From: Thomas Mottola

From: Thomas Mottola To: "Jeffrey E." <[email protected]> Subject: TM PHONE # Date: Sat, 16 Jan 2016 15:28:17 +0000 Ho Cell On Jan 16, 2016, at 10:25 AM, jeffrey E. <jeevacation®gmail.com> wrote: Four things I want to bring to your attention following the fun start to the year: § Eurostoxx 50 Dividends o Dividend contracts have sold off alongside the recent market turmoil, opening up a good entry point in our view o Currently, the market expectation for 2017 dividend payments of SXSE companies is 106 EUR. We believe the payout will be closer to 123 indicating potential upside of —17% § Eurostoxx 50 Structure - the spike in volatility allows for some interesting structured note pricing linked to the Eurostoxx 50 whereby you can get 26% downside protection with unlimited upside for 18 months § CDX High Yield Tranche o Outside of a few select single credits, this is our preferred method of putting money to work in High Yield. We're focusing on the 15-25 tranche in the stack, which carries well (-6%) and offers some buffer against initial defaults § Middle East peg breaks o With oil potentially low for long, countries such as Saudi and UAE may run into issues holding their pegs against USD. Already, the Saudis have spent a large amount of reserves defending their peg. We like positioning for this using optionality. Paul please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00691445 EFTA00691446