From: Vahe Stepanian < To: [email protected] Cc: Paul Morris Kitidis Subject: Fw: Brent Solutions [C] Date: Tue, 26 Nov 2013 14:58:57 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2) >, , Caroline Classification: Confidential Good Morning Jeffrey- As you know, news out of Iran over the weekend has implications on global crude markets. Not sure if your views have changed since our meeting, but DB analysts held a conference call yesterday on the back of the story to reiterate their view that global crude surpluses will continue to grow, driving down prices + leading to capacity consolidation into 2015. I know that Tazia priced up the below trades to reflect your personal views in early November - happy to refresh if you care. Just FYI, DB Markets' Brent (bbl) forecasts are as follows: O4 2013 - 110.00 Q1 2014 - 110.00 O3 2014 - 105.00 Currently -111.35 My contact information is below in case you have questions. Thank you, Vahe Vahe Stepanian Associate I Wealth Investment Coverage Deutsche Bank Securities Inc. Deutsche Asset 8 Wealth Management 345 Park Avenue - 26th Floor New Yi Tel. Fax + Mobil Email ---- Original Message -- From: 7az‘a :-‘:.h Sent: 11/05/2013 01:52 PM EST To: eevacatione mail-corn Cc: ; Paul Morris; Caroline Kitidis; Vahe Stepanian Subject: Brent. Sc:ut.iOnS (C) Classification: Confidential Jeffrey - Below please find solutions that can be combined to reflect your view that transport/supply constraints will cause Brent to spike within the next 5-6months for a brief (-2 week) period; your objective is to monetize both the potential upside spike and EFTA01132342