<table><tr><th>From:</th><th>Shahzad Shahbaz</th></tr><tr><td>Sent:</td><td>Sunday, September 11, 2016 10:01 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Didn't realize this got left in my inbox.

For whatever it is worth from 2 months ago;

• Currencies; would short Euro and Sterling against Dollar

• Commodities; bullish on oil. Should hit $ 60 by year end.

• Equities; generally very cautious except European Banks, US Banks =nd Selected Emerging Market names.

• Fixed Income; very cautious. Risk/reward trade off very skewed

• Real Estate; quite cautious unless meets our return hurdles which =s minimum 5%. More emphasis on mezz debt with conservative LTV ratios.&nbs=;

• Other; generally more focused on structured transactions offering =urrent cash pay with downside protection and some equity upside.

Current views not very different from above.

On Jun 27, 2016, at 12:14, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gma=l.com> wrote:

ok. whatis your view of the markets here. = ? currency? realestate?

On Mon, Jun 27, 2016 at 7:13 AM, Shahzad Shahbaz=
<mailto > wrote:

I think JV will be difficult as we would rather not be in a non contro= situation and too many other complications to deal with.

On Jun 27, 2016, at 13:54, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gma=tcom» wrote:

understood. or should we begin in some sort of=joint venture. ?

On Mon, Jun 27, 2016 at 3:36 AM, Shahzad Shahbaz=
<mailto > wrote:

We could look at it as long as Rothschild is willing to meet our price=expectations.

On Jun 26, 2016, at 19:19, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gma=l.com» wrote:

be done with KBL and rothschild

wondering with the eventual move to lux of banks,&nb=p; is there anything to

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<mailtojeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved