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Message From: Casriel, Lyle [ Sent: 9/26/2014 3:39:16 PM To: G Maxwell [ CC: Klein, Matthew [ I; Ramdeen, Vijai [ I; Stackman, Scott I I Subject: RE: PIMCO Thank you. From: G Maxwell [mailto: Sent: Friday, September 26, 2014 11:18 AM To: Casriel, Lyle Subject: Re: PIMCO Lets get out of PIMCO Ok on black rock THE TERRAMAR PROJECT FACEBOOK TWITTER G+ PINTEREST INSTAGRAM PLEDGE THE DAILY CATCH I; Shkreli, Juliana 1; Waldron, Chelsey Devon From: " < Date: Friday, September 26, 2014 at 9:45 AM To: gmax < Cc:" "< < >, a a>, Scott Stackman < >, Subject: PIMCO Ghislaine, Hope you are well. This morning it was announced that Bill Gross is leaving Pimco for Janus as of next Monday. You have a position in the Pimco Unconstrained Bond fund managed by Bill with a value of 163k and an unrealized loss of 3k. We don't have much Pimco exposure left for our clients as we began exiting earlier this year when the infighting at Pimco began. At this time, however, we are recommending our client exit any remaining Pimco funds under the premise that it's better to be out first than last. A similar fund that we do like and have been using for years is the Strategic Income Opportunity Fund run by Rick Reider at Blackrock. With your permission we will sell the Pimco Position today and replace it with the Blackrock fund, the overview is attached here. Thanks, Lyle CONFIDENTIAL UBSTERRAMAR00000653 EFTA00236352 Lyle Casricl Senior Vice President—Investments Private Wealth Advisor I Portfolio Manager Advisory & Brokerage Services UBS Financial Services Inc. Private Wealth Management www.ubs.cOinfprivatcwcalthmanagcinent "Disclaimer" Please ant our webs rte at harfinoncialserricauncmbecomwealthE-maddaclaimenhtml for importsmt disclosures and infirrmation dhow our e-mad polrcwu- For your protection please do not transmit orders or maructarar by e-mail or include account numbers. Social Security numbers. credit card number,. passwords. or other personal information. UPS requires that any orders sent by email he verbally stinfinned orders sent by email alone will not he executed The information contained herein has been ohtamed from sources believed to he reliable we cannot guarantee its accuracy or contplcicricst neither the mfirrmation nor any opinion expra coati:saes a solicitation for the pun:hate or sale of any security. This nformation is hang provided as a service of Finsmeiatidasor and does not supersede or replace pour monthly VAS Finagle! SCMCCS Inc. customs,- statement. Please be aaVised that information pertaining to trades of any securities !I ml an official transaction confirmation. The eyfkial confirmation of any trtmsaenon will he sent soya' based on your delivery preferences. UBS e-Delivery:easy.efficient.ecosmart. secure. CONFIDENTIAL UBSTERRAMAR00000654 EFTA00236353