EFTA01141044.pdf

From: Tazia Smith To: [email protected] Cc: Paul Morris Vahe Stepanian Subject: FRC 7% preferred [I] Date: Tue, 24 Dec 2013 15:52:28 +0000 Attachments: FRC_Oct_2013.pdf Inline-Images: unnamed; unnamed(1) Classification: For internal use only Good Morning Jeffrey: Per our voicemail, a few suggestions to follow. First Republic 7% preferred (FRC E Pfd), currently -$25.25 - Recent issue, 10/28/13 - Callable 2018 at par ($25) - Currently -$25.25. 6.7% yield to worst - FRC equity is up at fair value given outstanding growth since re-IPOing. but a DB Research top-pick over 3yr time horizon - =upside possible (priced in) Consider working with a limit of -$25.20 (trades thin), up to $1mm in Southern Trust. DA Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York NY 10154 Pass-io-pcfrr Pedierrin This communication may contain confidential and/or 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, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01141044