Page 201 1 Epstein 2 you? 3 A. Correct. 4 Q. And the reason that you are telling 5 Mr. Dubin that you want out is because you can't 02:50:10 6 get a firm answer on this issue; isn't that 7 correct? That's what the e-mail says; correct? 8 A. What I was suggesting, again, is that I 9 had enough of Dan Zwirn and his firm bullshitting 10 us, lying to us, misleading us. I want all my 02:50:26 11 money out. 12 Q. What you say, This is why I want out. 13 A. Correct. 14 Q. The e-mail to which he refers was sent 15 months ago. There were many conflicting 02:50:36 16 conversations since then. After yesterday when I 17 was promised to get a firm answer, we heard 18 nothing except the e-mail received only this 19 morning, copied to you; correct? That's what it 20 says? 02:50:47 21 A. Yes. 22 Q. And it makes reference to no other 23 issue about getting out is that correct? 24 except what's there? 25 A. You have to repeat the question, I'm 02:50:58 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299285

Page 202 1 Epstein 2 sorry. 3 Q. It states a reason for wanting to get 4 out and states nothing further; correct? 5 A. No. 02:51:07 6 Q. It does state something further? 7 A. Yes. 8 Q. What does it state further? 9 A. It says there were many conflicting 10 conversations since then. 02:51:19 11 Q. And those were the conversations about 12 the valuation; correct? 13 A. It was the valuation, and my 14 recollection is that it goes back to when I can 15 get my additional $53 million out. Sorry. 02:51:25 16 Q. You testified a moment ago that the 17 conflicting conversations were about the 18 valuation. Are you changing that testimony? 19 A. Yes, sir. You just refreshed my 20 recollection. Thank you. 02:51:40 21 Q. What was it that I said that refreshed 22 your recollection? 23 A. Because there were many conflicting 24 statements, and the concept was I wanted to know 25 when I could get the rest of my money out, all 02:51:48 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299286

Page 203 1 Epstein 2 along, and then in fact I think this refreshed my 3 recollection that they were saying you can't get 4 your $80 million and there's a crazy redemption 5 schedule for the rest. 02:52:00 6 Q. What did I say that refreshed your 7 recollection? 8 A. I don't know specifically. 9 Q. But I refreshed your recollection? 10 A. But thank you. 02:52:06 11 Q. And the $80 million isn't referred to 12 anywhere here; is that correct? 13 A. That's correct. It says total, I want 14 all of it out. It says I want out, which is all 15 of it. 02:52:18 16 Q. There is nothing in the text of the 17 e-mail that refers to $80 million; is that 18 correct? 19 A. That's correct, that's correct. 20 MR. SCHWARTZ: This would be a good 02:52:31 21 time for a break. 22 THE VIDEOGRAPHER: Stand by. We are 23 going off the record. The time is 2:51 p.m. 24 This is the end of Tape 4. 25 (Recess taken from 2:51 to 3:04.) 02:52:51 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299287

Page 204 1 Epstein 2 THE VIDEOGRAPHER: We are back on the 3 record. The time is 3:04 p.m. This is the 4 beginning of Tape Number 5. 5 Q. After the last e-mail chain that I 03:06:05 6 showed you, did you have any conversations with 7 Mr. Dubin before sending your notice of 8 withdrawal? 9 A. I don't recall. 10 Q. Up to February 14th -- up to February 03:06:39 11 14th, 2007, other than the conversations that 12 you've testified about with Mr. Zwirn, do you 13 recall any other conversations with him? 14 A. Through the date -- there was some 15 conversation, I believe, with respect to George 03:06:58 16 Mitchell, but I'm not sure if it was in that 17 period of time. 18 Q. What was that conversation? 19 A. It was a conversation about him hiring 20 Senator Mitchell. 03:07:08 21 Q. You just don't recall when it was? 22 A. No, sir. 23 Q. Other than that possible conversation 24 about Senator Mitchell? 25 A. No. 03:07:16 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299288

Page 205 1 Epstein 2 Q. No others? 3 A. No. 4 Q. Are there any other conversations with 5 Mr. Dubin about the funds -- about the -- about 03:07:19 6 this fund prior to February 14th, 2007, that you 7 recall? 8 A. Not that I recall. 9 MR. SCHWARTZ: Make this Exhibit 10, 10 please. 03:07:46 11 (Exhibit 10, letter, marked for 12 identification.) 13 Q. Do you recognize Exhibit 10? 14 (Pause.) 15 A. I've read it. 03:08:28 16 Q. Do you recognize it? 17 A. No, sir. 18 Q. Did you sign it? 19 A. It appears so. 20 Q. Could that be Mr. Beller signing for 03:08:37 21 you? 22 A. It could be. 23 Q. If you signed it, would you have read 24 it? 25 A. Not necessarily. 03:08:47 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299289

Page 206 1 Epstein 2 Q. Do you know who prepared it? 3 A. No. 4 Q. Did you have any conversations with Dan 5 Zwirn after this letter was sent? 03:09:03 6 A. Not that I recall. With regard to the 7 investments? 8 Q. With regard to the investments. 9 A. Yes, not that I recall. 10 Q. Any conversations about anything else 03:09:10 11 with him? 12 A. I'm not sure of the time frame that 13 Senator Mitchell called, which is in the back of 14 my mind, but I don't have a specific recollection. 15 Q. Did you ever have a conversation with 03:09:28 16 you, Dan Zwirn, and Mr. Dubin's wife? 17 A. I don't remember -- I don't recall 18 that. 19 Q. You don't recall that sometime in early 20 2007 the three of you had a conference call? 03:09:43 21 A. No. No. 22 Q. The answer is no? I'm sorry. 23 A. No. 24 Q. Have you ever given testimony before 25 the Securities and Exchange Commission? 03:10:03 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299290

Page 207 1 Epstein 2 A. Yes. 3 Q. Relating to what? 4 A. I think it was in 1979 with respect to 5 option trading in St. Joe Minerals. 03:10:20 6 Q. Have you ever given testimony at any 7 other time to the Securities and Exchange 8 Commission? 9 A. Not that I recall. 10 Q. Were you subpoenaed by the Securities 03:10:38 11 and Exchange Commission in connection with your 12 investments -- in connection with this fund? 13 A. No, sir. 14 Q. Following the February 14th letter 15 withdrawing -- withdrawal of your capital account, 03:11:09 16 did you have any conversations with Mr. Dubin 17 about this matter? 18 A. Yes. 19 Q. When? You had the conversation you 20 testified to earlier this morning; correct? 03:11:27 21 A. Yes. 22 Q. Other than that conversation. 23 A. Yes. 24 Q. How many? 25 A. Can you repeat the question? 03:11:36 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299291

Page 208 1 Epstein 2 Q. How many? 3 A. That's not a question. 4 Q. Conversations with Mr. Dubin other than 5 the one you testified to this morning did you have 03:11:49 6 with him concerning this matter. 7 A. Fifteen or twenty. 8 Q. Over what period of time? 9 A. Two years. 10 Q. Do you recall any of them specifically? 03:12:09 11 A. Yes. 12 Q. What's the first one you recall 13 specifically? 14 A. I couldn't tell you it was the first 15 call. The time order isn't consistent. Glenn 03:12:24 16 Dubin said that Dan Zwirn was a liar, a cheat, 17 it's amazing that the SEC found him -- found no 18 substantial violation, he must done a very good 19 job. Sorry, that he misled everybody, he was a 20 micromanager, that even the idea of the airplane 03:12:58 21 expenses, nothing Dan Zwirn had told him turned 22 out to be accurate. 23 Q. Was that one conversation? 24 A. No, it was many conversations, sorry. 25 Q. This was many conversations? 03:13:17 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299292

Page 209 1 Epstein 2 A. I'm conglomerating many conversations 3 over a period of time. 4 Q. The conversation with him about the SEC 5 not finding anything substantial, is what you 03:13:24 6 said, when was that? 7 A. That was recently, after the SEC gave 8 Dan a pass. 9 Q. He called you up? 10 A. No. 03:13:34 11 Q. You called him up? 12 A. It was on a telephone call. I don't 13 know who called. 14 Q. Who raised the issue? 15 A. I did. 03:13:41 16 Q. What did you say? 17 A. How is it possible that the SEC didn't 18 call me and ask me to testify against this 19 scumbag. That's what I said. 20 Q. And in response to that he said what 03:13:51 21 you said he said, that it's amazing that they 22 didn't find a substantial violation? 23 A. And that they didn't call you. 24 Q. Did they call him? 25 A. I don't know. 03:14:01 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299293

Page 210 1 Epstein 2 Q. Did you ask him? 3 A. No. 4 Q. Are you aware whether they found an 5 insubstantial violation that Mr. Zwirn had 03:14:08 6 committed? 7 A. No. 8 Q. Are you aware that they found any 9 violation that Mr. Zwirn committed? 10 A. No. 03:14:15 11 Q. In fact, are you aware that he didn't 12 commit a violation? 13 A. No. 14 Q. Any other conversations you remember 15 with Mr. Dubin about this matter? 03:14:24 16 A. They all basically came down to the 17 same -- again, conglomerate a bunch of 18 conversations, it was all the fact that Dan Zwirn 19 was a crook. 20 Q. Did you ever have a conversation with 03:14:36 21 Perry Gruss? 22 A. Yes. 23 Q. When was that? 24 A. In the past two months. 25 Q. Who was present? 03:14:49 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299294

Page 211 1 Epstein 2 A. I believe just Mr. Gruss and me. 3 Q. Who set up the meeting? 4 A. I did. 5 Q. How? 03:15:05 6 A. I called him. 7 Q. And asked if he would meet with you? 8 A. Yes. 9 Q. Where did you meet? 10 A. My house. 03:15:12 11 Q. In New York? 12 A. Yes, sir. 13 Q. How long was the meeting? 14 A. Five minutes. 15 Q. What did you say to him and what did he 03:15:18 16 say to you? 17 A. I said tell me about Dan Zwirn. He 18 said, Dan Zwirn is a very bad guy. He was a 19 micromanager. The fund has monstrous liquidity 20 problems. There was never going to be -- even 03:15:42 21 though he told you there was going to be a run on 22 the bank, that was not true. 23 The fact is that the fund had no money, 24 it had no liquidity, that it had been borrowing 25 from the offshore fund because in fact it deferred 03:15:56 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299295

