<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Wednesday, November 29, 2017 3:07 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Like before I think its a good deal to get out from the top, gets B out ( more needed than ever) and locks other shareholders for a while I II ask Cynthia to rerun the numbers.

I ve just been nominated to the board of Amdocs - Israeli software co listed on the Nasdaq- .

Ariane de Rothschild

On 30 Nov 2017, at 00:01, jeffrey E. <jeevacation@gmailcom <mailto:jeevacation@gmail.com» wrote:

you can certainly figure out who can help you . it is one of your great skills. . pull the best from both . and then 18 -24 months later it should run itself.

<u>On Wed, Nov 29, 2017</u> 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

<u>On Wed Nov</u> 29 <u>2017 at 9:55</u> 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

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

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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

## Ariane de Rothschild (cont.)

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