Fwd: RE:

what is the currrent purchase formula for a 2 and twenty distress fund,,, approx 1.5 under magamt

Very confidential

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Begin forwarded message:

From: Jes Staley
Date: September 29, 2010 10:50:09 PM GMT+02:00
To: "'Jeffrey Epstein" jeevacation@gmail.com
Subject: RE:

Avery wide range. The low end being our formula of 12 times a pretax income derived only from management fees, with a deal to leave carry mostly to the sellers in the early years. To the price paid for GLG which was a high teen multiple of NI,including carry.

Call if you are up. I am back in the office.