Page 212 1 Epstein 2 fees to benefit Zwirn's personal tax position, 3 that the -- he thought that the SEC might file an 4 investigation against him, Perry Gruss, sometime 5 in the future. 03:16:18 6 That Mr. Kahn had showed up on most of 7 the e-mail with respect to the airplane which 8 Schulte Roth had been -- I believe it was, Schulte 9 Roth had been called in in May of '06, my best 10 recollection, sir, to deal with the issues of the 03:16:38 11 airplane, which was never disclosed to me; that -- 12 Q. "You" "me" meaning you? 13 A. Yes, sir. 14 That I -- that there had been a lawsuit 15 I believe he told me he had filed against Zwirn, 03:16:59 16 but I'm not sure of that; that as everyone else 17 knew that Dan was a micromanager; that he -- 18 though the SEC found he didn't know anything about 19 the airplane, that was his position, it was 20 ridiculous. 03:17:19 21 Dan Zwirn was the only one who could 22 make investments. Dan Zwirn ran the company very 23 tightly; that Dan Zwirn never had any real cash; 24 that after -- after the conversations with me with 25 respect to my redemption, it became even -- he 03:17:42 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299296

1 2 3 Page Epstein wasn't there. But most of the blame was going to be put on him, something like that. 213 4 Q. Anything else you remember? 5 A. No. 03:17:58 6 Q. In five minutes were you sitting down? 7 Were you standing up? Did you actually invite him 8 in? 9 A. I have very little patience. I invited 10 him in. 03:18:09 11 Q. That's already been established. 12 A. I sat down. 13 Q. You sat down? 14 A. Yes. 15 Q. And he made a speech and then left? 03:18:13 16 A. Yes. 17 Q. Did you ask him any questions? 18 A. Not very many. 19 Q. So it was just tell me about Dan Zwirn, 20 and this is what he said? 03:18:21 21 A. That's correct. 22 Q. Did he tell you of any instance in 23 which he communicated with Dan Zwirn about 24 anything that he was doing that was improper? 25 A. No. 03:18:31 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299297

Page 214 1 Epstein 2 Q. He told you that Dan Zwirn knew about 3 the airplane in the spring of 2006 because Schulte 4 Roth was called in to look at it then? 5 A. That's my best recollection. 03:18:48 6 Q. Did he tell you that he had ever 7 communicated to Dan Zwirn anything about the 8 airplane prior to the spring of 2006? 9 A. As I said before, he told me that Dan 10 Zwirn was a micromanager, he knew everything, and 03:19:00 11 Mr. Kahn was the person in fact who got fired 12 but -- over the airplane. And it was never -- it 13 was never disclosed to me that in fact there was 14 no liquidity in the fund. Sorry. 15 Q. Did he ever tell you -- two things are 03:19:15 16 established: Some people think that Dan Zwirn is 17 a micromanager, and you're impatient. 18 A. Correct. 19 Q. My question to you is did he ever tell 20 you that he communicated anything to Dan Zwirn 03:19:28 21 about the airplane prior to the spring of 2006 22 A. No. 23 MR. SIFFERT: Or even in 2006. 24 Q. Or anything after the spring of -- did 25 he ever tell you he communicated anything to Dan 03:19:53 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299298

Page 215 1 Epstein 2 Zwirn about wrongdoing after the spring of 2006 3 face-to-face? 4 A. No. 5 Q. Do you know who Ron Tutor is? 03:20:11 6 A. No. 7 MR. SUSMAN: How do you spell that? 8 MR. SCHWARTZ: T-U-D-O-R. I'll check 9 it. T-U-T-O-R. 10 Q. You reached settlement with the fund at 03:20:42 11 some point; correct? 12 A. Correct. 13 Q. Did you have any conversations with 14 Mr. Dubin about that? 15 A. Yes. 03:20:50 16 Q. What was that? 17 A. I told him I reached a settlement. 18 Q. What did he say? 19 A. Good. 20 Q. Anything else you remember? 03:21:05 21 A. No, sir. 22 Q. Have you and Mr. Dubin ever gone back 23 and discussed since February 2007 the call that 24 you've testified about that the three of you -- 25 Mr. Zwirn, Mr. Dubin, and you -- had on the phone 03:21:22 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299299

Page 216 1 Epstein 2 concerning the $80 million? 3 A. Yes. 4 Q. When did you discuss that? 5 A. I've discussed it since November -- 03:21:28 6 sorry, since February 2007. 7 Q. With Mr. Dubin? 8 A. Yes, sir. 9 Q. Have you gone back and told him what 10 your memory of it was? 03:21:41 11 A. He's told me of his memory, as well as, 12 yes, sir. 13 Q. Did your memories jibe? 14 A. Yes, sir. 15 Q. Did you ever ask Mr. Dubin to contact 03:21:48 16 Mr. Gruss for you? 17 A. I might have. 18 Q. Did he? 19 A. I don't know. 20 Q. Let me show you a document, please, 03:21:59 21 which is Exhibit 11. 22 (Exhibit 11, e-mails with attachment, 23 marked for identification.) 24 Q. That's an e-mail chain with the top 25 e-mail being from you to Mr. Dubin dated December 03:23:00 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299300

Page 217 1 Epstein 2 6, 2009, enclosing -- attaching an e-mail from 3 Mr. Dubin to you and another one from you to 4 Mr. Dubin. 5 Do you recall these? 03:23:22 6 A. I see them now. 7 Q. You see the bottom e-mail, Jeffrey 8 Epstein to Glenn Dubin Sunday, December 6, 2009, 9 2:05? 10 A. Yes, sir. 03:23:32 11 Q. Do you recall sending that? 12 A. I sent it. 13 Q. Do you recall sending that? 14 A. No, not really. 15 Q. It's cc'd to Mr. Glenn Dubin and 03:23:40 16 Mr. Susman; is that correct? 17 A. Yes. 18 Q. Does this refresh your recollection 19 that you in fact asked Mr. Dubin to meet with 20 Perry Gruss and put questions to him? 03:23:53 21 A. No, sir. 22 Q. Did Mr. Dubin ever get back to you with 23 answers to these questions? 24 A. I don't recall. 25 Q. Well, he says in his response to you: 03:24:09 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299301

Page 218 1 Epstein 2 I'll get e-let you know how it goes. Did he ever 3 let you know how it went? 4 A. I'm sorry, I only have 5 Q. He responds. 03:24:26 6 A. Okay. 7 Q. The top of your e-mail is his response. 8 A. I see it. 9 Q. Did he ever tell you how it went? 10 A. I don't think so. 03:24:34 11 Q. And then you asked him whether to 12 find out whether he would agree to meet with you 13 or your lawyers. 14 A. That's correct. 15 Q. Did Mr. Dubin ever tell you whether 03:24:45 16 Mr. Gruss had agreed to do that? 17 A. I think -- I think we decided at that 18 time it was not a good idea. 19 Q. "We" being who? 20 A. Me. 03:25:05 21 Q. Why? 22 A. I don't recall. 23 Q. Why was it a good idea recently but not 24 a good idea in 2009? 25 A. My best recollection is that the -- 03:25:15 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299302

Page 219 1 Epstein 2 Perry Gruss was still at this point being 3 investigated by the SEC, and I thought maybe, on 4 further reflection, it would be a good idea to 5 meet with him at that time. 03:25:39 6 Q. You met with Perry Gruss before he 7 received word that he was going to be charged by 8 the SEC; is that correct? 9 A. That was more than a year after this 10 was written. 03:25:47 11 Q. But before he was charged; correct? 12 A. Correct. 13 Q. And so as far as you knew, he was still 14 under investigation by the SEC; is that correct? 15 A. I gave it little thought. 03:25:54 16 Q. So in 2009 you thought it might not be 17 a good idea because he might still be under 18 investigation by the SEC; correct? 19 A. Correct. 20 Q. And in 2011 or 2010 it was okay 03:26:05 21 A. '11. 22 Q. -- even though he still might be under 23 investigation by the SEC? 24 A. 2011. 25 Q. What had changed? 03:26:17 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299303

Page 220 1 Epstein 2 A. My decision. 3 Q. Did you discuss that decision with 4 Mr. Dubin? 5 A. I don't recall. 03:26:22 6 Q. Did you discuss it with anybody other 7 than your counsel? 8 A. I don't think so. 9 Q. Take any notes of your conversation 10 with Perry Gruss? 03:26:29 11 A. No. 12 Q. I take it you don't take notes? 13 A. Yes, that's correct. 14 Q. Doesn't go with impatience? 15 A. Correct. 03:26:38 16 Q. Did you ever meet with any other 17 potential witnesses in this case other than those 18 that work for you? 19 A. You'll have to give me a list. I'm 20 sorry, I don't know who the potential witnesses 03:27:01 21 are. 22 Q. Did you ever meet with anybody else 23 about this case other than people who work for you 24 or Mr. Dubin? 25 A. Again? 03:27:08 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299304

Page 221 1 Epstein 2 Q. Did you ever meet with any -- put aside 3 your lawyers. Did you ever meet with anybody else 4 about this case other than people who work for you 5 or Mr. Dubin? 03:27:17 6 A. No. 7 Q. Mr. Gruss would be the only one? 8 A. To the best of my recollection, yes, 9 that I'm aware of. 10 Q. Did you ever speak with anyone put 03:27:41 11 aside meeting -- other than Mr. Gruss? 12 A. No. 13 Q. Were you aware of a lawsuit between 14 Mr. Dubin and Mr. Zwirn? 15 A. Again? 03:28:00 16 Q. Were you aware of a lawsuit between 17 Mr. Dubin and Mr. Zwirn? 18 A. When? 19 Q. At any time. 20 A. Yes. 03:28:12 21 Q. What were you aware of? 22 A. That there was a lawsuit between 23 Mr. Dubin and Mr. Zwirn. 24 Q. What did you know about the lawsuit? 25 A. Very little. 03:28:19 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299305

