Re: First BRL note valuation (Tazia Smith ‹, 17 Mar 2014)

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 pote