From: Boris Nikolic < Sent: Sunday, July 1, 2012 6:44 PM To: Jeffrey Epstein ([email protected]) Subject: FW: UBS WM CIO Monthly - July Attachments: CIO_Letter_July.pdf, ATT00001.txt; CIO_Extended_July.pdt ATT00002.txt What do you think? B Original Message From: Alex Friedman [mailto Sent: Saturday, June 30, 2012 7:30 AM To: Boris Nikolic Cc: Boris Nikolic (bgC3) Subject: UBS WM CIO Monthly - July Boris, Great to see you in NY and I am so glad you are doing well. I was reminded =f how much I miss our visits - we must stay in better touch. Meanwhile, I thought you might be interested to see how I am managing the $=.6 trillion I oversee. Attached is a CIO letter I write that explains my v=ew on the mkts and then details on every position we take - every month I =hare this with all clients and interested parties. best, alex 1 EFTA_R1_02062767 EFTA02699757