From: Nay Gupta .d To: jeeyacation(kgmail.com Cc: Tazia Smith < , Paul Morris < >, Subject: Jeffrey - I like Alpha Bank (Greece) listed Call Warrants (ticker ALPHAW GA) to play the Greek story from here Date: Fri, 27 Jun 2014 09:22:03 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6) 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 = $309k Daily turnover is currently just under lmillion 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 0.97 070 171, 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. Nav Nav Gupta Managing Director Deutsche Bank AG. Filele London Deutsche Asset & Wealth Management 105 rs Hall). EC2N 1EN London. United Kingdom Tel. 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 ("DE'). 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