EFTA01453265.pdf

Date 03/14/2014 10:07 AM Subj Zero Cost WTI Collar 101/94.5, spot ref 97.75 [I] ect: classification: For internal use only Good Morning Jeffrey - Crude ticking up this AM as you know, you can add to your risk reversal with the same 101 strike call with a 94.50 indicative sold put (vs. your 93.50 yesterday. Let us know: wTI Jun14 You buy call, strike 101 YOU sell put, strike x 100 lots on each leg costless package Both legs knock out if WTI Jun14 setttles below 520/bbl on any day during the trade Jun14 ref 97.75 X = 94.50 Initial Margin: 13% TDS (Embedded image moved to file: pic11067.gif) Forwarded by Tazia Smith on 03/14/2014 09:52 AM From: vanshree Verma. To: Date: 03/14/2014 03:53 AM Subject Markets opening weaker. Kerry and Lavrov meeting today key I KCP capital Markets [I] 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: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110786 CONFIDENTIAL SDNY_GM_00256970 EFTA01453265