EFTA00238238.pdf

Message From: M@ellmox.com) Sent: 6/27/2016 10:21:30 PM To: Subject: Re: A call Thanks, Molly. I'm just waiting to hear from her advisor on his availability. Best, From: Molly Ladd Dote: Monday, June 27, 2016 at 5:55 PM To: B Cc: The TerraMarProject <Ghislaine@theterramarprojectorg>, Molly Ladd Subject: RE: A call Mi• Lyle is traveling tomorrow, but does have availability Wednesday and Friday this week. Please find some times below. Wednesday, June 29: Between 10AM-11AM; 2:30PM Friday, July 1: Any time Thank you! Molly From: Stackman, Scott Sent: Monday, June 27, 2016 5:31 PM To: 'G Maxwell' Cc: •=1=; Casriel, Lyle; Ladd, Molly Subject: RE: A call Yes. Lyle will do first call. Scott L. Stackman Managing Director - Investments Private Wealth Advisor UBS Private Wealth Management 299 Park Avenue 25th Floor New York, NY. 10171 C F Stackman/Casriel Group — Barron's Top 100 Original Message From: G Maxwell EGMax I @ellmax.com] CONFIDENTIAL UBSTERRAMAR00002693 EFTA00238238 Sent: Monday, June 27, 2016 05:26 PM Eastern Standard Time To: Stackman, Scott Cc: Casriel, Lyle; Ladd, Molly Subject: Re: A call Let's see if we can do a call before and then another one when you are. Back Friday does that ? Thx The TerraMar Project From: Sent:June 27, 2016 5:00 PM CilMEMM; Subject:RE: A call I am traveling. Would it be possible to do it on Friday. If not Lyle can be in the call before. Scott L. Stackman Managing Director - Investments Private Wealth Advisor UBS Private Wealth Management 299 Park Avenue 25th Floor New York, NY. 10171 C Stackman/Casriel Group - Barron's Top 100 Original Message--- From: G Maxwell Sent: Monday, June 27, 2016 10:44 AM Eastern Standard Time To: Stackman, Scott Cc: Subject: A call Hi there -Hope you had a good call thank you for the bellow - want to set up a call with my lawyer today or tomorrow if that is possible can coordinate Best G From:' It Date:Monday, June 27, 2016 at 10:10 AM To: NY Max c Cc:Scott Stockman Subject:After the U.K. referendum: What's next? CONFIDENTIAL UBSTERRAMAR00002694 EFTA00238239 Ghislaine, Friday's market reaction to the Brexit vote was clearly not expected by markets. With the vote as close as it was the margin of error in the polling data caught market participants off-guard. When events like this happen, we believe it's important to pause and assess as opposed to making a quick or emotional decisions. It is impossible to discount what happens next in Europe or in financial markets. Along with the shock of Thursday's results, there is also now some sentiment that the voting process and results could be contested in a second referendum down the line. There will clearly be effects from the UK's departure but this process won't happen to overnight. It will take years to understand and work out. There will be winners and losers and markets will need time to digest that information. Additionally there will be policy responses and political posturing that surely will move markets, the challenge is knowing who might say what at any given time and how the market may respond. Below is a note and links to timely research from our Chief Investment Officer, Mike Ryan. In addition we have attached an interesting article from Ken Rogoff of Harvard along with a helpful chart of the process for the UK from here. If you'd like to set up time to discuss these events, and how they impact your portfolio please let us know. Best, Lyle & Scott U.K. voters delivered an historic decision in choosing to leave the European Union. It's a move that has reverberated around the globe, further increasing market uncertainty and investor anxiety. However, We want to help you make sense of what it all means within the context of the larger economy, global financial markets and your own portfolio. We am committed to staying on top of this rapidly developing event and its implications. Our analysts and strategists at CIO Wealth Management Research will continue to publish ongoing updates as events unfold. Their latest insights are included below: CIO Note: Brexit—navigating the aftermath Market alert: U.K. referendum implications • Listen to the replay from our special June 24 call: Replay dial-in: 1- or Replay code: 20564 (note: please listen to the entire message) Important disclosure CIO Wealth Management Research is provided by UBS Financial Services Inc. UBS Financial Services Incorporated of Puerto Rico is a subsidiary of UBS Financial Services Inc. In Canada, CIO Wealth Management Research is provided by UBS Investment Management Canada Inc. The views expreaxd in the research provided do not constitute a personal recommendation or take into account the particular investment objectives. investment strategies, financial situation and needs of any specific individuals. They are based on numerous assumptions. Different assumptions could result in materially different results. We recommend that you obtain financial and/or tax advice as to the implications (including tax) prior to investing. VHS Financial Services Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser and a broker-dealer. UBS Financial Services Incorporated of Puerto Rico is registered as a broker-dealer. As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. Advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. It is important that you CONFIDENTIAL UBSTERRAMAR00002695 EFTA00238240 carefully read the agreements and disclosures UBS provides to you about the products or services offered. For more information, please visit our wcbsite at vAvw.ubs.comAvorkinguithus. CUBS 2016. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. 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