From: David Stern < Sent: Wednesday, September 7, 2011 9:33 PM To: Jeffrey Epstein Do =ou think we can set something up to buy and lease farmland in =ussia? We have the best access, control and security as well as =eam/resources locally through my girl's family =perations. South of Russia has the best soil in the world ="black earth") As global stock =arkets fluctuate wildly, private equity funds and other large =nstitutions are increasingly looking to alternative investments to =rovide balance and stability to their portfolios. Given the rapid run-up =n agricultural commodities and food prices recently, farmland =nvestments are becoming an increasingly attractive asset =lass, writes Josh Cohn, a partner at alternative investment =roup GreenWorld BVI. It is also an ideal asset class for =rivate equity firms with long time horizons, as farmland is inherently =lliquid and usually requires at least a five to ten-year minimum =olding period to be worth the investment. In the UK for example, =ver the last ten years, agricultural land has appreciated roughly 13 =er cent per year in the according to Investment Property Databank =IPD). The US and other Western countries have seen similar =armland investment returns. Farmland prices have therefore =kyrocketed, reaching as high as E17,300 (approximately $30,000) per =ectare in the northwest of England to take just one example. As = result, investors are increasingly turning their attention to areas of =he world where farmland prices are starting from a much lower base, =hereby providing much greater upside potential. One area where =his has been particularly prevalent is Africa, where hedge funds and =ther large institutions have been making large agricultural farmland =nvestments. Hedge funds and private equity funds alone have =urchased 148 million acres of farmland in just the last three =ears. Given the long history of colonial exploitation in Africa, =here has been increasing resistance to what is