<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Friday, July 22, 2016 2:13 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

We wont take an actual loss for 2016- I II charge as much restructuri=g costs as possible so we start 2017 " leaner" . That s all =

Ariane de Rothschild

On 22 Jul 2016, at 13:10, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmai=.com» wrote:

since you said that you felt B was in a good place and cou=d handle the japanese dinner. my best thought , th=ugh it would be a pain would be for you to come back in the middle o= your trip so the time away is not seen as weeks .. with the same motivation , messaging communicaiton etc. =lF you forsee , taking a loss this year in earnings the press =hould be primed, reasons, rational plan. etc. = before you take it. . not explained afterwards. &n=sp; brexit. low or neg interest. . low long term rates. . digital banking. etc

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