EFTA01460673

I Cc: I Date: '03/14/2014 03:55 PM I Subject: I IKCP IOI: Paylocity IPO [I] Classification: For internal use only Greetings, Haig, Chip, Caroline and Mike. Tazia has conveyed that KCP-client Jeff Epstein will indicate for the Paylocity IPO, which is this coming Tuesday night/ Wednesday morning. Per Haig's earlier email (below) that we will not be bound to a formula, Mike Iaquinta and I reviewed the possibilities for allocations on this deal. The deal is small -- 6.67mm shares -- and DB is the left bookrunner. We expect a rather small retail allocation. In short, system-wide, we may get around 150k shares. For Mr. Epstein's KCP allocation, can we agree that out of the wealth Management allocation next week for Paylocity, Mr. Epstein would be allocated 500-1000 shares? Mike and I will come up with an exact number as we get very close to Wednesday morning's allocation (March 19). Haig, please let us know if you agree. Best regards, --Josh Joshua Shoshan Director Deutsche Bank Securities Inc. Private wealth Management - Americas Private client Services 345 Park Ave, 26th Floor New York, NY 10154 I From: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 122104 CONFIDENTIAL SDNY_GM_00268288 EFTA01460673