From: Gianni Serazzi <
Sent: Friday, May 8, 2015 7:48 AM
To: Jeffrey Epstein
Subject: This article outlines exactly what we were discussing a few months ago on market
pricing
This article outlines exactly what we were discussing=a few months ago on market pricing
http://www.marketwatch.comistory/why=are-stock-prices-so-high-follow-the-borrowed-money-2015-05-
07?link=MW_po=ular
As mentioned months ago several CFOs told me t=at they are worried about how the stock will react with markets going
down=on interest rates going up and at the same time them not being able to bor=ow anymore and continue buybacks
at same rate. The companies that have res=sted this temptation over last years will perform better compared to the
o=hers.
Best
GS
EFTA_R1_01631462
EFTA02502916