EFTA01461395.pdf

TDS CL1 98. 70 4.50 a*. r ic98.69/98.70 9).2 Prey 98.20 At Q Vol 58493 O 98.25 Hi 99.09 Lo 98.06 Open n11.50876 al COMB Comoty 99 Satire'"A'S' " 90 RIMS • VI) Elflt * lit Table "Titter :• =Man Co --care I/4 enr, VIT, 1Y 5Y sax 30 Km • Gt Security/St 01y al Evert 0 I I I I 4.1Tracic t. Annotate News 1“. Zoom I i I I I ,-105.00 I I I ,-104.00 •103.00 I I P-102.00 • 101.00 cis Last Price 98.70 100.00 r T High on 03/03 10:30 105.11 Average r,„ 101.75 98.70 r 1Low on 03/12 11:30 97.64 P-98.00 ■ Prey Close 100.30 17 18 19 20 21 24 25 26 27 2103 04 05 06 07 10 11 12 13 14 Feb 2014 Mar 2014 Forwarded by Tana SmitNdbedbcom on 03:14/2014 09.52 AM --- From Vanslyee Venna/db/dbcom$2208EMEA To. loop©Iist db eon). Date 03/14(2014 03:53 AM Subject: Markets opening weaker. Kerry and Lavrov meeting today key I KCP Capital Markets III Risk aversion continues from yesterday as we approach the weekend. Nikkei -3.3.%, MICEX (Russia) -4%, DAX futures -1% Commodities have remained relatively stable despite the movements in other markets WTI and Gold (charts below) have hardly reacted There is increasing nervousness ahead of Sunday's referendum in Crimea. G7 leaders said they would not recognize the outcome of the referendum, while Russia has maintained that they were prepared to "mirror" any sanctions There were reports of Russian military "training exercises" along the border yesterday Key events to watch today: 1) Russian Foreign minister Sergei Lavrov and US Secy of State John Kerry meet in London. This is a last-ditch effort to de-escalate the situation 2) Central Bank of Russia meeting today at 9:30 where Bloomberg survey expects no change Swaps curve is pricing in over a 100bp hike. How will the central bank react to FX pressures? Ongoing tensions justify a cautious approach into the weekend. Tactically go long lm WTI Calls 101 ($1) and short DAX CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0123423 CONFIDENTIAL SDNY_GM_00269607 EFTA01461395