Email: Tazia Smith to Paul Morris (12/23/2013)

From: Tazia Smith Sent: 12/23/2013 8:39:25 PM To: Paul Morris Subject: Attachments: FRC Oct 2013.pdf; pic04654.gif; pic30909.gif classification: For internal use only Paul - For Jeffrey First Republic 7% preferred (FRC E Pfd), currently -425.25 - Recent issue, 10/28/13 - Callable 2018 at par (425) - 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