Page 222 1 Epstein 2 Q. Who told you about the lawsuit? 3 A. I don't recall. 4 Q. Was it Mr. Dubin who told you about the 5 lawsuit? 03:28:29 6 A. No. 7 Q. Do you know what it was about? 8 A. No. 9 Q. Do you know what happened to the 10 lawsuit? 03:28:44 11 A. I believe I read it was settled. 12 Q. Where did you read that? 13 A. In the documents. 14 Q. That were produced in this case? 15 A. Yes, sir. 03:28:54 16 Q. Is that where you know about the 17 lawsuit from? 18 A. Yes, sir. 19 Q. Now, you've told us that Mr. Dubin told 20 you that he was misled by Mr. Zwirn; correct? 03:29:04 21 A. Correct. 22 Q. How many times did he tell you that? 23 A. More than five, less than a hundred. 24 Q. So I take it it was a frequent topic of 25 conversation after February 2007? 03:29:19 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299306

Page 223 1 Epstein 2 A. He might have said it repeatedly in the 3 same conversation. 4 Q. It was fair to say he was angry? 5 A. Fair. 03:29:29 6 Q. And did he tell you specifically the 7 things that he personally was misled about? 8 A. I believe I testified to that this 9 morning. 10 Q. I would like to list the things that 03:29:46 11 Mr. Dubin personally was misled about. 12 MR. SUSMAN: I think that was totally 13 answered this morning right out of the bag. 14 That was the first -- 15 MR. SCHWARTZ: Then I'm going back and 03:30:03 16 getting more detail. I don't think I asked 17 that question. 18 MR. SIFFERT: Mr. Susman, it will take 19 longer to do that. 20 MR. SCHWARTZ: It's my deposition, and 03:30:12 21 I've asked the question. It's a question I 22 have not asked before, and I would like an 23 answer to it. 24 He testified about a single 25 conversation this morning. I did not go into 03:30:18 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299307

Page 224 1 Epstein 2 detail and ask him follow-ups. Nor did I ask 3 him about any of the other between 10 and 100 4 conversations in which Mr. Dubin might have 5 said this. 03:30:29 6 Q. In any of those conversations, did he 7 tell you specifically the things that he was 8 misled about as opposed to things that he thought 9 you may have been misled about? 10 A. The purchase of the airplane. 03:30:38 11 Q. How did he tell you he was misled about 12 that? 13 A. He said if he would have known about 14 the airplane he would have taken all his money out 15 right away. 03:30:48 16 Q. And when did he tell you he knew about 17 the airplane for the first time? 18 A. I don't specifically recall. 19 Q. Do you have any reason to believe that 20 he knew about the airplane before you did? 03:31:00 21 A. Yes. 22 Q. And what is that? 23 A. I think it was Glenn that told me about 24 the airplane. 25 Q. And do you have any reason to believe 03:31:08 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299308

Page 225 1 Epstein 2 that Mr. Dubin found out about the airplane at or 3 about the same time that Mr. Zwirn did? 4 A. No. 5 Q. Would you believe that he would not 03:31:21 6 from what he told you? 7 A. Yes. 8 Q. What else did he tell you he was misled 9 about? 10 A. He told me basic -- in general terms, 03:31:28 11 again, that he was misled by Dan Zwirn about most 12 things, that Dan Zwirn didn't know how to tell the 13 truth. 14 Q. I'm asking specifically. 15 A. Okay. That the fact that there was a 03:31:38 16 monstrous cash shortage and that the fund was 17 really totally illiquid, that there had been -- so 18 he was misled about that. 19 Q. Anything else? 20 A. Yes. The -- I believe he had told me 03:31:58 21 that the same concept of he was initially told the 22 thing was immaterial and turned out to be 23 material. I'm sorry. 24 Q. I'm sorry, I didn't mean to interrupt 25 you. 03:32:11 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299309

Page 226 1 Epstein 2 A. Okay. 3 Q. I think you just finished saying, "I 4 believe he told me the same concept of he was 5 initially told the thing was immaterial and turned 03:32:18 6 out to be material." 7 A. That's correct. 8 Q. Did he tell you that he would have been 9 aware that Schulte Roth had been asked to look 10 into the airplane? 03:32:25 11 A. Yes. 12 MR. SUSMAN: I think you asked him to 13 make a list. Why don't you let him make a 14 list. 15 MR. SCHWARTZ: That's fine. 03:32:36 16 MR. SUSMAN: So you don't say later you 17 forgot to tell me something. 18 Q. Anything else in the list, sir? 19 A. The concept was the funds were illiquid 20 and that in fact badly managed, that the -- sort 03:32:47 21 of the concept of the fear of being run on the 22 bank was really a fear that they didn't have the 23 liquidity to make my first $80 million withdrawal, 24 that the airplane was -- the money was taken from 25 the Highbridge-managed account. 03:33:07 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299310

Page 227 1 Epstein 2 And had he known that there was funny 3 business -- that, again, the dollar value might 4 have been immaterial. But the fact that monies 5 were purloined from the clients' account was 03:33:21 6 extremely material, and had he known that he would 7 have taken and advised me to take all my money out 8 as soon as he found out about it. 9 Q. Anything else? 10 A. Not that I can recall. 03:33:43 11 Q. Did he tell you that he was surprised 12 to find out that the fund had -- that the funds' 13 investments were almost all in illiquid 14 investments? 15 A. No. 03:33:52 16 Q. Did he tell you that he knew that they 17 were in illiquid investments? 18 A. No. 19 Q. Nor did he tell you that in 2002; 20 correct? 03:34:07 21 A. The concept of -- what he told me was 22 the fact that some of your investments are 23 illiquid has little bearing on the fact of the 24 fund itself being illiquid. The fact that a 25 responsible fiduciary would never have their 03:34:22 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299311

Page 228 1 Epstein 2 entire portfolio in only illiquid investments and 3 no liquidity. 4 So the concept it's an issue of 5 proportion. The concept was they had maxed out 03:34:33 6 their fund early. 7 Q. Did he tell you when he used the phrase 8 "illiquid" what he meant? 9 A. They didn't have the money to pay me 10 back. 03:34:47 11 Q. They didn't have the money to pay you 12 back when? 13 A. Even the first time that Dan Zwirn 14 convinced him to have him convince me to reduce my 15 initial demand from the entire amount to 80 03:35:00 16 million. 17 Q. Did he ever tell you what his view of 18 the lockup period for the funds was? 19 A. No. 20 Q. Did he ever tell you that he was aware 03:35:26 21 that the fund was maintaining investments in 22 lockups on an investment-by-investment basis as 23 opposed to on an investor-by-investor basis? 24 A. No. 25 Q. Would you be surprised to hear that he 03:35:38 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299312

Page 229 1 Epstein 2 knew that? 3 A. No. 4 Q. Why? 5 A. You asked me if I'd be surprised. 03:35:50 6 Q. And I asked you why. 7 A. not surprised by anything anymore. 8 Q. Because your view of Mr. Dubin has 9 changed over time? 10 A. No. I just don't get surprised. 03:35:59 11 Q. Were you involved in obtaining an 12 affidavit from Mr. Dubin for this litigation? 13 A. I asked Glenn if he would provide an 14 affidavit. 15 Q. In fact, you sent him the affidavit you 03:36:24 16 wanted him to provide; right? 17 A. No. 18 MR. SCHWARTZ: Exhibit 12, please. 19 (Exhibit 12, document on Epstein 20 letterhead, marked for identification.) 03:37:00 21 Q. I ask you to look at Exhibit 12. 22 A. Yes. 23 Q. Is this document on your letterhead? 24 A. Yes, sir. 25 Q. This is one of your homes in Palm 03:37:10 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299313

Page 230 1 Epstein 2 Beach? 3 A. Yes, sir. 4 Q. And Lesly Groff is your personal 5 assistant? 03:37:18 6 A. Yes, sir. 7 Q. Did you send a draft of the affidavit 8 from Mr. Dubin to sign? 9 A. No, sir. 10 Q. Did Ms. Groff? 03:37:31 11 A. Yes, sir. 12 Q. And did you request her to do that, 13 sir? 14 A. I don't think so. 15 Q. So she would write, Jeffrey requested I 03:37:41 16 send you the attached, even though you had not 17 requested her to do that? 18 A. Yes. 19 Q. She did that on her own initiative? Is 20 that your testimony? 03:37:53 21 A. My testimony is that I did not ask her 22 to do it. 23 Q. Well, can you explain to me why she 24 would do it if you didn't ask her to do it? 25 A. No. 03:38:03 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299314

Page 231 1 Epstein 2 Q. Did you read this affidavit before 3 Mr. Dubin signed it? 4 A. I don't believe so. 5 Q. Did you ever see it before Mr. Dubin 03:38:21 6 signed it? 7 A. I could have. 8 Q. But you do not believe that on or about 9 February 2nd, 2010, you requested that she send 10 this affidavit to Mr. Dubin? 03:38:36 11 A. That's correct. 12 Q. Did you have a conversation with 13 Mr. Dubin about the affidavit before it was sent 14 to him, before February 10th, or on February 10th? 15 A. Again? 03:39:17 16 Q. Did you have a conversation with 17 Mr. Dubin about the affidavit before he executed 18 it? 19 A. Yes. 20 Q. How many conversations? 03:39:24 21 A. Probably less than five. 22 Q. Did you discuss with him what should go 23 into the affidavit? 24 A. No. 25 Q. What did you discuss with him? 03:39:37 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299315

Page 232 1 Epstein 2 A. I asked him if he would file an 3 affidavit in this case. 4 Q. And you mentioned that to him less than 5 five times, but that's in essence what you said to 03:39:45 6 him? 7 A. Yes. 8 Q. And he said he would? 9 A. Yes. 10 Q. Who drafted the affidavit? 03:39:50 11 A. I don't know. 12 Q. Was it drafted by your counsel? 13 A. I don't know. 14 Q. Do you know how it arrived at your Palm 15 Beach home? 03:39:58 16 A. I don't know if it arrived at my Palm 17 Beach home. 18 Q. Do you know how it arrived in your 19 personal assistant's hands? 20 A. No. 03:40:10 21 Q. Mr. Dubin told you that if he had known 22 about the airplane he would have pulled his money 23 out; correct? 24 A. Correct. 25 Q. And in the phone call in October or 03:40:22 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299316

