MEMO III

To: Prof Lawrence A. Souza

From: Tom Bopp

Date: February 21, 2015

Re: Silver prices expected to rise by 10% over next two months

We are tracking silver prices.  Based on our research, we forecast silver prices to rise 10% over the next two months based on the following three factors: The mining sector’s rough patch is turning around; Prospectors & Developers Association of Canada (PDAC) expect to see a rise in mining for 2015, and silver is at or very near bottom. Therefore we recommend the following 26 trades.

Indices (3) ETFs (3) Stocks (5)Actions: Buy forwards Buy on margin Buy on margin

Buy futures Buy call options Buy call optionsWrite puts on futures Write put options Write put optionsBuy calls on futures

Trades: 8 8 9Tickers: SPGSSIP, DBSLIX,

NQCISITRSLV, UVXY, ZSL SLW, PSLV, SIVR

Total Trades: (26)

Despite mining sector in a rough patch for the last couple of years, analysts see a rise.

The Prospectors & Developers Association of Canada expect to see a rise in the mining sector in 2015. Most indications are that silver is at or very near bottom.

Current price historical bottom of $20.00 last month.

We are tracking silver prices.  Based on our research, we forecast silver prices to rise 10% over the next two months based on the following three factors; The mining sector’s rough patch is turning around; (PDAC) expect to see a rise in mining for 2015, and silver has bottomed. Therefore we recommend the above 26 trades.