From: A. de Rothschild <-> Sent: Tuesday, November 18, 2014 10:58 AM To: jeffrey E. Subject: Re: We re in the middle of budgets for 2015. I will go for a very aggressive investment year ( IT,operations,teams). For I.T, as we have such a gap to catch up , I will look to outsource as much as possible provided the result in 2 years' time is speed, constant quality and automatic upgrading. Estimated investment : 60 to 70 mio over 2 years . I will also ask them to do budgets over 2 years to see if we get out of the slump latest 2016. The objective is to be totally clean and up to speed for 2017 when automatic exchange of info starts. We II also discuss geographic areas to develop. Ariane de Rothschild Le 18 nov. 2014 a 11:42, jeffrey E. <[email protected] <mailto:[email protected]» a ecrit : thanks for images will open on computer. later today thank thank thank you On Tue, Nov 18, 2014 at 6:39 AM, A. de Rothschild < <mailto > wrote: Yes saw it this morning. Bad news Ariane de Rothschild Le 18 nov. 2014 a 11:22, jeffrey E. <[email protected] <mailto:[email protected]» a ocrit : http://www.nbcnews.com/businessibusiness-news/hsbc-branch-accused-organized-fiscal- fraud-money-laundering-n250581 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of TEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this EFTA_R1_01778404 EFTA02594420