EFTA01447576

GRAB ,:LPHA. GA Equity Alpha Bank AL 99 Actions - 99 Alert Analyst Recommen ations 06/26/14 FEE1989f74774,774-717477-71la 611 1Y 2Y 5Y ! la\ Consensus Rating 3.95 Buys 59.11 13 1 O) 4 M I B M T7 Px 444 '.I '.'L Holds 27.34 Setts 13.69 6 3 %uy VAT fmAi , on. tt lA• 0.60 ie 0,40 12M Tgt Px 17/23 0.84 rzw Ii• 0,20 Last Price Return Potential 0.69 21.7% °Me l■ OrKelptruitT7 -0.50 LTH Return 80.2% Jun '5e;-.: Dec Mar Jun Seo Dec Mar ...'Jun 201 2013 2014 Sh,p, 1r ,ss...se Data Recommendation Tgt Px r ifr !Analyst —1536511 Ver RtniBARR Pank!— 1) ONO 00 & Company Alexandros Bouloug t . : :120/14 Euroxx Securities Maria Kanellopoulo ovelwelght 06/19/14 15.00% 1: t. 1:4 L.- 3)1 Alpha Finance Nikolaos Lianeris restricted 06/17/14 kt- Natixis Alex Koagne • 0.75 06/16/14 S1 Pantelakis Securities Paris Mantzavras overaight 0.90 06/13/14 6) Nomura Daragh Quinn buy 0.79 06/12/14 0.20% tit Credit Suisse Hugo Swann • neutral 0.80 06/11/14 8)1 Barclays Kiri Vijayarajah • overweight 0,92 06/10/14 t. 9)1 Goldman Sachs Paws'. Dziedzic Buy/Neutral 0.80 06/06/14 10)1 HSBC Tamer Sengun *overweight 0.87 06/06/14 Lc 11)1 IBri Research (ESN) Konstantinos Manol buy 1.10 06/06/14 1 2 ) Deutsche Bank Rahul Shah * buy 0.90 06/04/14 IC y 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 14,11 .47 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-0 102242 CONFIDENTIAL SDNY_GM_00248426 EFTA01447576