<table><tr><th>From:</th><th>Gianni Serazzi</th></tr><tr><td>Sent:
To:</td><td>Monday, June 1, 2015 3:21 PM
Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Spoke with a couple of friends</td></tr></table>

In 2 HF where some friends work and that I spoke to this w=ekend, the main expectation is for a significant correction in
the next we=ks. Both have approved a reduction in long positions for the month. I am i=plementing a very defensive
portfolio

Ciao
G
</=iv>