EFTA01454505

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 = 5309k Daily turnover is currently just under imillion warrants per day so 125k 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 to lose say 80% of its value, the stock would need to trade down to 0.45 or 0.50 from 0.69 currently. In fact a year ago the stock was trading at 0.5 (athough the warrant was trading 1.00 then) So i would size conservatively. Nay <Mail Attachment.gif> Nay 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. 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. <Mail Attachment.gif> From: "jeffrey E." <[email protected]> To: Date: 26/06/2014 20:10 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112648 CONFIDENTIAL SDNY_GM_00258832 EFTA01454505