Subject: Re: First BRL note valuation date 3/20, poised to settle beyond barrier (down —20%) [C] From: Tazia Smith ‹ > Date: Mon, 17 Mar 2014 21:52:11 -0400 To: Paul Morris , Tazia Smith 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 (20-25c loss/'sunk cost'); on otherwords, 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 him, 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 Floor E-mail: From: Paul Morris Sent: 03/17/2014 09:24 PM EDT To: Tazia Smith/db/dbcom@DBAMERICAS@DBAMERICAS@DBCOEX Subject: Re: First BRL note valuation date 3/20, poised to settle beyond barrier (down —20%) [C] Classification: Confidential When did jp put this one on? And I guess there is no way to get out of them, thx EFTA01467926