EFTA01344656

(1) 3/20/14 Note - marking down, —22%. 15% european barrier 2.2562). Initial strike 1.9619. Current USDBRL spot —2.3267, -18%. (2) 4/14/14 Note - marking down —19%. 15% european barrier (=2.3040). Initial strike 2.0035. Current USDBRL spot —2.3267, -16%. Payout: a) make 28.5% if BRL is up more than 3% vs. USD at maturity, b) make 5% if BRL is up between 0-3% vs USD, c) get your principal down less than 15% vs. USD, d) loose 1 for 1 if BRL is down more than 15% vs USD at maturity (max loss 100%) [attachment "HSBC BRL Step Up - TD April 5, 2013.pdf' deleted by Tazia Smith/db/dbcom] — Forwarded by Tazia Sm4h/dbidbcom on 12/16,2013 0214 PM --- From. Tazia Smithldbidbcom To. moo Cc. Vahe Stepania Date. 11112:2013 02.55 PM Subject BRL Notes marking rime >20% ICI Classification: Confidential Jeffrey - You're long 1mm USD each of BRL step up notes in Southern Trust from JP. The notes have a 15% barrier and BRL is presently down —17% vs. USD from your initial strike. The notes are marking down more than 20%. Barrier is European. Final valuation date on the notes are 3/20/14 and 4/14/14. Posting you and would like to get your view given the move and mark-to-market (vs. your -10% rule). Speak with you soon, Tazia Smith Director I Key Client Partners - US Deutsche Sank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 26th Floor Ne Tel Fa Mobile CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0030362 CONFIDENTIAL SDNY_GM_00176546 EFTA01344656