EFTA02475929

From: jeffrey E. <jeevacation@gmail.com> Sent: Saturday, January 16, 2016 3:26 PM To: TOMMY MOTTOLA Four things I want to bring to your attention following the fun start to th= year: § Eurostoxx 50 Dividends o Dividend contracts have sold off alongside the recent market =urmoil, opening up a good entry point in our view o Currently, the market expectation for 2017 dividend payments =f SXSE companies is 106 EUR. We believe the payout will be closer to 123 indicating potential upside of - 17% § Eurostoxx 50 Structure - the spike in volatility allows for some interesting structured note pricing linked to the Eurostoxx 50 whereby you can get 26% downside protection with unlimited upside for 18 months § CDX High Yield Tranche o Outside of a few select single credits, this is our preferred=method of putting money to work in High Yield. We're focusing on th= 15-25 tranche in the stack, which carries well (- 6%) and offers some buffer against initial defaults § Middle East peg breaks o With oil potentially low for long, countries such as Saudi an= UAE may run into issues holding their pegs against USD. Already, the Saud=s have spent a large amount of reserves defending their peg. We like=20 positioning for this using optionality. Paul pl=ase note The information contained in this communication is con=idential, may be attorney-client privileged, may constitute inside info=mation, and is intended only for the use of the addressee. It is the pr=perty of JEE Unauthorized use, disclosure or copying of this comm=nication or any part thereof is strictly prohibited and may be unlawful= If you have received this communication in error, please notify us imm=diately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@=mail.com> , and destroy this=communication and all copies thereof, including all attachments. copyri=ht -all rights reserved EFTA_R1_01589201 EFTA02475929