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Message From: Casriel, Lyle a] Sent: 7/15/2014 8:52:40 PM To: G Maxwell CC: Klein, Matthew Ramdeen, Vijai Shkreli, Juliana Subject: RE: MAXWELL: Revised Proposal Ghislaine, I; I; Stackman, Scott I I; Waldron, Chelsey Devon We executed as instructed and kept Twitter and BHP. Proceeds raised are approximately 716k. We will move the cash to your cash account upon settlement. Thank you, Lyle From: G Maxwell [mailtoffi Sent: Tuesday, July 15, 2014 12:01 PM To: Casriel, Lyle Cc: • Klein, Matthew; Ramdeen, Vijai; Shkreli, Juliana; Stackman, Scott; Waldron, Chelsey Devon Subject: Re: MAXWELL: Revised Proposal This looks like a plan..lets execute Lets keep twitter and BHP and BHP we can always sell later in the year for the loss if needed.. Best G THE TERRAMAR PROJECT FACEBOOK TWITTER G+ PINTEREST INSTAGRAM PLEDGE THE DAILY CATCH From: " " < Date: Friday, July 11, 2014 at 16:11 PM To: gmax < Cc: ' ' < Stackman < >,' Subject: RE: MAXWELL: Revised Proposal Let us know if you want to connect on this. From: Casriel, Lyle Sent: Thursday, July 10, 2014 5:09 PM To: 'G Maxwell' >, Scott CONFIDENTIAL UBSTERRAMAR00000500 EFTA00236204 Cc: Garcia, Camille; Klein, Matthew; Ramdeen, Vijai; Shkreli, Juliana; Stackman, Scott; Waldron, Chelsey Devon Subject: MAXWELL: Revised Proposal Ghislaine, Based on our discussion and your need to raise some cash these are the names we would recommend selling, as well as our rationale. 1. Conocophillips: Did well in a strong oil price environmentbut only growing at 3-4% per year vs. peers in the E&P space growing at 8%. They have a FCF deficit so if we get a pull back on oil they will have issues and thus pull back on capex spending because they are so focused on dividend as large shareholder base depends on it. Take profits now, high conviction sell. 2. Verizon — Has done relatively well recently on a total return basis (YID), but there is a secular shift in the wireless business and margins are coming down and the stock isn't that cheap. Take profits, high conviction sell. 3. Illinois Tool Works — Relatively expensive and while it's been a great growth story we think the growth story will be decelerating from here and the stock trades at a 3x higher multiple than usual. Less high conviction, but still a sell here. In order to not have any tax impact we would need to sell the majority of your positions that currently have a loss. They are below. Note BHP, Apache and Lukoil are the only names below that UBS still rates as a Buy/Overweight. That said, if oil prices are toppish here then both Apache and Lukoil (despite the Russian discount) may be challenged moving forward. Given the unrealized losses in them, it's driving our decision to help you raise as much cash as possible without significant tax consequence. 1. Twitter 2. Staples 3. Target 4. Geron 5. Apache 6. BNP 7. Kirin 8. HSBC 9. B0C HK 10. Tesco 11. BHP 12. Lukoil 13. Alstom Total Proceeds Raised from sales (approx.): $821K Total Gains from sales (approx.): $70K Total Losses from sales (approx): $71K Net loss: 51K (All of the above pricing subject to market variability) Thanks, Lyle & Scott [IBS Financial Services, Inc., its affiliates and its employees do not prentide tis or legal advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with UBS Financial Services, Inc. of any CONFIDENTIAL UBSTERRAMAR00000501 EFTA00236205 of the matters addressed herein or for the purpose ofavoiding U.S. tax-related penalties. Attorneys in the UBS Financial Services Attorney Network are independent and unaffiliated with UBS Financial Services Inc. This material s not intended or mitten to be used, and cannot be used or relied upon, by any taxpayer for the purpose of(0 avoiding penalties under the Internal Revenue Code, or (it) promoting, marketing or recommending to another party any transaction or tax-related matter(s). CONFIDENTIAL UBSTERRAMAR00000502 EFTA00236206