EFTA01447505

GRAB 99 Actions - 99 Alert 611 1Y 2Y 5Y ! la\ Analyst Recommen 4LPHA GA Equity ations Alpha Bank AL FRESSOlf74-777-4,777-4-7174-7-71W 06/26/14 Consensus Rating 3.95 100 4 M I B M T 7 Px 444 '.I '.'L Buys 59.11 13 Holgs 27.34 6 Setts 13.69 3 %Buy iO4.41/ .19.60 fmAi , on. tt l! 0.60 0,40 12M Tgt Px 17/23 0.84 rzw 0,20 Last Price 0.69 Return Potential 21.7% °Me l■ OrKelptrad(T4 -0.50 At._ MI Return 80.2% Jun Sett.: Der. Mar Jun Seo Dec Mar ...'Jun 201 2013 2014 Sh,p, 1r- a4ta rifr 1- ' Analyst Recommendation Tgt Px - 15arrb. Ver RtniBARR Rank!— 1) Od & Company lEuroxx Alexandros Bouloug t . : :120/14 Securities Maria Kanellopoulo overweight 06/19/14 15.00% 1:t. 1st L.- 3) Alpha Finance Nikolaos Lianeris restricted 06/17/14 4) Natixis Alex Koagne • r,: i,i;oe 0.75 06/16/14 S1 0 Pantelakis Securities Paris Mantzavras overweight 0.90 06/13/14 jr_c 6) Nomura Daragh Quinn buy 0.79 06/12/14 0.20% tit 1) 0 Credit Suisse Hugo Swann • neutral 0.80 06/11/14 8)1 Barclays Kiri Vijayarajah • overweight 0,92 06/10/1a 9) Goldman Sachs Pawel Dziedzic Buy/Neutral 0.80 .6/06/14 Lc 11) HSBC Tamer Sengun *overweight 0.87 06/06/14 Lit 11) I8G Research (ESN) Konstantinos Manol buy 1.10 06/06/14 1 2 ) Deutsche Bank Rahul. Shah 't buy 0.90 06/04/14 IC II Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2014 Bloomberg Finance L.P. SN 622439 H622-433-3 26-Jun-14 14'1147 BST 07+1,00 Warrants A year ago the bank issued 4.5year call warrants, exercisable every six months into the stock at a price schedule (appendix A) that varies over time the relationship between the warrant (which settles physically) and the stock price is: [current stock price (0.69) - next exercise price of warrant (0.4686)] x leverage ratio 7.408 = intrinsic warrant px = 1.64. Now, the warrant is offered at 1.83. The value here is that the difference between 1.83 and 1.64, in my view, doesnt compensate for the optionality you get holding the warrant compared to just holding the stock. Warrant price CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102154 CONFIDENTIAL SDNY GM_00248338 EFTA01447505