EFTA02501139

From: Jes Staley Sent: Sunday, June 7, 2015 6:45 PM To: Epstein Jeffrey E. Subject: Fwd: Deutsche Confidential. Sent from my iPhone Begin forwarded message: From: < Dat • • • To: Subject: RE: Deutsche Jes, In NYC at Deutsche's Investor Conference it was already obvious that this w=uld happen soon. I feel sorry for Anshu and Juergen, but investors and the=r own board of directors had after their AGM lost confidence and started t=e search process 3 weeks ago. John was Paul's preferred candidate. This way he keeps the DB platform and =igh visibility for himself. Both are gone if they fail to achieve the turn=round. Not an easy task... Best, Axel Original Mes From: Jes Staley Sent: Sunday, June 07, 2015 06:44 PM W. Europe Standard Time To: Weber, Axel Subject: Deutsche Did you have any idea Jain was thinking of stepping dow=? Cryan is an interesting choice. Sent from my iPhone EFTA_R1_01628482 EFTA02501139 Visit our website at http://www.u=s.com <http://www.ubs.com> This message contains confidential information and is intended only <=span> for the individual named. If you are not the named addressee yo= should not disseminate, distribute or copy this e-mail. Please =/span> notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mails are not encrypted and cannot be guaranteed to be secure or </=pan> error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The s=nder therefore does not accept liability for any errors or omissions in th= contents of this message which arise as a result of e-mail transmissi=n. If verification is required please request a hard-copy version. =This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities </=pan> or related financial instruments. UBS reserves the right to retain all messages. Messages are protected=/span> and accessed only in legally justified cases. 2 EFTA_R1_01628483 EFTA02501140