<table><tr><th>From:</th><th>A. de Rothschild &lt;</th></tr><tr><td>Sent:</td><td>Friday, July 24, 2015 11:13 AM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Ubs</td></tr></table>

Ok i will. I will ask to meet Ermotti

Ariane de Rothschild

Le 24 juil. 2015 a 11:17, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» a ecrit :

I think it very worth exploring in detail. they sell at the highest multiple of book, .

On Fri, Jul 24, 2015 at 4:43 AM, A. de Rothschild < <mailto > > wrote:

UBS would be interested to buy my whole swiss entity as well - maybe i should sell and we all go on eternal holidays ©

Discussions on the french side/ structure + synergies moving fast and constructive. This is my counterproposition : 20% ownership of our french holding(BP+AM+PE) for them , merge the Private banks at EDR and use it under this brand , M&A/ corporate finance with them , credits capabilities with them + depos .

Seeing the french ceo tursaday mrng

Ariane de Rothschild

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