Sent: Tuesday, October 7, 2014 1:52:56 AM Subject: Market and 2015 From: G Sera To: Jeffrey Epstein <jeevacation©gmail.com> Ciao Jeff, A quick note to confirm that also on consumer goods and food two CEOs that are friends are worried about the market expectations for next year. Both see Europe flat (they are European companies mainly), Asia slowing and I don't see the luxury leaders growing more than 5-8% per year in the mid term (3-5 years). Last years growth was 20%+ per year. Market expectations arc higher and this combines with the refinancing that they have to do for the cash spent on buybacks and potentially lower help from central banks, it might be an issue. Interesting, both consumer goods and food executives are waiting for a market correction to mention the lower expansion for next year to analysts. They arc convinced it will arrive before they have to announce a miss on earnings. Ciao G EFTA_R1_00043778 EFTA01748554