From: Ari Glass <

From: Ari Glass < IMMI > To: 'Jeffrey Epstein' [email protected]> Subject: Date: Mon, 16 Jun 2014 20:48:40 +0000 Darren had wanted us to speak about issues relating to the unlikely but theoretically possible event of a 10% drawdown followed by some illiquidity in the portfolio that could make a quick return of 100% of remaining capital impossible. We forgot to discuss. My only issue is with not disadvantaging other LPs, not with respect to protecting my own assets — which was why I offered to overly penalize my assets if that unlikely scenario were to ever happen. I'd be surprised if we lost 10% and surprised if we wouldn't be able to pay out very quickly thereafter. However I do realize you want to cover all possibilities. I'm open minded about trying to come up with solution that works — let me know if you have any ideas. Let me know if /when you want to speak again to address. An Glass Boothbay Management Managing Member 810 7th Ave Suite 405 New York, NY 10019 The information contained in this e-mail and any attachments may be legally privileged, proprietary and/or confidential. If you are not an intended recipient, you are hereby notified that any use, copying, disclosure or distribution of all or any portion of this e-mail and any attachments is strictly prohibited. If you received this e- mail in error, please notify the sender, permanently delete the e-mail and any attachments, and destroy all hard copies immediately. This communication should not be regarded as an offer, solicitation or recommendation to sell or purchase any security or other financial product. Boothbay and its related entities reserve the right to monitor and/or save all e-mail communications through their networks. EFTA00706937