From: "Jeffrey E." <jeevacation®gmail.com>

From: "Jeffrey E." <jeevacation®gmail.com> To: "A. de Rothschild" -4 Subject: Re: Confidential Date: Mon, 31 Aug 2015 17:17:32 +0000 its a longer discussion, but i would be happy for you to take between 2-3 b . and be done. its nunaced and fiscally delicate. I will try to come to paris On Mon, Aug 31, 2015 at 12:31 PM, A. de Rothschild <I > wrote: Fyi . Let s talk about it Ariane de Rothschild Debut du message transfers : Expediteur: FIEVET Emmanuel Date: 31 aoilt 2015 17:59:20 UTC+2 Destinataire: "A. de Rothschild" <I "TOBIANO, Cynthia" Objet: Confidential Call with Jakob Stott - Head of Europe for UBS WM. Jakob reports to Juerg Zeltner. He hired JFdL in to UBS 3 years ago. In short: nothing new... They are very exciting at the idea of working with us They see it as a great opportunity to create synergies, value and a market leader They are flexible in terms of cash injection vs equity stake They see other cross sell opportunities at the Group level But.... There is a constraint on UBS which is that they need to see a path to full (or majority) control. I reiterated that 1) we are not seller and 2) if we were it would be Edr Group and not just France. They would be happy to consider Group. They would like to data crunch to have a better understanding of what we are talking about. Options/Suggestions: PROT0 I) We tell them, we are not interested and close the discussion 2) We data crunch and let them "buy" 15-20% in EdR France with a call option to 51% (or more) in 5 years 3) We do 2) at Group level Thoughts? EF nn••••••••••••••••••.**••re****terrott*s. *wpm *trim **so. **so. Wenn Wenn Wen Based on e-mail exchanges with you up until now or under past agreements, we believe we are entitled to contact you by unsecured e-mail. E-mail entails considerable risks: Internet communications cannot be guaranteed to be confidential, secure or error•free as information could be intercepted, corrupted, lost, arrive late or contain viruses. The sender therefore does not accept liability for any errors or omissions in the context of this message which arise as a result of Internet transmission. Unless otherwise stipulated herein, any opinions contained in this message are those of the author and are not given or endorsed by the company through which this message is sent. Nothing in this message or in its attachments should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. No order, order revocation, blocking order or any other bank order shall be accepted by electronic medium and we do not deem ourselves under any obligation either to refuse such orders expressly or to act upon them in any manner. in sten ann. en. *fano. *fano. Wenn *von.. *nye 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 PROT1