Email: Tazia Smith to Paul Morris (23 Dec 2013)

Subject: [I] From: Tazia Smith < Date: Mon, 23 Dec 2013 20:39:25 -0500 To: Paul Morris > Classification: For internal use only Paul - For Jeffrey First Republic 7% preferred (FRC E Pfd), currently -$25.25 - Recent issue, 10/28/13 - Callable 2018 at par ($25) - Currently -$25.25, 6.9% yield - FRC equity at fair value given outstanding growth since re-IPOing, top-pick over 3yr time horizon - M&A upside possible (priced in) Consider working with a limit of $25.20 (thin trader), up to