EFTA01452798.pdf

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, Sunedison (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 (5879mm market cap) US nat gas/crude E&P name. Also below is a short play on Brent (depending on your view): It's 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, 50.85/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. Equity Energy Rena isa nos Theme GE S 1.00 Hannon Armstrong (HAS') 5 0.50 Casella Waste (CWST) 5 0.25 Won NOM) $ 1.00 Kinder Morgan Inc (KMI) 5 0.50 Serngroup (SEtrtG) $ 0.50 Spectra 15E) 5 0.50 Cheniere (LNG) 5 0.25 Approach Resources (ARE%) 5 0.50 Haliburton (HAL) $ 0.50 China Gas (384 HK, non-US) $ 0.50 American. Water Work] (AWK $ 0.50 IHSfIHS) $ 0.50 CREE INC (CREE) $ 0.50 Lyondell Basel! ILYB) 5 0.25 Dupont (DO) $ 0.25 Worley Parsons (WOR.AU, nor 5 0.25 (Sunedison 'SONE)) (kolas City (STCY): (Tesla (ISLA)) Equity Sub Total 5 8.25 Commodities/OTC Brent Crude limo Twin Win S 2.00 OTC Short Brent Option• 5 1.00 2yr WTI Call • 5 1.00 Short AUD (hedge)• $ 0.25 Energy Rennaisance Sub Total $ 12.50 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0110051 CONFIDENTIAL SDNY_GM_00256235 EFTA01452798