EFTA01852449

To: Dubin, Glenn Fran: Jeffrey Epstei Sent Thur 9/1/2011 9:32:51 AM Subject Re: FW: DZ Distributions you and dan need to agree on a value for him to relinquish his interest. they say they have the right to put 3 % to corbin with a third part valuation. once you and Dan agree on a number its over.. Fyi, he will take five million On Thu, Sep 1, 2011 at 12:16 AM, Dubin, Glenn No capital acct. wendel is back on mon. g From: Jeffrey Epstein Imailto:icevacationtemail.com] Sent: Wednesday, August 31, 2011 6:14 PM To: Dubin, Glenn Subject: Re: FW: DZ Distributions wrote: if wendall talks to siefert, that would be helpful..does dan have a capital acct. if so how much? , I am working with Paul weiss on trying to get you a termination of your interest On Wed, Aug 31, 2011 at 9:22 PM, Dubin, Glenn ote: From: McHale Stuart, Tracy Imailt Sent: Wednesday, August 31, 2011 : To: Dubin, Glenn Subject: DZ Distributions During our first three years of operation (2005-2007), distributions of taxable profits were made annually to the firm's limited partners. These calculations were made by an independent CPA firm (Pustorino Puglisi) who maintains the management company's legal books and records. During that period of time, DZ received his allocable share of those distributions based upon his ownership of 4.5%. Since that period of time, distribution activity is summarized as follows: Tax Year 2008: No distribution of taxable profits was made to any of the limited partners: however, DZ received a payment representing the expiration of a tax deferral made in a prior year (2006). Tax Year 2009: No distribution of taxable profits was made to any of the limited partners. EFTA_R1_00247363 EFTA01852449 Tax Year 2010: No distribution of taxable profits was made to any of the limited partners; however, tax payments were made to cover estimated tax payments for 2010. DZ was paid his proportionate share of this payment. Tax Year 2011: No distribution of taxable profits was made to any of the limited partners; however, tax payments will be made this week to cover estimated tax payments for 20I1. DZ again will be paid his proportionate share of this payment. In summary, since the 2007 tax year, there has been no distribution of taxable profits made to any of the limited partners due to diminished profitability and the need to retain cash for working capital. Any other distributions that were made since that time relate to expiring deferrals or payments made to cover estimated taxes. Additionally, at this point in the year, we expect Corbin to sustain a loss for 2011 based on GAAP earnings. CORBIN Tracy McHale Stuart, CFA Partner, Chief Executive Officer Corbin Capital Partners 590 Madison Avenue, 31st Floor New York, NY 10022 direct main fax www.corbincapitalcom Perfotmance ;atom:slim thrum above is preliminary, has not been audited and is presented net of fees and expenses. An investment in the fund is speculative and involves a high degree of risk. There can be no assurance that the fund's investment objective will be achieved, and invesiment multi may ray substantially from year to year. The fund may be leveraged and its pesfonnance may be volatik. An investor could lose all or substantially all of his or her investment. Corbin Capital Partners. L.P. has total trading authority over the fund. The use of a single advisor could result in kick of diversification and consequently. higher risk. There is no secondary market for an investor's interests in the Iliad and none is expected to develop. There are restrictions on tramfening interests in the fund. The fund's fees and expenses may offset the f'und's trading profits. Prospective investors should review the risks described in the fund's Confidential Mernorandtmt This email and any attachments hereto do not constitute an offer to sell, or a solicitation of an offer to buy, my interest in any investment vehicle. Nor does this email or any attachment hereto disclose the risks and tams of an investment in any investment vehicle managed by Cotbin Capital Partners. L.P. or any of its affiliates. Solicitations can be made only with a Confidential Memorandum and only to qualified persons. EFTA_R1_00247364 EFTA01852450 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. This communication and any materials attached hereto are intended solely for the named recipient(s) and contain confidential and privileged material regarding Corbin Capital Partners. L.P.'s ("Corbin- ) investments. strategy and organization. Delivery of this communication or any of the information contained herein to anyone other than the recipient is unauthorized and any other use. reproduction. distribution, copying or disclosure of this communication 41( the information contained herein, in whole Of in part, without the prior written consent of Corbin is prohibited. If you receive this communication in error. please immediately contact the sender and delete or destroy this communication and any related attachments. Performance infonmtion contained in this communication is preliminary. unaudited and presented net of fors and expenses. unless otherwise stated. An investment in a fund managed by Corbin is speculative and involves a high degree of risk. An investor could lose all or substantially all of his or her investment. Prospective investors should review the risks described in the applicable Confidential Memorandum. This communication does not constitute an offer to sell. m a solicitation of an offer to buy. any interest in any investment vehicle. and should not be relied on as such. Nor does this communication disclose the risks or tams of an investment in any investment vehicle (including those managed by Corbin or any of its affiliates). Solicitations can be made only with a Confidential Memorandum and only to qualified persons. Neither Corbin nor any of its affiliates accepts any responsibility or liability arising from this communication. No representation or warranty, express or implied, is being given or made that the information presented herein is accurate. current or complete. and such information is at all times subject to change without notice. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE. OF FUTURE RESULTS. This c-mail message is intended only for the named recipient(s) above. It may contain confidential information. If you are not the intended recipient you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error, please immediately notify the sender by replying to this e-mail and delete the message and any attachment(s) from your system. Thank you. *********************************************************** 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 Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail,com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This e-mail message is intended only for the named recipient(s) above. It may contain confidential information. If you are not the intended recipient you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error, please immediately notify the sender by EFTA_R1_00247365 EFTA01852451 replying to this e-mail and delete the message and any attachment(s) from your system. Thank you. 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 Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00247366 EFTA01852452