<table><tr><th>From:</th><th>David Stern (</th></tr><tr><td>Sent:</td><td>Saturday, February 4, 2017 8:35 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

- assuming it's US$ it seem= very high

- HKMA will of course not allow to to Chinese. S=lly idea. I know HKMA execs (but it won't help here)

- seems wron= strategy in place as private bank

- wrong CEO

- n=eds transaction focused approach connecting Asia with old Europe

On 3 Feb 2017, at 23:13, jeffrey E. <jeevacation@gmail.com> wrote:

</=iv>

hong kong rothschild&nbs=; costs 15 m neg per year. at the moment. clo=ingn down or transfer involves hk moneatary authority, 3 c=inese tried to buy authority said NOWAY

<er>..

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