To: Jeffrey epstein (jeeyacation@gmail.coni)[jeffrey epstein (jeeyacation©gmail.com)]; jeeyacation@gmail.com[jeeyacation@gmail.com] From: Boris Nikolic Sent: Thur 3/13/2014 9:09:10 PM Subject: FW: dinner tmw This is really your expertise — leverage!!! I was talking yesterday with Veronica re fund and she is urging me to construct a leverage and borrow more money so I can put more money in. This is how she did it in a fund with Jorge and few other investors — they borrowed her money so her exposure went up. It would be almost impossible to go to Bill — or not? To Yuri? Could I leverage FMI? Please lees discuss Will tell you more when we talk. Thank you so much for last night — she really liked you — BUT what is there not to like ;) B Fro Sent: Thursday, March 13, 2014 8:49 AM EFTA_R1_00380227 EFTA01930289 To: Boris Nikolic Subject: Re: dinner tmw Yes, I think there might be time in boston, let's plan for that if you are there too. As for leverage, here is the way it works: I. You commit 5M investment and subscribe shares of the fund 2. Each core investor makes you a loan of 5M 3. You total exposure to the fund is 20M - this puts more skin. In the game for you and investor will like the alignment, it shows your commitment - you will make more money if the fund performs, so you re in. Performance. business, not a fee business. - as an LP investor, you will py mgmt fee as all investors, they will like that 4. You provide the quotas of the fund that the loan subscribed as a guarantee for the loan (just as if you bought a house with a Loan, that house is a guarantee for who made you the loan). As a counter guarantee, if they ask for it, you can provide the quotas subscribed by your 5M. No other guarantee shall be given. If you need help this let me know, including mentioning tht this is used in other fund tht more look like a partnership, aligning interests of LFs and GP's. Xoxo Sent via my BlackBerry® device from Claro EFTA_R1_00380228 EFTA01930290