<table><tr><th>From:</th><th>TOBIANO, Cynthia</th></tr><tr><td>Sent:</td><td>Wednesday, July 29, 2015 9:44 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Test</td></tr></table>

Doing the maths so not yet there

Was looking at it from the end ie how much he wants, what it means in terms=of synergies to understand how realistic it is... i am not convincing lot =f people in line for it so 1.5bn seems high

De: jeffrey E.
Envoyé: mercredi 29 juillet 2015 11:37
À: TOBIANO, Cynthia
Objet: Re: Test

we will never know until there is a real offer and acceptance, I think= an offer that looked like a purchase. instead of a merger , but carried =ith it more of a merger like payout, . with a suitable balance of securit= , liquidity, etc. would work . and caution, even if you offered a lar=e number to start, he coulld not help himself to always ask for more. do=you really think the synergies are that high?

## 2015-07-29 4:27 GMT-04:00 TOBIANO, Cynthia

## Agreed

Thinking about price, does he think he can get the 1.5? Not a lot of part=er could yield 500M of 50% synergies...

De: jeffrey E.
Envoyé: mardi 28 juillet 2015 18:18
À: TOBIANO, Cynthia
Objet: Re: Test

re kbl. I can help advise you and ariane. I do not really bring much val=e, I can help structure, give you insights into their thinking but fran=ly not very complex. not fair to charge. as really the key will be the =eam„

2015-07-28 10:58 GMT-04:00 TOBIANO, Cynthia

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## Agreed (cont.)

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