<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Saturday, January 16, 2016 3:26 PM</td></tr><tr><td>To:</td><td>TOMMY MOTTOLA</td></tr></table>

Four things I want to bring to your attention following the fun start to th= year:

§ Eurostoxx 50 Dividends

- o Dividend contracts have sold off alongside the recent market =urmoil, opening up a good entry point in our view

- o Currently, the market expectation for 2017 dividend payments =f SXSE companies is 106 EUR. We believe the payout will be closer to 123 indicating potential upside of - 17%

§ Eurostoxx 50 Structure

- the spike in volatility allows for some interesting structured note pricing linked to the Eurostoxx 50 whereby you can get 26% downside protection with unlimited upside for 18 months

§ CDX High Yield Tranche

o Outside of a few select single credits, this is our preferred=method of putting money to work in High Yield. We're focusing on th= 15-25 tranche in the stack, which carries well (- 6%) and offers some buffer against initial defaults

§ Middle East peg breaks

o With oil potentially low for long, countries such as Saudi an= UAE may run into issues holding their pegs against USD. Already, the Saud=s have spent a large amount of reserves defending their peg. We like=20 positioning for this using optionality.

Paul

pl=ase note

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