From: Jeffrey Epstein <[email protected]> To: Boris Nikolic •t: Ina> Subject: not for transmission fyi Date: Mon, 03 Feb 2014 17:36:41 +0000 Yes. Lots of ways for them to move on and not make an investment in the fund they number 1 priority.. this is a how to fuck the investor deal. . russian gangsters. I. General partner reserves the right to form the Fund with a lesser or greater amount of commitments. Rather than commit to 150 MM. So no limit on the GP as to how little it can close with 2. What about management or advisory committee? No structure yet provided. 3. 10 year term but they can extend for 2 one year periods. you could be in this for 15 years before seeing your money back 4. 6 year cutoff for honoring committments no so firm. Continuing obligation to fund portfolio investments "in process" as of the end of the investment period and to finance follow-on investments. What does "in process" mean? Up to 15% of aggregate capital commitments allowed to be put into 1 portfolio company? As this is based on percentage of commitments and not percentage of actual invested capital, and there is no guarantee as to how much will actually be invested, 15% of aggregate commitments invested in one company could represent a substantial portion of invested capital of the fund. Particularly where there are rights to form successor funds to invest. 5. No fixed minimum amount before GP is allowed to complete the initial closing.. all one sided. 6. Not clear how much money contributed up front. "Each investor . . . will be required to make a capital contribution at admission equal to the same percentage of its commitment as has been required to be contributed by the other Limited Partners prior to such date ..." So how much is going to be contributed initially? 7. Investment Advisory Committee, which is appointed exclusive by the GP, may not "necessarily represent the interests of the limited partners" and "may be subject to conflicts of interest,"