EFTA01467440

Subject: RE: Energy Renaissance E uities + Trade idea: KI Brent puts [C) From: Tazia Smith < Date: Mon, 03 Mar 2014 14:32:52 -0500 To: Cc: Paul Morris Vahe Stepanian < Classification: Confidential Yes, will do - thanks Jeanne! (Embedded image moved to file: pic26026.gif) Tazia Smith Director I Key Client Partners - US Deutsche Deutsche 345 Park New York Tel. Fax Mobile Email Bank Securities Inc Asset & Wealth Management Avenue, 26th Floor NY 10154 (Embedded From: To: Cc: Date: image moved to file: pic27702.gif) "Jeanne Brennan" < Tazia Smith/db/dbcom@DBAMERICAS, 03/03/2014 02:04 PM Subject: RE: Energy Renaissance Equities + Trade idea: KI Brent puts [C] Tazia, EFTA01467440 Will you add Rich Kahn to these emails. I have cc'd him so you have his email. Thanks Jeanne From: Tazia Smith [mailto: Sent: Monday, March 03, 2014 2:50 PM To: [email protected] Cc: Paul Morris; Vinit Sahni; Nav Gupta; Vahe Stepanian; Subject: Energy Renaissance Equities + Trade idea: KI Brent puts [C) Classification: Confidential * * Prepared exclusively for Jeffrey Epstein - KCP US * * Jeffrey - For Energy, consider these percentages below (modification from within the proposed Energy Renaissance basket). Note, Sunedison (SUNE) rallied 28% over the back half of last month, believe the bulk of the steam is out of that one, but you may disagree and want to play that momentum. Hannon Armstrong (HASI) looks compelling on weakness (just macro backdrop) here; this company is effectively a publically traded energy retrofit finance co., or, as the company calls itself "sustainable infrastructure capital", with a -6.3% current yield with the shares at -$14. Approach Resources (AREX) also reported a strong quarter (see chart below, still interesting); this is a small-cap ($879mm market cap) 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 Jul14 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 below from our Commods team. Indicative levels only, subject to market movement, source: DB ICG Commodities, 3/3/14. (Embedded image moved to file: pic10394.gif) (Embedded image moved to file: pic05702.jpg) Source: Bloomberg 3/3/14 Forwarded by Tazia Smith/db/dbcom on 03/03/2014 01:05 PM From: Jatin Bindal/db/dbcom@DBCOEX To: ICG Commodities, Cc: Ricardo Cunha/db/dbcom@DBAmericas, Tazia Smith/db/dbcom@DBAMERICAS, Commodity Structuring_Assets, CCRT Corr Date: 03/03/2014 09:04 AM EFTA01467441 Subje Trade idea: Brent puts [C] ct: Classification: Confidential Trade idea: Brent KI put Underlying: Ju114 Brent (C0N4) Ju114 Ref: 110.6 Rationale: near term spike due to events in Ukraine followed by decline 1) Vanilla 107 put offered @$2.70/bbl 2) KI Put 107 put. Knocks in only if Ju114 settles above $114 on any day in the next 1 month. Offered @$0.85/bbl For KI Barrier 113, offered @$1.35 For KI Barrier 115, offered @$0.60 Prices are indicative and will need to be refreshed before trading. Brent Ju114 price history over last 1 month - (Embedded image moved to file: pic27625.gif) Thanks (Embedded image moved to file: pic14714.gif) Tazia Smith Director I Key Client Partners - US Deutsche Deutsche 345 Park New York, Tel. Fax Mobile Email Bank Securities Inc Asset & Wealth Management Avenue, 26th Floor NY 10154 IIM (Embedded image moved to file: pic09742.gif) This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. EFTA01467442 Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01467443