Message: MAXWELL: Revised Proposal, Casriel (EFTA00236193)

Message From: Casriel, Lyle Sent: 7/10/2014 9:08:41 PM To: G Maxwell CC: Garcia, Camille I; Klein, Matthew I; Ramdeen, Vijai I; Shkreli, Juliana I 1; Stackman, Scott I Waldron, Chelsey Devon Subject: MAXWELL: Revised Proposal Ghislaine, Based on our discussion and your need to raise some cash these are the names we would recommend selling, as well as our rationale. 1. Conocophillips: Did well in a strong oil price environment but only growing at 3-4% per year vs. peers in the MN space growing at 8%. They have a FCF deficit so if we get a pull back on oil they will have issues and thus pull back on capex spending because they are so focused on dividend as large shareholder base depends on it. Take profits now, high conviction sell. 2. Verizon - Has done relatively well recently on a total return basis (YTD), but there is a secular shift in the wireless business and margins are coming down and the stock isn't that cheap. Take profits, high conviction sell. 3.