EFTA01453311

From: Tazia Smith Sent: 3/17/2014 9:52:11 PM To: Paul Morris [ ]; Tazia Smith [ Subject: Re: First Bra note valuation date 3/20, poised to settle beyond barrier (down -20%) [C] Classification: Confidential lyr ago The risk reward was such it made sense to hold. if brl recouped (or just bounced!) 3-10pct over the time they were here at DB, he could get back 100c on the dollar vs 75-80c (20-2k losstsunk cost); on othenvords. there was <l0pct likely downside and >20pct potential upside from levels where the notes were from where we got them. We discussed few times w hint. and w Vinit/Nay. Not just me. Outcome should not be a surprise. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities. Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 From: Paul Morris Sent: 03/17/2014 09:24 PM EDT To: Tazia Srni Subject: Re: First BRL note valuation date 3/20. poised to settle beyond bather (down —20%) [C] Classification: Confidential When did jp put this one on? And I guess there is no way to get out of them, the From: Tazia Smith Sent: 03/17/2014 08:51 PM EDT To: leffrey epstein" <jeevacationi„rimail.com> Cc: Paul Morris Subject: Re: First BRL note valuation date 3/20. poised to settle beyond barrier (down -20%) [C] Classification: Confidential Mark-to-market on the note was $799k (down S201k) intrinsic value is $802k (down S198k). subject to moves in BRL for the next 3 days. Min Tazia Smith Director Key Client Partners - US CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110847 CONFIDENTIAL SONY GM_00257031 EFTA01453311