TO: Jeffrey Epstein

TO: Jeffrey Epstein FROM: Noah Greenhill TEL: DATE: 1/3/10 FACSIMILE COVER SHEET FAX NUMBER: Ma FAX NUMBER: Mal # PAGES (incl. cover): 5 ►00'd SOCIS8HOIH et:CI 0103-00-83d EFTA01117773 AFFIDAVIT OF GLENN DUBIN STATE OF NEW YORK ) ss.: COUNTY OF NEW YORK Glenn Dubin, being duly sworn, deposes and says: I I am over twenty-one years of age and am competent to testify to the matters stated in this affidavit. I have personal knowledge of the facts and statements herein. Each of the facts and statements herein is true and correct 2. Starting in 2002, an entity that I both owned and controlled, currently known as Dubin & Swieca Asset Management, LLC ("DSAM"), owned interest in the general partner and in the investment manager of D.B. Zwirn Special Opportunities Fund, L.P. (the "Zwirn Fund'). The Zwirn Fund was named after Daniel Zwim ("Zwim"). While Zwim was responsible for the day-to-day management and operations of the Zwirn Fund, after Zwim spun off his business from DSAM (then known as Highbridge Capital Management, LLC), I helped introduce investors to Zwirn, invested my personal and family foundation assets with Zwirn, and my firm allocated assets of Highbridge Capital Corporation ("I-TCC") to an account managed by Zwim's company which was also the investment manager of the Zwirn Fund. 3. One of the early investors that I introduced to Zwirn was Jeffrey Epstein ("Epstein"). Epstein was both a personal friend of mine and a long-time investor in TICC. My understanding is that beginning in 2002 Epstein invested assets in the Zwirn Fund through an entity called Financial Trust Company, Inc. 300'd 300IHEIHOIll £4:£T Oln-00-834 EFTA01117774 4. In the fall of 2006, Zwirn called me and told me that he was firing the Zwirn Fund's Chief Financial Officer. Zwim told me that there had been various irregularities at the Zwirn Fund, including that investors' money was used, to pay for an airplane that would be owned by Zwim's company. 5. During October 2006, Zwirn told me that he was making attempts to contact each investor in the Zwirn Fund, including Epstein, to explain the irregularities to them. 6. After speaking with Zwirn, Epstein called me very upseL Epstein said that Zwirn had initially described the irregularities as '`nonmaterial", but on a subsequent call, Zwirn's description of the issues made it clear to Epstein that the problems were in fact very material. Epstein told me that when he confronted Zwim about the earlier description of the irregtdarties. Zwim said that his counsel had told Zwirn to use the word "non-material". Epstein felt that Zwirn had lied to him. Epstein told me that he wanted to redcoat Financial Trust Company, Inc.'s entire capital account in the Zwim Fund immediately and that Epstein had made that demand to Zwirn. 7. I subsequently spoke to Zwirn about Epstein's demand Zwim was concerned that a complete redemption could cause a "run-on-the-bank" Zwim asked me to discuss with Epstein reducing his demand to one-half of Financial Trust Company. Inc.'s total capital account in the Zwirn Fund at the time, and T agreed I would discuss it with Epstein. S. Subsequently, I participated in a three-way call with both Zwirn and Epstein. During this call, Epstein demanded from Zwim the withdrawal of all of Financial Trust COO•d 30GINHOIH tt:CI oToz-Co-ad EFTA01117775 Company, Inc.'s capital account in the Zwirn Fund. Epstein said he wanted to redeem all of Financial Trust Company, Inc.'s 140 plus million dollars in that capital account immediately. Zwim responded that such a redemption could cause a "run-on-the-bank" and asked Epstein to reduce his redemption demand to half of that amount. Zwim said that if Epstein made only a partial redemption request, Zwim would honor thc request quickly. During this discussion with Epstein, Epstein agreed to redeem slightly more than half of Financial Trust Company, int.'s total capital account and said that Financial Trust Company, Inc. would redeem 80 million dollars, and Zwim agreed to honor that request. Zwirn did not dispute that Epstein had the right to thc total redemption of Financial Trust Company, Inc.'s capital account in the Zwim Fund. It is my understanding, based on subsequent conversations with Epstein, that after this conversation, Epstein made a written request for that partial redemption of Financial Dun Company, Inc.'s capital account in the Zwirn Fund and that Zwirn refused to honor this request. Glenn Dubin Sworn to before me this 3 Notary ay, of February, 2010. 54. K Wt-Nok c.w.A.‘ R u.-Nisk olootadblas ta :mt • Ili 4At's 1700'd SOGIM8H011i tt:CI 010Z-00-834 EFTA01117776