EFTA01462392

Subject: Energy Renaissance E uities + Trade idea: KI Brent puts [C] From: Tazia Smith < Date: Mon, 03 Mar 2014 13:49:58 -0500 To: jeevacationegmail.com Cc: Paul Morris < Vinit Sahni < Nav Gupta Vahe Ste anian Classification: Confidential * * Prepared exclusively for Jeffrey Epstein - KCP US * * Jeffrey - For Energy, consider these percentages below (modification from within the proposed Energy Renaissan ce basket). Note, Sunedison (SURE) rallied 28% over the back half of last month, believe the bulk o f the steam is out of that one, but you may disagree and want to play that momentum. Hannon Armstro ng (HASI) looks compelling on weakness (just macro backdrop) here; this company is effectively a pu blically traded energy retrofit finance co., or, as the company calls itself •sustainable infrastruc ture capital", with a -6.3% current yield with the shares at -$14. Approach Resources (AREX) also r eported a strong quarter (see chart below, still interesting); this is a small-cap (5879mm market ca p) US nat gas/crude E&P name. Also below is a short play on Brent (depending on your view): It's a 107 strike put on Ju114 Brent crude (thus expires in June, -3mos). Spot ref for Ju114 crude is 110.6 (thus in-the-money strike), but the put Knocks-In, only if crude trades above 114 over the next 1-month, $0.85/bbl offer (compared to $2.70/bbl vanilla). 113 and 115 KI are also provided bel ow from our Commods team. Indicative levels only, subject to market movement, source: DB ICG Commod ities, 3/3/14. (Embedded image moved to file: pic02023.gif) (Embedded image moved to file: pic17321.gif) Source: Bloomberg 3/3/14 Forwarded by Tazia Smith/db/dbcom on 03/03/2014 01:05 PM From: Jatin Bindal/db To: ICG Commodities, Cc: Ricardo Cunha/db/ ing_Assets, CCRT Corr Date: 03/03/2014 09:04 AM Subject: Trade idea: Brent puts [C] Classification: Confidential Trade idea: Brent KI put Underlying: Ju114 Brent (CON4) Jul14 Ref: 110.6 Tazia Smith/db/ , Commodity Structur EFTA01462392 Rationale: near term spike due to events in Ukraine followed by decline 1) Vanilla 107 put offered 8$2.70/6b1 2) ICI Put 107 put. Knocks in only if Ju114 settles above $114 on any day in the next 1 month. Offered 8$0.85/b 61 For KI Barrier 113, offered 851.35 For KI Barrier 115, offered 850.60 Prices are indicative and will need to be refreshed before trading. Brent Ju114 price history over last 1 month - (Embedded image moved to file: pic31484.gif) Thanks (Embedded image moved to file: pic23337.gif) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor New I Tel. Fax Mobile Email (Embedded image moved to file: pic05728.gif) EFTA01462393