From Tazia Smith Sent: 4/16/201411:46:31 AM To: jeevacation mail.com CC: Paul Morris l; Nay Gupta • Vinit Sahni Vahe Stepanian Subject: China Gas Holdings (384.HK) - consider tactical long-equity position (CI Classification: Confidential Jeffrey - I; Have you looked at China Gas (384.11K)? Consider tactical position - long equity - on potential for a Russia/China nat gas agreement. Gazprom (GAZP.RX, ruble denominated shares) is likely the more common implementation (both charts below). Would argue that the new pipeline diverts existing supply for Gazprom, where it is incremental earnings growth for the likes of China Gas. htto://www.reuters.com/article/2014/04A)9/russia-china-eas-idUSL6N0NIIXM20140409 The original call is on The 3rd Plenum's commitment to environmental reform (specifically reduction of carbon emissions by increasing nat gas usage). The near-term catalyst sterns from this week's developments in the Ulcranian-Russian crisis. Not surprisingly, with the chill from the Western world threatening demand for Russia's commodity, Putin's accelerated conversations to the cast. Market chatter suggests that negotiations on a Russia-China pipeline could divert 38bn cubic meters of gas per year over to China, and that Putin has sped up negotiations with the intent of turning his presently scheduled May 20 visit to China, into a signing ceremony for an export contract. The stock is a hedge fund name. The DB analyst has been less fond (latest rating is hold with a 9 HKD target). I think this is a tactical, geopolitically-driven entry point on a name that's also a compelling long-term growth investment. Right now it's trading close to 25x 2015 EPS csts of 0.50 HKD, bull case is meaningful upside potential in earnings on an uptake of tat gas in China. China Gas (384 HK is fairly liquid - —5nun share avg daily volume over the last month) Tazia China Gas 1yr Price History CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0123697 CONFIDENTIAL SONY GM_00269881 EFTA01461567