<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, July 24, 2015 9:18 AM</td></tr><tr><td>To:</td><td>A. de Rothschild</td></tr><tr><td>Subject:</td><td>Re: Ubs</td></tr></table>

I think it very worth exploring in detail. =AO they sell at the highest multiple of book, .

On Fri, Jul 24, 2015 =t 4:43 AM, A. de Rothschild <██████████ <mailto:██████████> wrote:

UBS would be interested to buy my whole swiss entity as well - maybe i shou=d sell and we all go on eternal holidays

Discussions on the french side/ structure + synergies moving fast and const=uctive. This is my counterproposition : 20% ownership of our french =olding(BP+AM+PE) for them , merge the Private banks at EDR and use it unde= this brand , M&A/ corporate finance with them , credits capabilities =ith them + depos . Seeing the french ceo tursaday mrng

Ariane de Rothschild

=AO please note

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