<table><tr><th>From:</th><th>Gianni Serazzi &lt;</th></tr><tr><td>Sent:
To:</td><td>Sunday, January 10, 2016 5:34 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Ciao Jeff,

as mentioned I have doubled down on my shor= retail after your team confirmed. However I am not sure when to stop the =rade so please let me know, and please let me know if I should focus more =s or keep it global as I have it now. I will let you know when I see the o=der portfolio of suppliers of retai thatl starts growing again. =br>

Also the risk neutral strategy we discussed on companies tha= have increased leverage to do buybacks vs. ones that didn't is paying=off a little. I am positive 6% with it in the last 8 months, another fund =hat followed it but probably implemented it better is up 9% with it.

=div>

As discussed also the others are restarting to buy emer=ing, especially Russia. I am putting some long money there as well. If you=think it's a mistake please let me know, I trust and value a lot your =nput.

Thx
G

On Thu, Jan 7, 2016 at 9:53 AM, Gianni S=razzi <████████████████████ <mailto:██████████████████>> > wrote:

Great, thank you.

Retail us I suppose? Please let me know when to close that position in the next months.

Also after 18 months short emerging some deep pockets are re=tarting to invest there excluding China with longer term horizon. I will f=llow them

Thx

G

On Jan 6, 2016 11:44 PM, "jeffrey E." =Itjeevacation@=mail.com <mailto:jeevacation@gmail.com» wrote:

retail short a great trade

=

ple=se note

The information contained in this communication is conf=dential, may be attorney-client privileged, may constitute inside infor=ation, and is intended only for the use of the addressee. It is the pro=erty of

JEE

Unauthorized use, disclosure or copying of this commu=ication or any part thereof is strictly prohibited and may be unlawful.=If you have received this communication in error, please notify us imme=iately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@g=ail.com> , and destroy this =ommunication and all copies thereof, including all attachments. copyrig=t -all rights reserved