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Message From: Stackman, Scott Sent: 7/15/2014 4:05:16 PM To: G Maxwell ; Casriel, Lyle CC: Klein, Matthew Ramdeen, Vijai ; Waldron, Chelsey Devon Subject: RE: MAXWELL: Revised Proposal Will do Hope you are well. Scott L. Stackman Managing Director - Investments Private Wealth Advisor UBS Private Wealth Management T C 1 l; Shkreli, Juliana Pleage be advised that this e-mail is nol an official transaction cenfirmation The official confirmation of this transaction will be sent to von via regular mail. From: G Maxwell [mailto ] 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 FACEB00K TWITTER G+ PINTEREST I NSTAGRAM PLEDGE THE DAILY CATCH From: "a . a> Date: Friday, July 11, 2014 at 16:11 PM To: gmax Cc: ,< " < >, I. Stackman < Subject: RE: MAXWELL: Revised Proposal >, Scott CONFIDENTIAL UBSTERRAMAR00000495 EFTA00236199 Let us know if you want to connect on this. From: Casriel, Lyle Sent: Thursday, July 10, 2014 5:09 PM To: 'G Maxwell' 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 IllII 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 (YTD), 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. BOC 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: $1K (All of the above pricing subject to market variability) CONFIDENTIAL UBSTERRAMAR00000496 EFTA00236200 Thanks, Lyle & Scott UPS Financial Services, Inc., its affiliates and its employees do not provide tax or legal adobe. 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 UPS Financial Services, Inc. of any of the matters addressed herein or for the purpose olavoicling U.S. tax-related penalties. Attorneys in the UPS Financial Services Attorney Network are independent and unaffiliated with UPS Financial Services Inc. This material is not intended or mitten to be used, and cannot be used or relied upon, by any taxpayer for the purpose 01(0 avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter(s). CONFIDENTIAL UBSTERRAMAR00000497 EFTA00236201