EFTA Document EFTA01409050

Subject: RE: bullish expression of single stocks [C] From: Ariane Dwyer cffi. Date: Wed, 10 Jun 2015 11:14:27 -0400 To: jeffrey E. <[email protected]> Cc: Daniel Sabba Paul Morris Stewart Oldfield Vahe Stepanian Classification: Confidential Jeffrey, We are reaching out the research analysts to answer your questions. Please note DB research does not cover Dish Networks. It covers Dish TV, whose research report we sent earlier. Please see the updated table reflecting this information below: Company Ticker Price @ 6/1/15 Close Price @ 6/10/15 DB Global Markets Research Rating (GMR) DB GMR Target @ 6/1/15 DB GMR Target @ 6/10/15 Retrophin RTRX $31.85 $31.90 Buy $52 EFTA01409050 $55 Orexigen Therapeutics OREX $4.91 $4.51 No Coverage Akorn Inc. AKRX $46.25 $46.23 Buy $55 $55 Dish Networks DISH $72.07 $72.78 No Coverage Pioneer Natural Resources PXD $149.77 $150.00 Hold $182 EFTA01409051 $175 EOG Resources Inc. EOG $88.76 $90.04 Buy $101 $101 General Dynamics GD $140.25 $140.56 Buy $166 $166 Delphi Automotive DLPH $86.83 $87.42 Buy $94 $94 Comcast EFTA01409052 CMCSA $58.78 $58.13 No Coverage Glaxo Smith Kline GSK 1456 GBP 1376 GBP Hold 1540 GBP 1540 GBP Viacom VIAB $66.71 $67.40 Buy $85 $85 Baidu BIDU $201.56 $204.92 Buy $239 EFTA01409053 $239 Alibaba BABA $90.78 $88.32 Buy $104 $102 From: jeffrey E. [mailto:[email protected]] Sent: Wednesday, June 10, 2015 10:50 AM To: Ariane Dwyer Cc: Daniel Sabba; ; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: bullish expression of single stocks [C] price targets over what time frame??? and why is is pioneer a hold if the price target is so much highter than today On Wed, Jun 10, 2015 at 10:40 AM, Ariane Dwyer <a> wrote: Classification: Confidential Hi Jeffrey, Per your conversation with Daniel, please find below the refreshed table. EFTA01409054 Company Ticker Price @ 6/1/15 Close Price @ 6/10/15 DB Global Markets Research Rating (GMR) DB GMR Target @ 6/1/15 DB GMR Target @ 6/10/15 Retrophin RTRX $31.85 $31.90 Buy $52 $55 Orexigen Therapeutics OREX $4.91 $4.51 No Coverage Akorn Inc. AKRX $46.25 $46.23 Buy EFTA01409055 $55 $55 Dish Networks DISH $72.07 $72.78 Buy 105 INR 105 INR Pioneer Natural Resources PXD $149.77 $150.00 Hold $182 $175 EOG Resources Inc. EOG $88.76 $90.04 Buy $101 $101 General Dynamics EFTA01409056 GD $140.25 $140.56 Buy $166 $166 Delphi Automotive DLPH $86.83 $87.42 Buy $94 $94 Comcast CMCSA $58.78 $58.13 No Coverage Glaxo Smith Kline GSK 1456 GBP 1376 GBP Hold 1540 GBP EFTA01409057 1540 GBP Viacom VIAB $66.71 $67.40 Buy $85 $85 Baidu BIDU $201.56 $204.92 Buy $239 $239 Alibaba BABA $90.78 $88.32 Buy $104 $102 EFTA01409058 Best, Ari From: Daniel Sabba Sent: Wednesday, June 10, 2015 9:48 AM To: '[email protected]'; ' Cc: Paul Morris; Stewart Oldfield; Vahe Stepanian; Ariane Dwyer Subject: bullish expression of single stocks [C] Classification: Confidential Jeffrey, I called you back yesterday and left a message with . We had reached out to discuss using short dated structured notes to articulate constructive views on single name stocks. We priced the example below for AAPL and BK, and could do the same for your favorite names from the list we sent you last week (email below). Sample transaction terms - 18mo Callable Yield Note Issuer: BNP Paribas Maturity: 18 months (callable after 3 months) EFTA01409059 Underlying: Lesser of: Apple Inc (AAPL) Bank of New York Mellon (BK) Callable: Quarterly — at issuer's discretion Contingent Coupon: 10.00% p.a. subject to coupon barrier Observed and paid quarterly Coupon Barrier: Principal Barrier: 75% of initial strike observed quarterly 75% of initial strike observed at maturity only Description: The investor receives 2.50% per quarter (10% p.a.) if all (2) underlying stocks are above the coupon barrier on the quarterly observation date. The note is callable at the discretion of the issuer on each quarterly observation date. If not redeemed early, at maturity, the principal is at risk if one or more of the underlying stocks has a final strike below their principal barrier, with the investor being exposed to the return of the worst performing underlying stock. Settlement at termination can be either cash or physical. Looking forward to discussing, Daniel From: Ariane Dwyer Sent: Tuesday, June 02, 2015 9:24 AM To: '[email protected]'; ' Cc: Vahe Stepanian; Daniel Sabba; Paul Morris Subject: RE: send to rich please [C] Classification: Confidential Good morning, EFTA01409060 Per your request, please find below the stocks with 6/1/15 close price, DB Global Market Research Rating and DB Global Market Research Target price. In addition please find attached DB Global Market Research Reports about the companies we cover. Please note these are independent equity research views. Company Ticker Price @ 6/1/15 Close DB Global Markets Research Rating DB Global Markets Research Target Retrophin RTRX $31.85* Buy $52 Orexigen Therapeutics OREX $4.91 No Coverage Akorn AKRX $46.25 Buy $55 Dish Networks EFTA01409061 DISH $72.07 Buy $105 Pioneer Natural Resources PXD $149.77 Hold $182 EOG Resources EOG $88.76 Buy $101 General Dynamics GD $140.25 Buy $166 Delphi Automotive DLPH $86.83 Buy $94 EFTA01409062 Comcast CMCSA $58.78 No Coverage Glaxo Smith Kline GSK 1456 GBP Hold 1540 GBP Viacom VIAB $66.71 Buy $85 Baidu BIDU $201.56 Buy $239 Alibaba BABA $90.78 Buy EFTA01409063 $104 *52 week high Let us know if you have any questions. Best, Ari From: Daniel Sabba Sent: Tuesday, June 02, 2015 6:41 AM To: '[email protected]'; ' Cc: Vahe Stepanian; Ariane Dwyer Subject: Re: send to rich please [C] Classification: Confidential '; Paul Morris Jeffrey, to clarify, are you looking at closing prices as of 06/01/2015? From: jeffrey E. [mailto:[email protected]] Sent: Monday, June 01, 2015 09:54 PM To: Daniel Sabba; Richard Kahn <I MM>; Paul Morris Subject: send to rich please prices on RTRX, OREX AKRX dish networks, PXD EOG, GD, delphi, comcast, glaxo viacom, baidu baba please note The information contained in this communication is EFTA01409064 confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01409065 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. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01409066