<table><tr><th>From:</th><th>Gianni Serazzi &lt;</th></tr><tr><td>Sent:</td><td>Friday, May 8, 2015 7:48 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>This article outlines exactly what we were discussing a few months ago on market
pricing </td></tr></table>

This article outlines exactly what we were discussing=a few months ago on market pricing

http://www.marketwatch.com/story/why=are-stock-prices-so-high-follow-the-borrowed-money-2015-05-07?link=MW_po=ular

As mentioned months ago several CFOs told me t=at they are worried about how the stock will react with markets going down=on interest rates going up and at the same time them not being able to bor=ow anymore and continue buybacks at same rate. The companies that have res=sted this temptation over last years will perform better compared to the o=hers.

Best
GS