RE: bullish expression of single stocks [C]

Classification: Confidential

Jeffrey, to clarify, are you looking at closing prices as of 06/01/2015?

From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Monday, June 01, 2015 09:54 PM To: Daniel Sabba; Richard Kahn < >; 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

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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 jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01402765

EFTA01402766

Classification: Confidential

Good morning,

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

EFTA01402761

Retrophin
RTRX
$31.85*
Buy
$52

Orexigen Therapeutics
OREX
$4.91
No Coverage

Akorn
AKRX
$46.25
Buy
$55

Dish Networks
DISH
$72.07
Buy
$105

Pioneer Natural Resources
PXD
$149.77
Hold

EFTA01402762

$182

E0G Resources

EOG

$88.76

Buy

$101

General Dynamics

GD

$140.25

Buy

$166

Delphi Automotive

DLPH

$86.83

Buy

$94

Comcast
CMCSA
$58.78
No Coverage

Glaxo Smith Kline

GSK

1456 GBP

EFTA01402763

Hold
1540 GBP
Viacom
VIAB
$66.71
Buy
$85
Baidu
BIDU
$201.56
Buy
$239
Alibaba
BABA
$90.78
Buy
$104
*52 week high
Let us know if you have any questions.
Best,
Ari

EFTA01402764

Classification: Confidential
Jeffrey,

I called you back yesterday and left a message with Lesley. 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)

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: 75% of initial strike observed quarterly

Principal Barrier: 75% of initial strike observed at maturity only

EFTA01402760

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

Classification: Confidential

Why are we showing the DISH price in Rupees?

From: Ariane Dwyer Sent: Wednesday, June 10, 2015 10:40 AM To: Daniel Sabba; 'jeevacation@gmail.com'; Cc: Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: RE: bullish expression of single stocks [C]

Classification: Confidential

Hi Jeffrey,

Per your conversation with Daniel, please find below the refreshed table.

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

EFTA01402755

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

$55

$55

Dish Networks
DISH
$72.07
$72.78
Buy
105 INR

EFTA01402756

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

GD

$140.25

$140.56

Buy

$166

$166

Delphi Automotive

EFTA01402757

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

1540 GBP

Viacom

VIAB

$66.71

$67.40

Buy

$85

EFTA01402758

$85

Baidu

BIDU

$201.56

$204.92

Buy

$239

$239

Alibaba
BABA
$90.78
$88.32
Buy
$104
$102

Best,

Ari

EFTA01402759