From: Jeevacation leevacation®gmail.com>

From: Jeevacation leevacation®gmail.com> To: "gmaxl®instantemail.t-mobile.co.uk" <gmaxl®instantemail.t-mobile.co.uk> Subject: Fwd: RE: Date: Wed, 29 Sep 2010 21:04:23 +0000 Very confidential Sent from my iPhone Begin forwarded message: From: Jes Staley Date: September 29, 2010 10:50:09 PM GMT+02:00 To: "'Jeffrey Epstein" <[email protected]> Subject: RE: A very wide range. The low end being our formula of 12 times a pretax income derived only from management fees, with a deal to leave carry mostly to the sellers in the early years. To the price paid for GLG which was a high teen multiple of NI, including carry. Call if you are up. I am back in the office. From: Jeffrey Epstein [mailto:[email protected]] Sent: Wednesday, September 29, 2010 6:50 AM To: Jes Staley Subject: what is the currrent purchase formula for a 2 and twenty distress fund,,, approx 1.5 under magamt 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. EFTA00732184 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.j morgan.corn/pages/disclosures/email. EFTA00732185