From: Gianni Serazzi ███████████████████
Sent: Saturday, August 8, 2015 7:02 AM
To: Jeffrey Epstein
Subject: Markets

Spoke yesterday with CFO of us company that studied with me. Public 5b valu=tion.

Confirmed worry mentioned a few months ago.=As the rates go up they will have to slow down buybacks. Even a little slo=down of bb in a situation with high dollar, slow growth =omestic and where costs and investments have already been reduced they fea= will have a 10-20% impact on stock. Moreover many times because of how ma=kets are these are self fulfilling prophecies.

<=iv>The leverage squeeze already started in emerging markets (-20%) and wer= stopped momentarily in Europe by
local QE.

=/div>
Ciao
G