<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Wednesday, November 29, 2017 2:55 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

The merger is to me the best alternative to try The family has very little left in the company - do they still decide ? The board at large ?

Ariane de Rothschild

On 29 Nov 2017, at 23:34, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

yes, . thats why the family is spinning. . the alternative is for them to be bought by CS but it is too early in cs cleaning to do so. . , no matter what JB has some good teams that pichtet will hold off robbing for a year or so . so it is ripe for you to either approach, or my preference is a merger, tax effficient. . operations synergized , 200 m savings. . and YOU personally as opposed to benj trusts to be compensated fully

| Field | Extracted content |
|---|---|
| Date & time | Wed, Nov 29, 2017 at 9:29 AM |
| From (visible) | perso@aderfam.ch |
| From (angle-bracketed) | <redacted — blacked out> |
| Recipients / CC | Multiple entries blacked out (redacted) |
| Quotation marker | "> wrote:" (indicates this is a quoted/forwarded email) |

Very interesting idea . Should I see the chairman of JB s board ? Wasn't he to be replaced soon too ?

Ariane de Rothschild

On 29 Nov 2017, at 21:02, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com> > wrote:

I think the merger of you and JB with you in charge would be great. as i always thought , the family is lost . they had no noncompete in place. as i knew

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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