Page 233 1 Epstein 2 November that you and Mr. Dubin and -- that you 3 had with Mr. Dubin about withdrawing your funds, 4 you asked him if he was going to keep his money in 5 the account; correct? 03:40:36 6 A. I asked him if he was keeping 7 Highbridge's money in the account. 8 Q. And he said he was; correct? 9 A. Yes. 10 MR. SCHWARTZ: Give me just a second, 03:41:02 11 sir. 12 THE WITNESS: Sure. 13 (Pause.) 14 Q. Let me show you Exhibit 12 -- 13. 15 (Exhibit 13, memorandum dated 2/13/08 03:42:25 16 with fax cover sheet, marked for 17 identification.) 18 Q. You see Exhibit 13 is a fax from 19 JEEPERS to Dan Zwirn attaching a memorandum on 20 JEEPERS' letterhead dated February 13, 2008? 03:42:36 21 A. Yes. 22 Q. Have you seen this before? 23 A. Not to the best of my recollection. 24 Q. Did anyone on or before February 13th, 25 2008, discuss with you the possibility of sending 03:43:08 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299317

Page 234 1 Epstein 2 such a memorandum? 3 A. They might have. 4 Q. Do you have any recollection? 5 A. No, not sitting here today. 03:43:16 6 Q. Do you have a recollection of 7 discussing it with Mr. Dubin? 8 A. No. 9 Q. Do you have any understanding as to why 10 he's a cc on this? 03:43:26 11 A. All my dealings with Dan Zwirn were 12 through Glenn Dubin, virtually. 13 MR. SCHWARTZ: I am going to pass. I'm 14 done. 15 THE WITNESS: Thank you. 03:43:45 16 MR. SCHWARTZ: Thank you. 17 MR. ARFFA: Do you want me to go? Do 18 you want to take a break? 19 THE WITNESS: No. 20 (Pause.) 03:44:15 21 THE VIDEOGRAPHER: We're going off the 22 record. The time is 3:43 p.m. 23 (Recess taken from 3:43 to 3:45.) 24 THE VIDEOGRAPHER: We are back on the 25 record. The time is 3:45 p.m. 03:46:33 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299318

Page 235 1 Epstein 2 EXAMINATION BY 3 MR. ARFFA: 4 Q. Good afternoon, Mr. Epstein. 5 A. Good afternoon, Mr. Arffa. 03:46:46 6 Q. I'm Alan Arffa. I'm from Paul, Weiss 7 and represent the current manager, as you know, of 8 the fund. 9 A. Yes, sir. 10 Q. Mr. Epstein, you characterize yourself 03:46:54 11 as a sophisticated investor? 12 A. Yes. 13 Q. FTC is the vehicle through which you 14 generally invest or just in this instance? 15 A. Generally, sir. 03:47:06 16 Q. Are you aware that each time you made 17 an investment you executed on behalf of FTC a 18 subscription -- a set of subscription documents? 19 A. No, sir. 20 Q. Let me just mark one of them to show 03:47:21 21 you. 22 (Exhibit 14, subscription document, 23 marked for identification.) 24 Q. So it's your testimony you didn't 25 read have you ever seen Exhibit 14 before 03:47:36 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299319

Page 236 1 Epstein 2 today? 3 A. Yes, sir. 4 Q. Did you read it at the time it was 5 executed in I believe it was late 2002 03:47:42 6 A. No, sir. 7 Q. -- I'm sorry, May of 2002? 8 A. No, sir. 9 MR. SUSMAN: Do you have another copy 10 of that? 03:47:57 11 MR. ARFFA: Sure. 12 (Pause.) 13 Q. Just if you look on page 17, do you 14 recall whether or not you signed the document at 15 the time, which appears to be April 2002? 03:49:15 16 A. I don't recall. 17 Q. Do you know if this is something you 18 signed or Mr. Beller signed for you? 19 A. He could have signed for me 20 Q. I think I may have asked you this 03:49:33 21 already, but do you recall if FTC executed a set 22 of subscription documents each time it made its 23 investments in the fund? 24 A. You've asked me that before. The 25 answer is no. You've asked me that before. The 03:49:45 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299320

Page 237 1 Epstein 2 answer is no, sorry. 3 Q. But in any event are you aware that in 4 these documents, FTC certified that it had in 5 excess of $25 million in investments? 03:49:58 6 A. Yes, sir. 7 Q. And that was true at the time, I 8 assume? 9 A. Yes. 10 Q. So it's true that as of the time of 03:50:08 11 your investments you and FTC had over $25 million 12 in money? 13 A. Yes. 14 Q. I don't want to pry too much, but 15 approximately -- 03:50:18 16 A. Not the word too much. 17 Q. But are you a billionaire? 18 DI MR. SUSMAN: You don't need to answer 19 that question. 20 Q. Do you have hundreds of millions of 03:50:26 21 dollars? 22 A. I have hundreds -- 23 DI MR. SUSMAN: You don't have to answer 24 that question. 25 MR. ARFFA: Well, I believe it is 03:50:30 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299321

Page 238 1 Epstein 2 relevant. 3 MR. SUSMAN: I instructed him not to 4 answer. If you want to call the judge right 5 now, we can do that. 03:50:35 6 MR. ARFFA: I don't want to waste my 7 time right now with that, but we can do it at 8 the hearing. That's fine. 9 MR. SUSMAN: Bet you won't. 10 Q. You said that the -- 03:50:45 11 MR. ARFFA: Oh, I bet I will. 12 MR. SUSMAN: How much? 13 Q. You said that the entity itself was 14 a as I understand when you left Bear Stearns, 15 you started this business -- correct? -- FTC or 03:50:53 16 its predecessor? 17 A. Its predecessor. 18 Q. And that business has, I believe from 19 your prior testimony, since that time, so for 30 20 years or so, been an advisor to wealthy 03:51:07 21 individuals; is that fair? 22 A. That's fair. 23 Q. Does the entity itself then have just 24 your money, just the fees that it earns? 25 A. Yes, sir. 03:51:21 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299322

Page 239 1 Epstein 2 Q. So in other words that entity does not 3 hold money for your clients and invest that money? 4 A. That's correct. 5 Q. So all of the money in FTC is your 03:51:33 6 money? 7 A. That's correct. 8 Q. And it makes its money by charging fees 9 to people for whom it provides investment advice; 10 fair? 03:51:42 11 A. That's correct, sir. 12 Q. Are you a licensed investment advisor? 13 A. No, sir. 14 Q. Do you hold any licenses? 15 A. No, sir. 03:51:48 16 Q. Fair to say by the time you made the 17 investment here you had been working in the 18 financial world for something in the order of 30 19 years? 20 A. Yes, sir. 03:51:59 21 Q. Could you give us a sense of the 22 amounts of money for which you've provided advice, 23 again, very rough number? I'm not going for 24 anything specific. 25 A. Billions of dollars. 03:52:16 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299323

Page 240 1 Epstein 2 Q. Now, the entity FTC we've talked about, 3 are you do you recall your specific title there 4 or position that you hold? 5 A. I believe I'm chairman or president or 03:52:40 6 potentially both. 7 Q. And you are the sole owner, though; 8 correct? 9 A. Yes. It's all my money. 10 Q. Right. 03:52:52 11 And it's incorporated in the British 12 Virgin Islands; correct? 13 A. No. 14 Q. Sorry? 15 A. No. 03:53:02 16 Q. Okay. That's incorporated where? 17 A. United States Virgin Islands. 18 Q. Sorry, correct. U.S. Virgin Islands. 19 U.S. Virgin Islands; correct? 20 A. Yes, sir. 03:53:12 21 Q. JEEPERS also is a wholly owned 22 subsidiary? 23 A. It's a qualified -- I believe it's a 24 qualified sub S, yes. 25 Q. I want to ask you about that. 03:53:22 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299324

Page 241 1 Epstein 2 A. Okay. 3 Q. Just start with the corporation itself 4 is a Virgin Islands corporation; correct? 5 A. It's an LLC, I believe. 03:53:29 6 Q. A Virgin Islands LLC, sorry; correct? 7 A. Yes. 8 Q. I think we've referred a couple times 9 to the fact that it's an S Corp.; is that fair? 10 Or it's a, sorry, subchapter S subsidiary; is that 03:53:48 11 fair? 12 A. You have to ask a better question, III 13 sorry. 14 Q. Okay. Let me just show you this form. 15 (Exhibit 15, document, marked for 03:54:13 16 identification.) 17 A. Yes. 18 Q. You see here it's referred to as a 19 corporation, subsidiary corporation, for which 20 well, let me start have you ever seen this form 03:54:44 21 before. 22 A. I must have. 23 Q. Is that your signature there? 24 A. Yes, it is. 25 Q. JEEPERS, according to this, is a 03:54:51 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299325

Page 242 1 Epstein 2 corporation? Do you see that? JEEPERS, Inc.? 3 A. Yes, sir. 4 Q. At least at this time, let's say, was a 5 corporation; correct? 03:55:02 6 A. Yes. 7 Q. And at least as of that time there was 8 an election made by FTC to treat JEEPERS as a 9 subchapter S subsidiary; correct? 10 A. Correct. 03:55:17 11 Q. And did you understand that was for the 12 purpose of avoiding corporate taxes on that 13 entity; otherwise you'd have to pay corporate 14 taxes on its earnings, and then you'd have to pay 15 taxes on whatever income you received from it; 03:55:28 16 correct? 17 A. I believe so. 18 Q. Could you just look at the assignment 19 that's Exhibit 6. Do you have that? 20 A. Yes, sir. 03:55:51 21 Q. I can't remember, did you say that was 22 your signature or you thought that was someone 23 signing for you on that document? 24 A. It looks like someone signing for me. 25 Q. Could you look at the -- isn't it true 03:56:01 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299326

Page 243 1 Epstein 2 that in the assignment both FTC and JEEPERS in 3 fact represented to the fund that the assignee was 4 not an S corporation or other pass-through entity 5 for New York State income tax purposes? Do you 03:56:18 6 see that on the first page? 7 A. I'm sorry? 8 Q. You see that on the first page in the 9 fourth paragraph? 10 A. Yes. 03:56:28 11 Q. Each of the assignor and assignee does 12 represent that, and if you go to number 3, the 13 assignee is not an S corporation or other 14 pass-through entity for New York State income tax 15 purposes. Do you see that? 03:56:39 16 A. Yes. 17 Q. Isn't that representation inaccurate? 18 A. No. 19 Q. Do you know? 20 A. No, I don't believe so. 03:56:48 21 Q. And why not? 22 A. This is -- this says the U.S. Internal 23 Revenue Code. 24 Q. I'm going to try to talk about some of 25 the subjects we talked about earlier today but 03:57:07 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299327

