EFTA01447564

0.90 3.20 For the warrant 0.69 currently. then) So i would size Nay 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: pic18826.gif) Nam Gupta managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management 105/1 inners Hall), EC2N lEN London, United Kingdom Tel. Mobile Email 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: pic14175.gif) From: "jeffrey E." [email protected]> To: Date: 26/06/2014 20:10 subject: Re: Jeffrey - I like Alpha Bank (Greece) listed call warrants (ticker ALPHAW GA) to play the Greek story from here size? On Thu, Jun 26, 2014 at 2:34 PM, Nav Gupta Jeffrey I like the Greek recovery story, i like Alpha Bank among the banks there and I think the 3.Syr call warrants issued a year ago which have very little time value priced in and priced close to intrinsic, the best way to buy the stock and the broader story. Background 1. Greece experienced a worse recession than the Eurozone. The wage and unemployme been far more severe than the Eurozone. Greece's economy is showing signs of return next year. IMF forecasts 0.6% GDP growth 2014 and faster growth than broad Eurozone 2. In the short term bank asset quality continues to deteriorate. NPL is 35, doubl and > 3x that of Spain 3. Greek banks raised eur5Obn in 2013 to recapitalise losses from Greek Govt bond involvement). The sector is now 35-70% state owned. Greek Banks wrote: are nt adjustments have to growth over the from 2015+. e the rate of Italy PSI (private sector CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00248413 DB-SDNY-0 102229 EFTA01447564