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- Main article: Books (Skyrim)
The note is, as the title implies, a warning to Delvin Mallory, regarding on how he apparently was watching Vex bathe in the lake, to which she threatens to cut off his "most valuable asset". It can be inferred that this note is meant as a mildly gruesome and perverted joke.
- On a table in front of Delvin Mallory in the Ragged Flagon.