Page 244 1 Epstein 2 hopefully not repeat them. 3 A. Okay. 4 Q. I was a little unclear on your 5 testimony at the beginning on lockups, sort of the 03:57:25 6 purpose of lockups. You understand that money 7 you've heard of lockups -- you had heard of 8 lockups before you invested in the fund; correct? 9 A. Yes, sir. 10 Q. And you understood the purpose of a 03:57:37 11 lockup from what -- you understand why managers 12 want lockups; correct? 13 A. There are many reasons. 14 Q. Right. One of the reasons would be a 15 manager can have time to implement a particular 03:57:51 16 strategy, for example? 17 A. Correct. 18 Q. And they don't want to have to 19 prematurely -- in their view prematurely exit 20 investments that they've made; correct? 03:58:04 21 A. Correct. 22 Q. And they might have -- I think you said 23 one reason is they may want to buy an -- lease an 24 office space, buy equipment and have expenses and 25 they don't want to have everybody pull out at once 03:58:18 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299328

Page 245 1 Epstein 2 and then they're stuck with all these unnecessary 3 expenses; correct? 4 A. Correct. 5 Q. Now, investors, on the other hand -- 03:58:29 6 A. What? 7 Q. Investors, as opposed to the managers. 8 A. Yes. 9 Q. They would rather be locked up as 10 little as possible; right? 03:58:38 11 A. Different instances, not necessarily. 12 Q. Not necessarily. 13 MR. ARFFA: Can I just mark this. 14 (Exhibit 16, document, marked for 15 identification.) 03:59:15 16 Q. I just want to -- this I just took off 17 a Web site. If you go down to the middle of the 18 page, there's a discussion of lockups, lockup -- 19 it says, Lockups are periods usually commencing 20 from the time of the investment during which 03:59:27 21 investors are precluded from redeeming their 22 investment. Lockups may range from one to three 23 years depending on the liquidity of the underlying 24 investments. 25 Some funds may permit investors to 03:59:38 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299329

Page 246 1 Epstein 2 redeem even during the lockup period provided the 3 investor pays an early redemption charge. All 4 redemption charges paid by exiting investors 5 usually and should accrue to the benefit of the 03:59:49 6 fund in order to compensate the remaining 7 investors for possible harm created by 8 destabilizing the asset base. 9 Now I want to call your attention to 10 the next paragraph: Managers desire lockups in 04:00:00 11 general because a stable asset base eases pressure 12 for smoother return streams for fear that 13 investors may pull capital because of poor short- 14 term results and permits the deployment of capital 15 over longer time horizons. 04:00:14 16 Let me just top you there. Do you 17 agree with that? 18 A. That's what it says. 19 Q. But do you agree with it? Are those 20 reasons that managers desire lockups? 04:00:25 21 A. That's what it says. 22 Q. I'm asking for your opinion as a 23 seasoned, sophisticated investment professional. 24 A. I think managers prefer lockups so that 25 they can be in certain areas assured of getting 04:00:38 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299330

Page 247 1 Epstein 2 their performance fees over a longer period of 3 time. 4 Q. And the second -- is that another 5 reason in addition to the ones you gave me before? 04:00:52 6 A. I think that was in addition -- I think 7 I added that one this morning. I had that as 8 well, sorry. 9 Q. Then the next sentence says, quote, For 10 obvious reasons investors generally desire higher 04:01:04 11 liquidity. Do you see that? 12 A. I see that. 13 Q. Do you agree with that? 14 A. No. 15 Q. No. You think investors generally 04:01:11 16 desire less liquidity? 17 A. No, no. 18 Q. So which is it? They generally desire 19 less or they generally desire higher liquidity? 20 A. I think investors is a very broad 04:01:25 21 category of statements. There are many different 22 types of investors. 23 Q. So some investors prefer to be locked 24 up for long term? 25 A. Very long term. 04:01:35 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299331

Page 248 1 Epstein 2 Q. And some prefer not to be locked up at 3 all? 4 A. That's correct. 5 Q. Is it your testimony, from what you 04:01:39 6 said earlier, you prefer to be locked up for two 7 years? That's your preference? 8 A. No longer than two years. 9 Q. No longer than two years? 10 A. Correct. 04:01:48 11 Q. Would you rather be locked up within 12 the two-year period as little as possible or as 13 close to the two years as possible? 14 A. Every investment's a different 15 investment. 04:01:57 16 Q. So it would depend on the investment? 17 A. That's correct. 18 Q. So some investments you might want to 19 be locked up on a six-month basis; correct? 20 A. Yes. 04:02:07 21 Q. Whereas others you might want to be 22 locked up for two years; correct? 23 A. That's correct. 24 Q. Do you understand when you invest in a 25 hedge fund that each investment that's made has to 04:02:25 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299332

Page 249 1 Epstein 2 be separately tracked and accounted for by the 3 hedge fund? Do you understand what I'm saying? 4 A. No. 5 Q. Let me try it again. Do you know when 04:02:40 6 you invest in a fund that the investment manager 7 has to track the profits and losses and the fees 8 applicable to each investment when it's made? 9 A. No. 10 Q. Okay. Let me take an example. You 04:02:58 11 know hedge fund managers receive fees; correct? 12 A. Yes. 13 Q. And there are management fees that are 14 paid; correct? 15 A. Correct. 04:03:09 16 Q. Those are a percentage of the assets 17 held; it could be 1.5 or 2 percent; correct? 18 A. It could be. 19 Q. And then there are also incentive fees; 20 correct? 04:03:21 21 A. Sometimes. 22 Q. Sometimes. Don't most hedge funds 23 generally have 20 percent incentive fees? 24 A. I don't know what most hedge funds 25 have. 04:03:30 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299333

Page 250 1 Epstein 2 Q. Did you know what Zwirn had when you 3 invested in it? 4 A. I believe it had 20 percent. 5 Q. Meaning they were going to take as a 04:03:37 6 fee 20 percent of the gain correct? -- on the 7 investors fund? 8 A. Yes. 9 Q. So let me get back to my first 10 question, which is don't they have to therefore 04:03:56 11 keep track -- didn't up understand that hedge fund 12 managers have to keep track of each investment in 13 order to properly assess the performance fees? 14 A. No. 15 Q. So you're telling so let's say you 04:04:10 16 invest -- give me -- can I give you an example? 17 A. Please. 18 Q. You invested $10 on January 1st; 19 correct? 20 A. Yes. 04:04:20 21 Q. June 1st it's now worth 20; okay? 22 A. Yes. 23 Q. Now, June 1st you make another 24 investment of 10. 25 A. Yes. 04:04:29 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299334

Page 251 1 Epstein 2 Q. Okay? That investment, the 10, is flat 3 for the rest of the year; okay? In other words, 4 once it goes to 20, they gained a hundred percent, 5 right, that hundred percent gain through June. 04:04:41 6 A. Yes. 7 Q. And then June through December, flat. 8 A. Yes. 9 Q. For the first investment, right -- 10 A. Yes. 04:04:49 11 Q. -- that investment made a hundred 12 percent; right? 13 A. You say made a hundred percent. 14 Q. Received a hundred percent return in 15 that year. 04:04:57 16 A. How are you defining return? 17 Q. They got 10; now it's worth 20. 18 A. Is that a gain? 19 Q. Is that a gain? I guess in my world, 20 yes. I would rather have my counts go up. 04:05:06 21 A. Okay. 22 Q. So isn't it true the manager has to 23 assess is allowed to assess a 20 percent fee, 24 in my example, on the first investor's gain, the 25 10 -- additional 10 they received in that year? 04:05:23 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299335

Page 252 1 Epstein 2 A. Every fund is different. 3 Q. Do you know how the Zwirn hedge fund 4 worked? 5 A. No, not specifically. 04:05:31 6 Q. Do you know if they, in my example, 7 would be able to take the 20 percent fee on the 10 8 gain for investment one? 9 A. I assume you mean if they mispriced the 10 assets so that in fact what was really valued at 04:05:41 11 10 they valued at 20, you're suggesting he was 12 able to take a percentage fee on something that 13 was reported as a value increase as opposed to a 14 gain? 15 A gain is normally a taxable event. So 04:05:53 16 if in fact the stock simply went up from 10 to 20 17 in your example, it isn't necessarily a gain; it's 18 an increase in value. 19 Q. Whether or not it is a real gain, 20 doesn't the hedge fund account for it by taking a 04:06:06 21 fee against that paper gain? 22 A. Every hedge fund's different. 23 Q. Did you know how the Zwirn fund worked 24 in that regard? 25 A. No, sir. 04:06:14 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299336

Page 253 1 Epstein 2 Q. And isn't it true in my example 3 investment two, assuming the hundred did work how 4 I'm saying where they take 20 percent on the gain, 5 investment two, which went in in June where you 04:06:26 6 put in 10 and it was still 10 at the end of the 7 year, no fee gets assessed as to that investment; 8 isn't that true? 9 A. You say "that investment." 10 Q. Right, as to that 10. 04:06:37 11 A. Every hedge fund is different. 12 Q. In my example where they are 13 assessing 14 A. You're telling me in your example they 15 don't assess a fee, then they don't assess a fee. 04:06:47 16 Every hedge fund is different. 17 Q. I'm saying assume a world that a hedge 18 fund manager at the end of the fiscal year is 19 allowed to assess a 20 percent incentive fee with 20 respect to the profits relating to that 04:07:03 21 investment. Wouldn't they have to track each 22 investment separately? 23 A. In that example, yes. 24 Q. And similarly, in the second for 25 investment two, they wouldn't get any performance 04:07:15 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299337

Page 254 1 Epstein 2 fee -- right? -- it was flat? They wouldn't get 3 the performance incentive. They might get the 4 management fee but not the incentive fee; correct? 5 A. That's correct. 04:07:25 6 Q. Similarly, isn't it true that hedge 7 funds have to track investments separately to 8 understand the losses that may be attributable to 9 that account -- to that investment, sorry? 10 A. Every hedge fund is different. 04:07:41 11 Q. Do you know how the Zwirn fund worked 12 in terms of dealing with losses? 13 A. No, sir. 14 Q. Let's take an example. Let's say you 15 put in 10 at the beginning of the year; okay? 04:07:53 16 A. Yes, sir. 17 Q. At the end of the year, it's 8. You 18 lost money. 19 A. Yes, sir. 20 Q. No investment fee, under my scenario 04:08:01 21 correct? -- no performance fee, sorry, under that 22 scenario -- correct? -- there's a loss? 23 A. That's correct. 24 Q. You put in -- second investment you put 25 in another 10 on that date; okay? 04:08:15 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299338

