earlier part of 2014. In the latter months of the year, FCX, BAC and FITB saw a significant increase in implied volatility, most notably Freeport- MeMoRan (FCX). lpicid:image002.png@01D04591.3FE28A50 As a result of these fluctuations, listed premiums are now as follows: EFTA00839201

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(picid:image014.png@01D04554.C14EA2F0 [picid:image004.png@01D04591.3FE28A50 (Note: Pricing as of close 02/09/2015) (*Premium (%) © Bid/Price (Sh.)) Regards, Daniel This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00839202

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please note The information contained in this communication 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, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note The information contained in this communication 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, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00839203

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please note The information contained in this communication 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, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00839204