Message From: Casriel, Lyle | as | Sent: 9/26/2014 3:39:16 PM To: 6 Maxwell cc Klein, Matthew |); Ramdeen, Vijai |); Shkreli, Juliana |; Stockman, Scott NNN |; Waldron, Chelsey Devon es Subject: RE: PIMCO Thank you From: G Maxwell [mailto: Sent: Friday, September 26, 2014 11:18 AM To: Casriel, Lyle Subject: Re: PIMCO Lets get out of PIMCO Ok on black rock THE TERRAMAR PROJECT FACEBOOK TWITTER G+ PINTEREST INSTAGRAM PLEDGE THE DAILY CATCH From: " > Date: Friday, September 26, 2014 at 9:45 AM To: gnax <a > Cc: LS < es > <n >, a ee * < >, Scott Stack an < >, Subject: PIMCO Ghislaine, Hope you are well. This morning it was announced that Bill Gross is leaving Pimco for Janus as of next Monday. You have a position in the Pimco Unconstrained Bond fund managed by Bill with a value of 163k and an unrealized loss of 3k. We don't have much Pimco exposure left for our clients as we began exiting earlier this year when the infighting at Pimco began. At this time, however, we are recommending our client exit any remaining Pimco funds under the premise that it's better to be out first than last. A similar fund that we do like and have been using for years is the Strategic Income Opportunity Fund run by Rick Reider at Blackrock. With your permission we will sell the Pimco Position today and replace it with the Blackrock fund, the overview is attached here. Thanks, Lyle CONFIDENTIAL UBSTERRAMAROO000653 EFTA00236352

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Lyle Casriel Senior Vice President—Investments Private Wealth Advisor | Portfolio Manager Advisory & Brokerage Services UBS Financial Services Inc Private Wealth Management www.ubs.com/privatewealthmanagement **Disclaimer** Please visit our website at http.//financialservices inc.ubs.com wealth E-maildisclaimer html for important disclosures and information about our e-mail policies. cial Security numbers, credit card mumbers, passwords, or other For your protection, please do not transmit orders or instructions by e-mail or include account numbers, § personal information. UBS requires that any orders sent by email be verbally confirmed, orders sent by email alone will not be executed. The information contained herein has been obtained from sources believed to be reliable, we cannot guarantee its accuracy or completeness neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security, Thts information ts being provided as a service of your Fimanctal Advtsor and does not supersede or replace your month Services Inc. customer statement, Please be advised that information pertaining to trades of any securities is not an official transaction confirmation. The afficial confirmation of any transaction will be sent to you based on your delivery preferences UBS Financial UBS e-Delivery:easy.efficient.ecosmart. secure. CONFIDENTIAL UBSTERRAMARO0000654 EFTA00236353