Page 255 1 Epstein 2 A. Yes. 3 Q. With me? Now, in the second year the 4 fund shows returns of 50 percent, let's call it. 5 So on that first investment that was 8 at the end 04:08:27 6 of year one, that investment's now at 12; right? 7 Do they -- is that correct? Are you with me so 8 far? 9 A. I'm with you. 10 Q. Do you know whether the fund takes 04:08:41 11 can charge -- whether hedge funds generally assess 12 the performance incentive fee on the full 8 to 12 13 rise, the 4, or do they only assess it on the 2 14 from what you originally invested? 15 A. Every hedge fund is different. 04:09:05 16 Q. Do you know how that worked in the 17 Zwirn fund? 18 A. No, sir. 19 Q. Do you know whether the Zwirn fund in 20 fact utilized a concept of a loss recovery account 04:09:12 21 to deal with the kind of situation I was just 22 describing? 23 A. No, sir. 24 Q. And do you know whether the Zwirn fund 25 in fact would only give you the -- would only 04:09:23 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299339

Page 256 1 Epstein 2 assess the fee on the amount that was higher than 3 what you originally put in? 4 A. No, sir. 5 Q. Do you know whether they took into 04:09:32 6 account the losses? 7 A. I don't know what they did. 8 Q. Do you know the concept high watermark? 9 Have you ever heard that in connection with a 10 hedge fund? 04:09:44 11 A. Yes, sir. 12 Q. Okay. What's that? 13 A. It's different for every hedge fund. 14 Q. But the high watermark concept is 15 again -- the same concept I was describing -- 04:09:51 16 right? -- that you look at the high watermark, not 17 maybe how it just did over the last fiscal year, 18 because you may have made money. But if compared 19 to another point in time there were losses, you 20 take those into account; right? 04:10:05 21 A. Yes, sir. 22 Q. And in my example the second investment 23 where you put in the 10, got a 50 percent return 24 at the beginning of the year, then you would get 25 the fee on that fully assessed on the gains on 04:10:19 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299340

Page 257 1 Epstein 2 that investment; correct? 3 A. In your hypothetical, potentially, yes. 4 Q. So didn't you understand -- well, did 5 you or didn't you have any understanding 04:10:29 6 whatsoever as to whether Zwirn fund, Zwirn's fund, 7 because of the way performances fees were assessed 8 and gains and losses were allocated, was tracking 9 separately each investment for the reasons I've 10 just described? Did you have any concept of that? 04:10:48 11 A. No, sir. 12 Q. Did you ever discuss that with anyone? 13 A. No, sir. 14 Q. And never asked anybody about anything? 15 A. No, sir. 04:10:56 16 Q. Do you recall there was a point in time 17 where a one-year plus option was added to the 18 fund; do you recall that? 19 A. No, sir. 20 Q. Do you recall declining to take the 04:11:06 21 one-year plus -- it was a redemption option where 22 at the end of the year investors were given an 23 option to say, okay, I want -- you can redeem me 24 in one year but it's fixed at whatever's in the 25 fund attributable to me and I have to -- I don't 04:11:24 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299341

Page 258 1 Epstein 2 actually get it all in one year; I get it as those 3 investments are sold off, but it's frozen in time 4 at that point. 5 Do you recall that option? 04:11:36 6 A. No, sir. 7 Q. And you don't recall discussing that 8 with anyone? 9 A. No, sir. 10 Q. Do you know who declined it on your 04:11:40 11 behalf? 12 A. No, sir. 13 Q. You don't recall signing something? 14 A. No, sir. 15 Q. You don't recall discussing it with 04:11:47 16 anyone? 17 A. No, sir. 18 Q. You certainly don't recall ever being 19 under the impression that that option applied to 20 you; is that fair? 04:11:56 21 A. Never discussed it. 22 Q. And I take it you had no -- I take it 23 from what you said earlier today you didn't have 24 an understanding that the lockups at the Zwirn 25 fund were applied by the investment -- on an 04:12:21 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299342

Page 259 1 Epstein 2 investment-by-investment basis; correct? 3 A. That's correct. 4 Q. I think you already went through you 5 had a discussion about that with Mr. -- was it 04:12:33 6 Dubin? 7 A. Yes, sir. 8 Q. And Mr. Dubin told you it would always 9 be whatever the first investment was? 10 A. That was my understanding. 04:12:42 11 Q. Okay. So even if you put your money in 12 a year and a half later, it was always -- the 13 redemption right was always triggered by the two 14 years from the initial investment? 15 A. Yes, sir. 04:12:55 16 Q. What understanding, if any, did you 17 have about other investors in the fund? Do you 18 know whether they had lockups by investment? 19 A. The only time I believe I understood 20 anything about any other investors was when they 04:13:12 21 said before that January 11th, '05, letter that 22 when other investors would have a three-year 23 lockup that I would not continue to be involved in 24 the fund unless I continued to have only a two- 25 year lockup. 04:13:27 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299343

Page 260 1 Epstein 2 Q. But other than that -- 3 A. No. 4 Q. -- before that memo -- 5 A. No, sir. 04:13:32 6 Q. -- did you have any understanding 7 whether their lockup were by investments or the 8 initial date when they first put in money? 9 A. No, sir. 10 Q. You never discussed that with anyone? 04:13:44 11 A. No, sir. 12 Q. Did you think it was important to 13 understand whatever the redemption rights were? 14 A. No, sir. Separate from the fact they 15 could not be locked up for more than two years. 04:13:57 16 Q. That was important to you? 17 A. Yes. 18 Q. You didn't want to go beyond two? 19 A. That's correct. 20 Q. Had you previously invested in any 04:14:07 21 hedge funds that had lockups? 22 A. I don't recall. 23 Q. Do you recall whether you invested in 24 hedge funds that definitely did not have lockups? 25 A. Yes. 04:14:18 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299344

Page 261 1 Epstein 2 Q. Did you do any research on lockups when 3 you made this investment? 4 A. No, sir. 5 Q. Have you ever done any research on 04:14:25 6 lockups? 7 A. No, sir. 8 Q. Okay. I think you've mentioned a 9 couple times -- you just mentioned again -- that 10 at some point you learned that there was a switch 04:14:41 11 to a three-year lockup; correct? 12 A. Yes, sir. 13 Q. And you didn't like that; right? 14 A. Yes, sir. 15 Q. You wanted to be relieved of that; 04:14:51 16 fair? 17 A. "Relieved" is a word -- 18 Q. You didn't want that. 19 A. I wouldn't agree to it. 20 Q. You didn't want that to apply to you? 04:15:02 21 A. That's correct. 22 Q. By the way, do you recall there being a 23 switch in the fee, the management fee, from 1.5 to 24 2 and you also asked that that stay with 1.5? 25 A. Initially, yes. 04:15:14 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299345

Page 262 1 Epstein 2 Q. And do you recall that was was that 3 around the same time as this two- to three-year 4 change? 5 A. I don't remember. 04:15:22 6 Q. But you did ask it stay at 1.5? 7 A. Correct. 8 Q. Let's see. When you learned about the 9 three-year lockup and you said, I just want two, 10 is that something you said to Mr. Dubin? This is 04:15:41 11 now the end of 2002, beginning of '05 -- I'm 12 sorry, end of 2004, beginning of '05. 13 A. Yes, sir. 14 Q. That refreshes your recollection. 15 To whom did you express this view: No, 04:15:56 16 I'm staying at a two-year lockup? 17 A. To Mr. Dubin as well as my in-house 18 people. 19 Q. I'm sorry if this was asked before. 20 Had Mr. Dubin approached -- this was -- eventually 04:16:12 21 became a $20 million investment; correct? 22 January in January 1 of '05, you invested 20 23 million added $20 million to the fund; correct? 24 A. Correct. 25 Q. And that $20 million investment, was 04:16:26 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299346

Page 263 1 Epstein 2 that something that -- I think you testified 3 earlier Mr. Dubin recommended to you; fair? 4 A. Yes. 5 Q. And when he recommended it, did you 04:16:39 6 say, Okay, but it's got to stay on a two-year 7 cycle? 8 A. Yes. 9 Q. And do you know whether he went back to 10 Mr. Zwirn and got approval for that? 04:16:54 11 A. I don't recall. 12 Q. So you didn't have any direct 13 discussions with Mr. Zwirn about the two-year 14 lockup for that money? 15 A. No. 04:17:04 16 Q. Did you have any discussion with anyone 17 else at Zwirn about that money? 18 A. No. 19 Q. Do you know whether any of your other 20 employees had any discussion with Zwirn about that 04:17:16 21 January 1, '05, investment? 22 A. Yes. 23 Q. And that was the -- and then there was 24 a side letter -- this was the genesis of the side 25 letter; correct? 04:17:44 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299347

Page 264 1 Epstein 2 A. I believe so. 3 MR. SUSMAN: It's time for a pit stop. 4 MR. ARFFA: Oh, okay. 5 THE VIDEOGRAPHER: Stand by. We're 04:17:53 6 going off the record. The time is 4:14 p.m. 7 This is the end of Tape 5. 8 (Recess taken from 4:14 to 4:24.) 9 THE VIDEOGRAPHER: We are back on the 10 record. The time is 4:24 p.m. This is the 04:25:26 11 beginning of Tape Number 6. 12 Q. Mr. Epstein, when is the first time you 13 recall ever learning that at least the Zwirn fund 14 was taking the position that in fact a two-year 15 lockup applied with respect to each of your 04:25:48 16 investments separately? 17 A. February of '07. 18 MR. ARFFA: Can you mark this as the 19 next. 20 (Exhibit 17, e-mail dated 11/13/06 from 21 Zwirn to Dubin, marked for identification.) 22 Q. I want to show you Exhibit 17. I 23 understand this wasn't to you. It's from Dan 24 Zwirn to Glenn Dubin on November 13, 2006. 25 A. Yes. 04:26:33 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299348

