<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Monday, August 31, 2015 5:18 PM
A. de Rothschild</td></tr><tr><td>Subject:</td><td>Re: Confidential</td></tr></table>

its a longer discussion, but i would be happy for yo= to take between 2-3 b . and be done. its nunaced and fi=cally delicate. I will try to come to paris

On Mon, Aug 31, 2015=at 12:31 PM, A. de Rothschild <blackened out> wrote:

Fyi . Let s talk about i=

Ariane de Rothschild

Début du message tra=sféré :

Exp=C3 diteur: FIEVET Emmanuel <blackened out>
Date: 31 août 2015=17:59:20 UTC+2
Destinataire: "A. de Rothschild" <blackened out> ,="TOBIANO, Cynthia"
<blackened out> target=>>
Objet: Con=idential

Call with Jakob Stott —=Head of Europe for UBS WM. Jakob reports to Juerg Zeltner. He hired JFdL i= to UBS 3 years ago.

Key information from the image:

*   They are excited about working together.
*   They see it as an opportunity for synergies and market leadership.
*   They are flexible on cash injection versus equity stake.
*   They see cross-sell opportunities.

But.... There is a constraint on UBS which is=that they need to see a path to full (or majority) control.<=span>

I reiterated that 1) we are not seller and 2) if we=were it would be Edr Group and not just France.

They would be happy to consider Group.

They would like to data crunch to have a better und=rstanding of what we are talking about.

Options/Suggestions:

1) We tell them, we are not interest=d and close the discussion

2) We data crunch and let them =80 buy" 15-20% in EdR France with a call option to 51% (or more)=in S

years

3) We do 2) at Group level=/u>

Thoughts?<=p>

EF

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