EFTA01447513

From: Sent: To: CC: Subject: Attachments: pic02686.gif; pic21414.gif; pic09682.gif; pic09235.gif; pic04594.gif; pic31138.gif; pic11546.gif Nav Gupta 6/27/2014 5:22:03 AM jeevacation@gmailcom Tazia Smith : Paul Morris Jeffrey - I like Alpha Bank (Greece) listed Call Warrants (ticker ALPHAW GA) to play the Greek story from here Suggest sizing to worst case because the warrant is levered to the stock and the stock itself has 40% delivered vol 125,000 warrants (currently 1.81/1.82 size 100k x 25k) listed on athens exchange) cost EUR227k = S309k Daily turnover is currently just under million warrants per day so 12Sk warrants bought carefully should be no prob in 1-2 days. for 250k warrants i would suggest working an order for 2-3 days but i would avoid >350k of warrants because then its tricky to liquidate efficiently. Recall, 1 warrant allows the holder to exercised into 7.408683 shares at a price of 0.4686 on 10dec14 (and at a fractionally higher px in the future). worst case valuation analysis: Stock warrant intrinsic 0.40 0 0.50 0.23 0.60 0.97 0.70 1.71 0.80 2.46 0.90 3.20 For the warrant 0.69 currently. then) So i would size Nav to lose say 80% of its value, the stock would need to trade down to 0.45 or 0.50 from In fact a year ago the stock was trading at 0.5 (athough the warrant was trading 1.00 conservatively. (Embedded image moved to file: pic02686.gif) Nam Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management 105/108 old Broad St (Pinners Hall), EC2N lEN London, United Kingdom Tel. Mobi Emai Any proposed ideas are being delivered to you by the DeAWM Key client Partners ("KcP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic21414.gif) From: "jeffrey E." <jeevacationOgmail.com> To: Nay Gupta/db CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102163 CONFIDENTIAL SDNY_GM_00248347 EFTA01447513