<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Sunday, June 26, 2016 2:34 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

We need to wait on European reaction monday If strong: short term might have major force= moves of bank headquarters+ funds to Europe ( Frankfurt or Luxembourg= + foreign talents will move out of london probably to aria

If weak and indecisive: Short term , very high volatility. Real esta=e prices down . Zero view as it will linger in political deb=tes. So corporates will have to decide on stay/no stay based on pain on th=ir P/L

## Ariane de Rothschild

On 26 Jun 2016, at 12:57, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmai=.com» wrote:

what do you see as the largest impact short me=ium and long term

On Sun, Jun 26, 2016 at 6:53 AM,  <  <mailto:  = target=> > wrote:

That s why i eas interested last yr to do something with KBL - to have=a larger plateform

## Ariane de Rothschild

On 26 Jun 2016, at 12:41, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmai=.com» wrote:

lots of uk funds will have to reloacte to luxembourg=nbsp; . we should take advantage of it

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