Jan . sorry I was in meetings all day.. I drafted the following. excuse the numbers and typos .. we should talk about my conversation today.. regarding conflicts. Sloppy dots. And Jonathan view that you want to invest in two passive entities and may also be contemplatin g a share based fee from some of the investor cos/ 1. As a general matter, the form of the draft Investment Letter is sloppy. Paragraphs are not numbered. It fails to consider some of the folloiwing ; 2. The draft Investment Letter is addressed to Hedosophia Alpha Limited ( "HAL"), and is purportedly from an investor. However, it is signed by Ian Osborne for his company and "accepted" by Jacob Burda for his company. The Investment Letter should be addressed to HAL, signed by the investor and accepted by HAL (rather than Jacob's or Ian's company) through one or more Directors of HAL, as may be required by UK law. It is my understanding that each of Ian and Jacob are intending to be Directors of HAL and each of the companies are intending to be the shareholders/joint venturers of HAL, but I do not know if either of their companies are providing funds for the Internet related investments, or are just managing the money of others, and I don't know if this Investment Letter is meant to be used by third parties other than Ian's and Jacob's companies? 3. The aggregate of the investments to be received by HAL is stated in the draft Investment Letter to be between $50 MM and $80 MM. Is $50 MM a minimum aggregate investment amount? Does that mean that if HAL does not raise $50 MM of investments, then it will not begin its investment activities and will return the money invested? If so, will the money be held in Escrow until HAL raises the minimum? Who is holding the Escrow? By what date must the minimum be raised? Will there be a closing? What will be the closing procedures? 4. How will the investments be evidenced? Notes? Certificates? This draft Investment Letter appears to be