Epstein Secrets

rnight no exectuion risk? On Wed, Jun 10, 2015 at 10:14 AM, Daniel Sabba > wrote: Classification: Confidential Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email From: Jeffrey E. [mallto:JeevacSgmall.com Sent: Wednesday, June 10, 2015 10:13 AM To: Daniel Sabba Subject: Re: bullish expr

.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 Comcast CMCSA $58.78 No Coverage Glaxo Smith Kline GSK 1456 GBP Hold 1540 GBP Viacom VIAB $66.71 Buy $85 Baidu

.66 2,534 2.831 3238 01171:141144le IO% 11.5% 14.1% Ill% 111% 11.1% UA% 17.4% ISK In% 18.3% 1lM tus 17.41: Sam. Deal, Otan«. 8•11 Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117118 SDNY_GM_00263302 EFTA01457537

I May 2015 Autos & Auto Parts Delphi Automotive [Figure 3: Delphi Income Statement Delpla Annuel Insoles Statement (Dollar and Shores In Milans (a)) 2014 UsA .14•4 840.4 Na 2011E USA lof

combined with deployment of free cash (-5% FCF yield) sets the company up for 16% EPS growth/annual appreciation, even before multiple expansion. Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117116 CONFIDENTIAL SDNY_GM_00263300 EFTA01457535

I May 2015 Autos & Auto Parts Delphi Automotive Delphi's 1O15 came in very strong. EPS of $1.21 compared with DBe of $1.15 and consensus of $1.17. Organic top line growth came in at 6% vs. DBe of

81.5 52 2 587 680 830 185 2 928 -152 88 221 8.7 6.2 84 90 7.8 198 76 2.78 384 4.40 509 532 630 198 4 381 746 759 0.4 184 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117115 SDNY_GM_00263299 EFTA01457534

I May 2015 Autos & Auto Parts Delphi Automotive Model updaled:30 April 2015 burin am the numboo. North America United States Autos & Auto Parts Delphi Automotive Reuters: DLPH.N Buy Price

EBIT Margin 13.1% Yoy Incremental Margin -36% Yoy Incremental Margin ex FX 20% Note: Net Performance 134 Souse Deicht DeGriao Sank Page 4 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117117 CONFIDENTIAL SDNY_GM_00263301 EFTA01457536

1 May 2015 Autos & Auto Parts Delphi Automotive [Figure Delphi 01'15 EBIT Walk Remanue EBIT C1114 Base (ex Thermal) Volume 3.897 271 463 98 36% incremental on volume Pricing (57) (57)

drivers) and a tax rate of 22.5% (which assumes the US IRS disallows Delphi's status as a non-U.S. entity - resulting in a 4% increase vs. Page 6 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117119 CONFIDENTIAL SDNY_GM_00263303 EFTA01457538

1 May 2016 Autos & Auto Parts Delphi Automotive [Figure 4: Delphi Discounted Cash Flow Delphi Discounted Cash Flow Analysis On $ millions) 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E

gned lead analysts) has not and will not receive any compensation for providing a specific recommendation or view in this report. Rod Lache Page B Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117121 CONFIDENTIAL SDNY_GM_00263305 EFTA01457539

I May 2015 Autos & Auto Parts Delphi Automotive Appendix 1 Important Disclosures Additional information available upon request Disclosure checklist Company Ticker Recent price' Disclosure

dividends) between -1O% and 1O% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Equity rating dispersion and bard- incl 600 500 400 300 200 100 lanonships Buy Hold Sell MCompanies Covered new. w/ Banking Relationship

1 May 20I6 Autos & Auto Parts Delphi Automotive ItlistorIcal recommendations and target price: Delphi Automotive (DLPH.N) (as of 4/30/2016) 90 00 8000 70.00 6000 a. 50 00 4000 3000 20 07

eir other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar Deutsche Bank Securities Inc. Page I I CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117124 CONFIDENTIAL SDNY_GM_00263308 EFTA01457542

1 May 20I6 Autos & Auto Parts Delphi Automotive Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deuts

ny person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright 2015 Deutsche Bank AG Deutsche Bank Securities Inc. Page 13 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117126 CONFIDENTIAL SDNY_GM_00263310 EFTA01457543

1 May 2016 Autos & Auto Parts Delphi Automotive and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", an