From: Peter Thiel < Sent: Saturday, April 9, 2016 12:14 AM To: jeffrey E. Subject: RE: Not sure if that's true — but definitely be careful about bonds. From: jeffrey E. [mailto:jeevacation@gmail.com] Sent: Friday, April 08, 2016 2:34 PM To: Peter Thiel < Subject: Thanks for lunch , always fun. And I realized according to your demographic argument I should rotate out of equities . Painful please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 1 EFTA_R1_01306469 EFTA02341140