<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Sunday, December 3, 2017 6:01 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

I was thinking about the merger. Is it really a good idea to become a fully listed entity ?

Ariane de Rothschild

On 3 Dec 2017, at 13:29, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

i looked at the numbers. in jeffreys ideal world there is a merger. or jv. . if jes staley can play a part all the better. as someone who you can direct that has vast experince in all aspects including regulatory. . . the alternative is to try to sell JB to cs and you would get some of the clients who dont want to be part of a big bank

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