<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Wednesday, April 5, 2017 12:12 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

I disagree

The industry is already on the move - if only based on some French banks s interest to converge with us and use us to reposition their dynamics and identity worldwide -

Ariane de Rothschild

On 5 Apr 2017, at 12:14, jeffrey E. <jeevacation@gmail.com <mailtoleevacation@gmail.com» wrote:

upon lots of reflection , I cant get a current merger to work, from both sides. - separate from a sig cash portion. taxable probabaly. .and publicity wise not ideal. though He really loved the idea of you being the chairperson. you were right.

I think bringing on boris plus 2 or 3. at most. agreeing BEFOREHAND on details of strategy and tactics. , providing milestones and mechanisms for compensation. . it will take three years to fix. at that point- IF- you are earning 150 -200 plus . then there will be many merger candidates. separate from JB.

Boris has a six month notice provision. im not sure of his vesting issue. . I think you sitting down with him , for at least a few hours. ( I would join if you thought helpful, ) is next step i think it most important that you both get to know each others personality.

-- 1- brand co.resolution , - uncross and delist. . castrate nadine . 2. think about a jan 1, beginning for boris. 3. re-do family documents. . wills , trusts , 4, get boris help on advisory board. 5. to maximize your benefits upside , time, tax, lifestyle. I see a 2020 transaction. no earlier.

works nicely . with all girls being gone . lots of fun and things to do.

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