EFTA01453314

From: Paul Morris SeM: 3/17/2014 10:11:08 PM To: Tazia Smith Paul Morris Subject: Re: First BM. note valuation date 3/20, poised to settle beyond barrier (down - 20%) [C] Classification: Confidential The. I know we spoke with him about these. thx From: Tazia Smith Sent: 03/17/2014 09:52 PM EDT To. Subject: Re: First BRL note valuation date 3/20. poised to settle beyond bather (down —20%) [C] Classification: Confidential lyr ago The risk reward was such it made sense to hold. if brl recouped (odes, bounced!) 3-I0pct 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 <10pct 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 Subject: Re: First BRL note valuation date 3/20. poised to settle beyond barrier (down--20%) m Classification: Confidential When did jp put this one on? And I guess there is no way to get out of them. thy From: Toile Smith Sent: 03/17/2014 08:51 PM EDT To: "jell-toy epstein" lecvacationidgmail.com> Cc: Paul Morris Subject: Re: First BRL note valuation date 3/20. poised to settle beyond bather (down —20%) [C] CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110852 CONFIDENTIAL SONY GM_00257038 EFTA01453314