Page 265 1 Epstein 2 Q. And it says, Spoke calmly as possible 3 to Harry 4 A. Yes. 5 Q. -- re the facts of lockups, et cetera. 04:26:37 6 A. Yes. 7 Q. Would be very good for you to call 8 Jeffrey. 9 Do you see that? 10 A. Yes, sir. 04:26:44 11 Q. Do you recall -- I mean, does this 12 refresh your recollection that maybe in fact much 13 earlier, somewhere around November of 2006, if not 14 earlier, but certainly on November 13 Dan Zwirn 15 had walked Harley Beller through the different 04:27:00 16 lockups the fund believed applied with respect to 17 your investments? 18 A. No. This -- my best recollection 19 MR. SUSMAN: Whoa. No question. 20 A. No. 04:27:14 21 MR. SUSMAN: We want to get out of 22 here. 23 Q. Do you recall having discussion with 24 anyone at or around this time, the time of this 25 e-mail, November of 2006, about how exactly the 04:27:21 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299349

Page 266 1 Epstein 2 fund believed the redemptions the two-year 3 lockup worked with respect to your investments? 4 A. Again, I'm sorry? 5 Q. Do you recall having a discussion with 04:27:38 6 anyone around this time, which is November of 7 2006, about how exactly the fund believed the 8 two-year lockup worked with respect to your 9 investments? 10 A. Yes. 04:27:53 11 Q. Okay. And what discussion do you 12 recall? 13 A. This was -- this was regarding the $53 14 million. 15 Q. You're saying by this time -- by the 04:28:05 16 time Mr. Zwirn called and walked Harry Beller 17 through, you had already made your decision that 18 you were taking out 80 and you were leaving in a 19 53? 20 A. That's correct. 04:28:23 21 Q. And you had conveyed to Mr. Beller and 22 to Mr. Dubin and through Mr. Dubin to Mr. Zwirn? 23 A. Not through Mr. Dubin. Mr. Zwirn was 24 on the phone. 25 Q. Okay. And you believe this happened 04:28:32 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299350

Page 267 1 Epstein 2 after the phone call? 3 A. Yes. 4 Q. Do you recall what they said at that 5 time about how the remaining 53 would be handled? 04:28:45 6 A. There would be some lockups. 7 Q. Do you recall whether it was one or 8 two? 9 A. There would just be some lockups on the 10 53. 04:28:56 11 Q. And do you recall how -- you made a 12 number of different investments -- correct? -- in 13 the fund; is that fair? Hello? 14 A. Yes. 15 Q. Do you recall which of that 80, how was 04:29:08 16 that 80 going to be allocated? Did you have a 17 discussion as to was the 80 coming from the 18 earlier investments or the later investments? 19 A. I think I've given you my best 20 recollection of the phone calls how it would be 04:29:20 21 made. 22 Q. To be clear, you don't recall any 23 discussion like on the subject I was, like where 24 was the 80 going to be coming from? 25 A. That's correct. 04:29:32 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299351

Page 268 1 Epstein 2 Q. Which investments it was going to be 3 coming from? 4 A. No, sir. 5 Q. And you don't exactly recall the 04:29:39 6 lockups to which you were subject going forward on 7 the 53? 8 A. No. 9 Q. Putting aside the discussion that you 10 had with Mr. Epstein and Mr. Zwirn, what was your 04:30:21 11 understanding as to the 80? Was that available at 12 that time or was that subject to lockups, absent 13 that communication? 14 A. I want to be kind to you. I didn't 15 have a conversation with Mr. Epstein. 04:30:37 16 Q. I'm sorry. Let me try that again. 17 Good point. 18 A. Okay. 19 Q. Putting aside your discussion with 20 Mr. Dubin and Mr. Zwirn, what was your 04:30:44 21 understanding as to the 80? Was that available at 22 that time or was it subject to lockups had you 23 never had that conversation you say you had with 24 Dubin and Zwirn? 25 A. My understanding was that I was going 04:31:00 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299352

Page 269 1 Epstein 2 to get my $80 million. There was a problem at the 3 fund. In fact, to some extent it was -- it was 4 never discussed about which tranche. It was $80 5 million. 04:31:17 6 Q. But had you not had that conversation 7 earlier in the day before the conversation, before 8 you had any conversation with Dubin and Zwirn or 9 Dubin or Zwirn, did you believe the 80 was there 10 for you or was it subject to some kind of lockups? 04:31:30 11 A. I believed my 80 was subject to a 12 lockup, but as long as it was done before the end 13 of the year. 14 Q. But as long as you exercised it by the 15 end of that year, you were okay? 04:31:42 16 A. The quarter ending -- 17 MR. ARFFA: Please don't nod, 18 Mr. Susman. 19 Q. Go ahead. 20 A. Yes. 04:31:50 21 Q. Yes, as long as you did it by the end 22 of the year, you had the 80? 23 A. I don't want to say by the end -- by 24 the quarter. 25 Q. By the end of that quarter? 04:31:59 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299353

Page 270 1 Epstein 2 A. Yeah. 3 Q. Okay. But you don't recall any of the 4 other details about the 80 or the lockups or -- 5 A. No. 04:32:09 6 Q. -- which year? 7 A. No. 8 Q. Did you have any -- I'm not sure if you 9 were asked this. Do you have any notes, memos, 10 any piece of paper that you can point us to about 04:32:22 11 this conversation? Let's start with you didn't 12 write any note of it; correct? 13 A. I don't write notes. 14 Q. Did you do a memo of it? 15 A. Just the instructions. 04:32:34 16 Q. Did you do any -- 17 A. No, I didn't make any notes. 18 Q. -- memo of the meeting? 19 A. No, sir. 20 Q. Did you tell other people in your 04:32:42 21 office about the conversation? 22 A. I would have said to either Harry or 23 Darren that Dan agreed to the $80 million, let's 24 get it done. 25 Q. Have you ever seen any piece of paper 04:32:54 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299354

Page 271 1 Epstein 2 where they wrote down this is what was agreed in 3 this conversation? 4 A. Not that I've ever seen. 5 Q. And have you ever seen any record from 04:33:01 6 Mr. Dubin of what was said in that conversation? 7 A. No. 8 Q. You've never seen any notes or memo or 9 anything from him; correct? 10 A. Not to the best of my knowledge. 04:33:10 11 Q. Mr. Zwirn, have you ever seen any 12 document, any memo, any note from -- on the Zwirn 13 fund side recording what was said in this 14 conversation? 15 A. I don't recall. 04:33:29 16 Q. Did you ever ask to see -- did you ever 17 ask him: Do you guys have a tape -- 18 A. No. 19 Q. Did you ask him whether conversations 20 were taped? 04:33:40 21 A. No. 22 Q. Did you ask him whether they had any 23 memos of the conversation? 24 A. No. 25 Q. Sorry, one other thing on the 04:33:58 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299355

Page 272 1 Epstein 2 assignment that occurs thereafter. Do you recall 3 why the assignment was made retroactive? 4 A. What exhibit number, I'm sorry? 5 Q. Go back to 6, sorry. 04:34:12 6 A. Okay. 7 Q. Do you see on page 3 of 4 it says the 8 effect of 9 A. I'm sorry. 10 Q. It's the second-to-last page of the 04:34:25 11 exhibit. Do you see it says the effective date of 12 the assignment shall be January 1, 2006? 13 A. Yes. 14 Q. Do you know why it was made effective 15 retroactively? 04:34:47 16 A. No, no, sir. 17 Q. You agree this was executed on December 18 29, 2006; correct? 19 A. Yes. 20 MR. ARFFA: I think that's all I have. 04:35:12 21 Thank you very much. 22 THE WITNESS: Pleasure. 23 MR. SIFFERT: I have no questions. 24 MR. SUSMAN: We're done? Thank you. 25 THE VIDEOGRAPHER: Please stand by. We 04:35:24 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299356

Page 273 1 Epstein 2 are going off the record. The time is 4:34 3 p.m. This is the end of Tape Number 6. 4 (Time noted: 4:34 p.m.) 5 6 JEFFREY EPSTEIN 7 8 Subscribed and sworn to before me 9 this day of 2011. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 VERITEXT REPORTING COMPANY www.yeritext.com EFTA00299357

Page 274 1 2 CERTIFICATE 3 STATE OF New York 4 : ss. 5 COUNTY OF New York ) 6 7 I, LAURIE A. COLLINS, a Registered 8 Professional Reporter and Notary Public 9 within and for the State of New York, do 10 hereby certify: 11 That JEFFREY EPSTEIN, the witness 12 whose deposition is hereinbefore set forth, 13 was duly sworn by me and that such 14 deposition is a true record of the 15 testimony given by the witness. 16 I further certify that I am not 17 related to any of the parties to this 18 action by blood or marriage, and that I am 19 in no way interested in the outcome of this 20 matter. 21 IN WITNESS WHEREOF, I have hereunto 22 set my hand this 20th day of April 2011. 23 24 25 LAURIE A. COLLINS, RPR VERITEXT REPORTING COMPANY www.veritext.com EFTA00299358

Page 275 1 2 INDEX 3 4 WITNESS: EXAMINATION BY: PAGE 5 Jeffrey Epstein Mr. Schwartz 9 6 7 TRANSCRIPT MARKINGS 8 DIRECTIONS: 237:18, 237:23 9 MOTIONS: 10 REQUESTS: 11 RULINGS: 12 TO BE FURNISHED: 13 14 EXHIBITS 15 NO. DESCRIPTION PAGE 16 17 Exhibit 1, letter 33 18 Exhibit 2, memorandum dated 9/17/04 49 19 from Zwirn to limited partners of 20 D.B. Zwirn special opportunities fund 21 Exhibit 3, invoice from FTC to Resnick 97 22 Exhibit 4, draft consulting agreement 98 23 with fax cover sheet 24 Exhibit 5, letter dated 11/13/06 from 158 25 FTC and Zwirn, Bates-stamped JE 2000 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299359

Page 276 1 2 Exhibit 6, assignment 3 Exhibit 7, e-mails 4 Exhibit 8, e-mails with attachment 5 Exhibit 9, e-mails 6 Exhibit 10, letter 7 Exhibit 11, e-mails with attachment 8 Exhibit 12, document on Epstein 9 letterhead 10 Exhibit 13, memorandum dated 2/13/08 11 with fax cover sheet 12 Exhibit 14, 13 Exhibit 15, 14 Exhibit 16, 15 Exhibit 17, 16 Zwirn to Dubin 17 18 19 20 21 22 23 24 25 182 192 194 195 205 216 229 233 subscription document 235 document 241 document 245 e-mail dated 11/13/06 from 264 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299360

