Message: After the U.K. referendum: What's next?, Casriel (EFTA00238234)

Message From: Casriel, Lyle Sent: 6/27/2016 2:10:14 PM To: G Maxwell CC: Stockman, Scott ; Gutierrez, Matthew Subject: After the U.K. referendum: What's next? Attachments: brexit-democratic-failu.pdt 062616_Brexit_-_Whot_s_Next.pdf Ghi slaine, Friday's market reaction to the Brexit vote was clearly not expected by markets. With the vote as close as it was the margin of error in the polling data caught market participants off-guard. When events like this happen, we believe it's important to pause and assess as opposed to making a quick or emotional decisions. It is impossible to discount what happens next in Europe or in financial markets. Along with the shock of Thursday's results, there is also now some sentiment that the voting process and results could be contested in a second referendum down the line. There will clearly be effects from the UK's departure but this process won't happen to overnight. It will take years to understand and work out. There will be win