From: Tazia Smith <

From: Tazia Smith < a> To: [email protected] Vahe Stepanian , Cc: Paul Morris Vinit Sahni Nay Gupta Subject: Energy Renaissance Equities + Trade idea: KI Brent puts [C] Date: Mon, 03 Mar 2014 18:49:59 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4) 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, Sunedlson (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): Its a 107 strike put on Jul14 Brent crude (thus expires in June, —3mos). Spot ref for Jul14 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. EFTA01189176 Equity Energy Rena isance Theme GE $ 1.00 Hannon Armstrong (HASI) $ 0.50 Casella Waste (CWST) $ 0.25 Euon (XOM) $ 1.00 Kinder Morgan Inc (KW) $ 0.50 SAmgrouP (SEA%) $ 0.50 Spectra (SE) $ 0.50 Chemists GAG) $ 0.25 Approach Resources (AREX) $ 0.50 Haliburton (MAO $ 0.50 China Gas (384 Mk non-US) $ 0.50 American Water Works (MYR' $ 0.50 IHS IOC) 5 0.50 CILEE INC (ClUlE) 5 0.50 Lyondell Sasell (I.T8) $ 0.25 Dupont (DO) 5 0.25 Worts', Parsons (w Os. AU, nor $ 0.25 (Sunedison (SURE)) (Solar City (STCY)) (Tesla (ISIA)) Equity Sub Total 5 8.25 Commodities/OTC Brent Crude 13mo Twin Win $ 2.00 OTC Short Brent Option' S 1.00 2yr WO Call • S 1.00 Short AUD (hedge,' S 0.25 Energy Rennaisance Sub Total $ 12.50 ) 22.25 - .02 ......---•"- C22.25 /22.28Q 5 x 2 Vol 809.716 C 22.090 H 23.171) L 21.87Q Val 18.28181 • - i • Armllio998 Actions - 98 Edit- r•—virTabar EThe art f201{ Ias flipRI EMI ^ 7---rz- •<, ....;, MIN= !I tA0 " -3x Daitv • 7' st- Sects:IN/Study 'I Event 0 + Track Annotate News , Zoom 32.00 Source: Bloomberg 3/3/14 EFTA01189177 -- Forwarded by Tazia Smith/db/dbcom on 03103/2014 01:05 PM -- From: Jelin Bindalldb/dbcom@DBCOEX To: ICG Commodities. Cc: Ricardo Conha/db/dbcom@DBAmericas. Tazia Smith/db/dbcom@DBAMERICAS. Commodity Shucturing_Assets. CCRT Corr Date: 03/0312014 09:04 AM Subject: Trade idea: Brent puts [CI Classification: Confidential Trade idea: Brent KI put Underlying: Jul14 Brent (CON4) Jul14 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 Jul14 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 Jul14 price history over last 1 month - EFTA01189178 LUNY 1110.61 8:48 u vui CON4 Comclty Period 30 Rang 1D 3D J.1M 1611 I I I I -7 4.; 21832 110.56 110.59 1U0.15 11U.Y1 2x 9 rrev LU 1UO.1.5 upemint /OLY.5 ' 99 Save As 99 Actions- 911 Edit - 98 Table 20 Y7D 20:00 lY 17:59 SY 1 il Last Price 110.61 T High on 03/03 07:30 110.76 ifrikverage 107.50 I Low on 02/04 07:00 103.71 II Prey Close 104.10 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 04 05 06 07 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 103 Feb 2014 Mar 201 Australia 61 2 9777 8600 Brazil 5511 3048 4500 E.rcpe 44 20 7330 7508 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1060 U-S- 1 212 318 2O00 Copyright 2014 Bloomberg Finance SH 105613 EST O7-5.00 G990-317-0 03-Mar-2014 08.59.15 lax Last Price 011m V Line 11) Compare I i I I I I I I I I I I I I -NM Cf: Security/Study Line Chart po No Lower Chart 0 M Event . . . ►111.00 110.00 109.00 108.00 107.00 I-106.00 ►105.00 ►104.00 Thanks Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 ParkAvenue. 26th Floor New York NY 1r1 Tel. 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