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EFTA00239158

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esent over 25% of the value of the index. This has made the S&P 500 more sensitive to the draw down in tech stocks. • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'

e may have been some reaction later in the day to Trump's comments, as its not typical to see a President

Message From: Casriel, Lyle Sent: 10/12/2018 1:16:18 AM To: 'Scott Borgerson' GMAX [- CC: Stackman, Scott I; Klein, Matthew ; McNamara, Sean [- Subject: Volatile Markets Attachments: A bull market resetting, not an ending.pdf Scott/Ghislaine,

EFTA00239162

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s made the S&P 500 more sensitive to the draw down in tech stocks. CONFIDENTIAL UBSTERRAMAR00003832 EFTA00239164 • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'

e may have been some reaction later in the day to Trump's comments, as its not typical to see a President

the Americas, 381° Floor New York, NY 10019 Phone: Fax: From: Casriel, Lyle Sent: Friday, October 12, 2018 11:21 AM To: 'Scott Borgerson' Cc: Stackman, Scott; Klein, Matthew; Tomkiewicz, Jessica; McNamara, Sean; Prost, Brittany Subject: RE: Volatile Markets Adding Brittany. Let's make it Spm. Fro

EFTA00091671_email_007

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e may have been some reaction later in the day to Trump's comments, as its not typical to see a President

Message From: Sent: To: CC: Subject: Attachments: Casriel, Lyle [ 10/12/2018 1:16:18 AM 'Scott Borgerson' [[email protected]); GM Stackman, Scott [email protected] Klein, Matthew McNamara, Sea Volatile Markets A bull market resetting, not an ending.pdf Scott/Ghislaine, ; Tomk