EFTA Document EFTA01344655

Jeffrey - You're long 1mm uSD each of BRL step up notes in Southern Trust from JP. The notes have a 15% barrier and BRL is presently down -17% vs. uSD from your initial strike. The notes are marking down more than 20%. Barrier is European. Final valuation date on the notes are 3/20/14 and 4/14/14. Posting you and would like to get your view given the move and mark-to-market (vs. your -10% rule). speak with you soon, Tazia Smith Director I Key Client Partners - US Deutsche Bank Securitie