EFTA01351275

Subject: BRL (just f i ost-fed) [[C From: Tazia Smith < Date: Wed, 18 Dec 2013 15:04:17 -0500 To: [email protected] Cc: Paul Morris < Vahe Stepanian Classification: Confidential Jeffrey - EM responding well to FOMC decision. USDBRL off its lows back at -2.32. Your barriers in 3-4mos are 2.2562 and 2.3040. USDBRL Intraday Price Action 12/18/13: (Embedded image moved to file: pic15670.gif) Used with permission of Bloomberg Finance LP From: To: [email protected], Cc: as Date: 12/17/2013 10:11 AM Subject: BRL Notes... [C] Classification: Confidential Good Morning Jeffrey - , Paul Morris, Per your request, sending full detail on your BRL notes. European barriers of 2.2562 and 2.3040 to get your principal back in -4-5mos. Please see below/attached and call us to discuss. (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). EFTA01351275 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 [attachment "HSBC BRL Step Up - TD March 13, 2013Wdeleted Forwarded by Tazia Smith/db/dbcom on 12/16/2013 02:14 PM From: To: [email protected], Cc: Date: 11/12/2013 02:55 PM Subject: BRL Notes marking down >20% [C] 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 (Embedded image moved to file: pic04291.gif) Tazia Smith EFTA01351276 Director Key Client Partners - US Deutsche Deutsche 345 Park New York Tel. Fax Mobi Email Bank Securities Inc Asset & Wealth Management Avenue, 26th Floor NY 10154 (Embedded image moved to file: pic26430.gif) EFTA01351277