From: Sent: Tuesday, April 4, 2017 3:49 PM To: jeffrey E. Subject: Re: Ariane de Rothschild On 4 Apr 2017, at 10:58, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote: im trying to envision what a merger would look like. . it appears to me that though they are a around 2.5 times your size , their earnings are around 12 times. . so stock for stock would dilute the earnings. . complicated . 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 EFTA_R1_01314467 EFTA02345044