EFTA01468071

Subject: Re: Sell IPO? [C] From: Richard Kahn <MIII > Date: Sat, 29 Mar 2014 14:56:47 -0400 To: Tazia Smith Cc: Vahe Stepanian Paul Morris hope your trip overseas went well thanks for all the emails and calls and sorry i did not respond as i was out all week with family in coloradolets catch up monday am enjoy your weekend thank you Richard Kahn HBRK Associates Inc. On Mar 28, 2014, at 2:46 PM, Tazia Smith < > wrote: Classification: Confidential Jeffrey - Sell the CBSO? You're up —$1.7k (-29.7 vs 28 price, lk shs) Biotech extending losses, group down another —2% today. Though your ARIA up on takeout chatter. Near-term trend still lower - Sell BIIB, GILD, SGMO and FMI (up -$825k), or OK holding here? Definitely watching for an entry point when the group gets over-extended to downside. Crude your trade working with CLM4 — 100.96. Know this exactly reflects your expectations. Your intention was to take the trade ahead of expiry -- up $205.9k.* Touch base Mon on incremental upside..your view is further to run? *source: 3/28 db valuation statement. Represents mid-level Tazia Smith EFTA01468071 Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Mana ement E-mail: This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01468072