2) EuroStoxx 50 - you had a EuroStoxx note mature at end of August (S2mm exposure, +15% gain, 15 mo. tenor). We continue to have a positive view on European Equities over the long term. Below is indicative, and we can customize further if you wish. Consider the following: Tenor: 24 months Underlying: SXSE Cont

2) EuroStoxx 50 - you had a EuroStoxx note mature at end of August ($2mm exposure, +15% gain, 15 mo. tenor). We continue to have a positive view on European Equities over the long term. Below is indicative, and we can customize further if you wish. Consider the following: Tenor: 24 months Underlying: SXSE Con

of Global Credit; — Wayne Cohen, Executive Managing Director and Chief Operating Officer; — Adrian Croxson, Executive Managing Director and Head of European Equities; — David Becker, Executive Managing Director, Chief Legal Officer; and — Kenneth Perry, Managing Director and Head of Risk Management ■ Dedicated

ad of Global Credit — Wayne Cohen, Executive Managing Director and Chief Operating Officer; Adrian Croxson, Executive Managing Director and Head of European Equities; — David Becker, Executive Managing Director, Chief Legal Officer; and — Kenneth Perry, Managing Director and Head of Risk Management ■ Dedicated

ad of Global Credit — Wayne Cohen, Executive Managing Director and Chief Operating Officer; Adrian Croxson, Executive Managing Director and Head of European Equities; — David Becker, Executive Managing Director, Chief Legal Officer; and — Kenneth Perry, Managing Director and Head of Risk Management ■ Dedicated

• <!--(if IsupportListsj--><!--(endifj-->Decrease exposure to European Equities (Unhedged) by 2.0% • <!--[if Isupportlists]--><!--(endif]-->Increase exposure to Emerging Market Equities (Core) by 1.0% • <!--[if isupportlist

o Provides the rationale behind the tactical asset allocation changes resulting from the RIC - Americas meeting on July 12: • Decrease exposure to European Equities (Unhedged) by 2.0% Increase exposure to Emerging Market Equities (Core) by 1.0% Increase exposure to Emerging Market Bonds by 1.0% • DB WM - Econ

2) EuroStoxx 50 - you had a EuroStoxx note mature at end of August (52mm exposure, +15% gain, 15 mo. tenor). We continue to have a positive view on European Equities over the long term. Below is indicative, and we can customize further if you wish. Consider the following: Tenor: 24 months Underlying: SXSE C

2) EuroStoxx 50 - you had a EuroStoxx note mature at end of August ($2mm exposure, +15% gain, 15 mo. tenor). We continue to have a positive view on European Equities over the long term. Below is indicative, and we can customize further if you wish. Consider the following: Tenor: 24 months Underlying: SX5E C

2) EuroStoxx 50 - you had a EuroStoxx note mature at end of August ($2mm exposure, +15% gain, 15 mo. tenor). We continue to have a positive view on European Equities over the long term. Below is indicative, and we can customize further if you wish. Consider the following: Tenor: Underlying: Contingent Min. Re

arious senior positions in the Capital Markets and Investment Banking divisions. including Financial Institutions Group Management Committee member. European Equities management team member and President of Leadership Morgan Chase • Prior to joining Kleinwort Benson, Mr. Bamuevo worked with Nobel laureate economis