EFTA01460797.pdf

With all due respect this has always been our account and earlier in the year I told you that Liz was going to pursue the account and if the need arose where you could be of help we would happily include you. Liz and I went to Marc's office just a few months ago and have had an ongoing dialogue with him as well and we were caught completely off guard when we learned that you were speaking with him about doing a trade in our account.. I was very surprised to learn that IPO paperwork was signed unbeknownst to us for an account domiciled in the branch. While partnership is encouraged it is not at the expense of confidentiality and trade supervision. I am concerned about how this progressed and would like to sit down with you and Michael to make sure that this doesn't happen again. Kind regards, Jim James Layden Regional Executive I Managing Director DB Secunties Inc Deutsche Asset 8 Wealth Management 2000 Avenue of the Stars. Suite 910-n, 90067 Los Angeles, CA, USA Tel. +1(310)788-6201 Fax Emai Deutsche Asset a Wealth Management represents the asset management and wealth management actinikies conducted by Deutsche Bank AG or any of is subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by ono or more legal entities that will be Identified to clients pursuant to the contracts. agreements, offering materials or other documentation relevant to such products or services. This communication may contain confidential andfor privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying. chubs's.) or distribution of the material in this communication is gritty forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. Securities offered through CM/S Investments Distributors. Inc. Front Cheryl Pallerdbi8bcom To. , Michael•J Davls8bidbcom@ID8Amencas. Caroline Kiticbsrdbidbcom@DBAMERICAS, James LayderVdbAbcom©DBAMERICAS, 09)16,2014 07.28 PM &trot Update [C] Classification: Confidential All, Marc Schwartz, head of the Broad Family Office, called me a bit ago as a result of a phone call from PCS (see below). Liz had raised concerns to him about our internal politics. He asked me if it was "OK to have called me for the trade". You see, I had always told him that we could place the trade in the existing account and never had shared that it was a PCS account that would need to be moved, who would get "credit", or any of these internal battles. Prior to Liz's call, he just assumed we were one happy family. I reassured him that he need not concern himself with our internal politics and that we are all operating as a cohesive delivery model to serve his needs. I do not believe we should be air our laundry with our clients, especially burgeoning ones where significant new business might follow. I believe our new colleague, Lee Hutter, knows Marc well and can assist in resolving these issues within the month. I am happy to let it lie until then. I am sorry we could not reach an amicable solution before the client was brought in to the CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 122339 CONFIDENTIAL SDNY_GM_00268523 EFTA01460797