<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Wednesday, November 29, 2017 3:11 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Given the combined size ,most definitely and it would allow me to clean up much deeper in my group . Also very interesting as LB has almost no in-house Asset mgt . So it's a good combination with us ahead of Mifid/Finleg as they have to compensate for diminishing ROA

Ariane de Rothschild

On 30 Nov 2017, at 00:06, jeffrey E. cjeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

i think if you were focused , you would end up with less to do as a result of more help

On Wed, Nov 29, 2017 at 9:59 AM
> wrote:

Great - very interesting

I m not sure though that I have the capabilities to run that big a combined bank

Ariane de Rothschild

On 29 Nov 2017, at 23:56, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

the board. . lots of alternatives. lots

On Wed, Nov 29, 2017 at 9:55 AM,  wrote:

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:

## Ariane de Rothschild (cont.)

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

- Type: email header (part of an email chain)
- Visible text: "On Wed, Nov 29, 2017 at 9:29 AM" and "wrote:"
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- Contextual topics (from surrounding text): possible acquisition/merger involving "CS" and "JB"; "family is spinning"; alternative is being "bought by CS"; preference for a tax-efficient merger with operational synergies and "200 m savings"; proposal that "YOU personally" be compensated fully rather than trusts; question about seeing the chairman of JB's board.

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

please note

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please note

## Ariane de Rothschild (cont.)

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

<mailto:jeevacation@gmail.com>, and

destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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

## Ariane de Rothschild (cont.)

return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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