Timestamp: 4f202011 3:41:31 PM EST EPSTEIN DEPOSITION NOTES 4.20.11 BILL SCHWARTZ Wouldn't you always want a shorter lockup? No. There are reasons for longer lock ups Only wanted to put in 2-year max money. Understood it would be a single lockup of a single cap acct. Got this from GD at time he first invested. Never spoke to DZ until years later. My understanding came from counsel also. Everyone knows I don't invest for more than 2 yrs in a HF—too risky. Doesn't recall whether he had made other HF investments that had sep lockups for different traunches. Only remembers the lockup terms on this one because it is the only one we've had a problem with. Got letter in early 05 about lockup rights of new and existing investments. Also spoke to GD in late 04 about this. I've had many conversations where I have 1 EFTA01102264