1 2 Page 277 ERRATA SHEET VERITEXT REPORTING COMPANY 3 1250 Broadway New York, New York 10001 4 (212) 279-9424 5 CASE: Fortress v. JEEPERS DEPOSITION DATE: April 20, 2011 6 DEPONENT: Jeffrey Epstein 7 PAGE/LINE(S)/ CHANGE REASON 8 / / / 9 / / / 10 / / / 11 / / / 12 / / / 13 / / / 14 / / / 15 / / / 16 / / / 17 / / / 18 / / / 19 / / / 20 21 JEFFREY EPSTEIN 22 SUBSCRIBED AND SWORN TO BEFORE ME THIS DAY OF , 2011. 23 24 25 NOTARY PUBLIC DATE COMMISSION EXPIRES VERITEXT REPORTING COMPANY www.veritext.com EFTA00299361

[& - 2006] Page 1 10022 3:15 10036.7798 3:22 10110.3398 4:7 14th 173:15 194:9 195:3,12 196:19 204:10,11 205:6 277:5 2000 67:6,19,24 68:2,10 69:9 72:23 & 1:18 3:4 4:4 5:23 6:4,9,11,12,15,20 175:11 192:20 108 164:20,22 165:3 207:14 73:24,25 158:13,19 10.06 57:19,21 15 88:11 97:15,18 275:25 0 10.14 57:21,23 241:15 276:13 2000s 78:16 04 97:5 10th 231:14,14 150 145:6 2002 13:15,23 14:23 05 22:18 43:2,3 11 43:7 54:17 158 275:24 14:24,24 15:5,13,19 57:10 120:23 216:21,22 219:21 15th 3:14 145:17 15:25 20:17 24:8,12 259:21 262:11,12 276:7 159:24 162:4 27:2 28:16,23 29:2 262:22 263:21 11/13/06 158:12 16 245:14 276:14 29:11,12,14 33:13 06 36:15,20,21 264:20 275:24 17 50:4 71:8 236:13 34:4 39:2 40:12 65:13 122:8 123:14 276:15 264:20,22 276:15 42:12 45:17,21 46:8 212:9 1114 2:9 3:21 5:9 17th 50:14 68:21 69:2,5,11 07 43:3 65:13 11:13 112:23,25 18 65:2 66:12,23,24 75:2,4 76:2 77:9,12 117:24,25 122:7 11:28 112:25 113:3 72:19 100:11 103:4,17 264:17 11:29 195:12 182 276:2 105:3,9 107:6,21,22 08 65:14 11:42 196:19 192 276:3 108:16,20 227:19 09 65:14 11th 259:21 194 276:4 236:5,7,15 262:11 1 12 71:8 85:9 133:18 195 276:5 2003 14:25 15:15 1 14:23,24,24,24 229:18,19,21 1976 58:18 16:7 46:18 81:14 15:13,19,25 16:7 233:14 255:6,12 1979 207:4 108:24 32:17,22 33:3,7 276:8 1981 58:19 60:8,15 2003/2004 93:16 35:25 42:12 45:17 1250 277:3 1994 69:18 70:16 2004 13:15,22 15:15 45:21 46:8,18 52:7 127 200:12 1:45 7:24 15:22 16:4,9,13 52:18,23 55:3,13,17 1285 3:6 1:51 156:3,5 23:17 27:7,17,18 56:8 57:2,20 170:24 12:17 155:4,6 1st 145:16 250:18,21 28:6 29:15 42:14 262:22 263:21 12:20 7:23 154:24 250:23 43:6 50:4,14 51:2 272:12 275:17 13 158:18 159:13 2 51:18,18 53:14 1.5 249:17 261:23 164:16 165:20,25 80:24,24 97:25 2 32:22 49:13,14 261:24 262:6 167:23 168:5 57:24 93:3,5 112:24 262:12 10 45:17,21,23 46:18 73:22 105:6,7 170:24 192:17 233:14,15,18,20 249:17 255:13 261:24 275:18 2005 14:19 24:9 25:18 28:7 37:2 105:12 205:9,11,13 264:24 265:14 2.5 92:24 40:2 43:7 47:4,7 224:3 250:18,24 276:10 2/13/08 233:15 49:2 51:10 52:6,7 251:2,17,25,25 134 146:5 147:5 276:10 52:15,19,23 53:19 252:7,11,16 253:6,6 253:10 254:15,25 200:12 13th 157:19 159:25 54:5,9,14 55:3,13 20 1:22 2:5 10:2 55:17 56:9,15 57:2 56:15 88:4,5,9 95:6 256:23 276:6 165:16 191:11 95:10,14 102:7,10 109:13,17 169:11 100 73:16 121:17 233:24 2006 29:15 42:17 102:14,15 132:23 224:3 14 71:8 173:12 43:7,13,20,24 45:11 249:23 250:4,6,21 10001 277:3 10019-6064 3:7 235:22,25 276:12 140.50 138:9 251:4,17,23 252:7 252:11,16 253:4,19 55:12,16 56:9 64:12 117:4 128:5,17 1425006537 1:8 262:21,22,23,25 158:19 159:13 5:14 164:11,12 167:23 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299362

[2006 - account] Page 2 168:5 173:9 187:11 214:3,8,21,23 215:2 264:24 265:13,25 266:7 272:12,18 2007 41:11,13,13 42:25 43:9,13,20 55:12 56:4 115:12 115:14 119:8,13 3 53 149:9 150:21 153:4,22 157:4 202:15 266:13,19 267:5,10 268:7 54 149:9 153:22 157:4 168:20 560 3:14 188:6,7,21 190:7 191:2,18 192:9 203:4,11,17 216:2 226:23 228:15 266:18 267:15,16 267:17,24 268:11 268:21 269:2,4,9,11 269:22 270:4,23 3 32:22 92:24 93:3,5 97:8,10,12 113:4 155:5 164:10 243:12 272:7 275:21 30 15:15,22 16:4,9 , 16:13 43:7,13,20,24 6 120:15,16 124:8 45:11 46:8 55:12,16 6 182:10,11 192:12 9 183:15,17 184:3,7 56:9 61:25 65:2 217:2,8 242:19 9 7:17,20 195:7,8,20 184:12,19 187:22 73:22 102:14 264:11 272:5 273:3 195:24 197:4,6,13 189:14 191:11,14 192:17 195:3 103:16 187:24 238:19 239:18 276:2 198:8 275:5 276:5 60 104:24 105:21 9/17/04 49:14 196:19 204:11 300 74:5 600 111:12 146:11 275:18 205:6 206:20 31 41:13 43:5,13,20 150:9 97 275:21 215:23 216:6 53:13 55:12 56:4,4 67 146:7 147:7 98 275:22 222:25 2008 42:20 233:20 33 275:17 3:04 203:25 204:3 148:2 151:6 9:01 5:5 6:09 165:25 9:02 1:23 2:6 233:25 2009 217:2,8 218:24 219:16 3:43 234:22,23 3:45 234:23,25 7 a 7 92:15 121:15,17 1:23 2:6 5:6 4 2010 219:20231:9 192:12,13 276:3 57:19,23 112:23 2011 1:22 2:5 5:5 4 32:22 92:15 98:21 71 58:7 113:3 195:12 219:20,24 273:9 98:22,25 132:25 74 58:15 196:19 274:22 277:5,22 156:6 167:15 750 146:12 150:10 abandoned 83:16 205 276:6 203:24 255:13 76 58:15 ability 159:10 20th 5:5 162:4 272:7 275:22 8 able 11:24 25:14 274:22 212 277:4 216 276:7 229 276:8 22nd 167:16 233 276:10 235 276:12 237:18 275:8 23rd 167:16 241 276:13 245 276:14 25 237:5,11 264 276:15 279-9424 277:4 29 272:18 2:05 217:9 2nd 231:9 45 134:13 163:9 47 196:2 49 275:18 4:14 264:6,8 4:24 264:8,10 5 5 32:22 88:12,19,20 89:7 91:4,15 158:11 158:12,16 165:22 204:4 264:7 275:24 50 73:16 84:7,8 92:9 121:17 196:2 255:4 256:23 50,000 121:17 500 4:6 111:11 146:11,12 150:10 150:10 8 8:15 165:6 194:6,8 195:16,18,19,22 196:8,13,14,24 197:8,12,23,23,24 254:17 255:5,12 276:4 80 104:24 105:21 122:14 146:19 147:12,13,16 148:3 148:6,9 149:2 152:24 153:18 154:9,14 156:24 157:18 160:3,8 161:21 167:12,12 170:18,22 171:2,3,8 171:11,17 172:5 178:5 187:24 188:3 169:21 177:4,7 252:7,12 absent 268:12 absolutely 22:20 25:23 47:14 accepted 56:12,22 access 11:3,24 accommodating 7:22 accomplish 47:3 accomplished 37:17 account 13:19,20 16:21 27:21 31:16 37:15,22,24 38:3,20 39:20 40:7,15 41:9 43:6,8 45:3,13 46:2 46:12,22 47:5 49:2 55:7 56:4 57:9 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299363

[account- anybody] Page 3 108:2 116:15,18 117:11 125:23 147:4,5 167:25 168:7 183:18,19 184:15 207:15 226:25 227:5 233:5 233:7 252:20 254:9 255:20 256:6,20 accountant 139:16 139:18,22 153:24 183:5,6 accountants 153:24 175:9 176:8,13 178:18 180:15 accounted 249:2 accounting 89:16 119:17,25 120:7 122:18 134:22 135:3 136:13 142:17,22 146:16 154:20 162:9 163:19 167:14 175:12 accountings 172:4 accounts 184:22 accrue 246:5 accumulate 11:21 accurate 46:19 119:21,23 208:22 acquiring 86:13 acquisition 82:17 acquisitions 97:14 acted 96:4 action 274:18 active 84:13 174:16 activity 178:12 actual 116:25 119:6 119:14 adam 4:14 5:3 add 19:21 20:2 added 247:7 257:17 262:23 addition 40:6 247:5 247:6 additional 8:23 25:13 29:12 31:12 31:21 32:5,10,13 38:18,18 39:25 42:8 43:12,19 44:11 45:6 45:12 46:8 47:9,19 47:20,25 55:6 73:17 73:20 102:13,14,17 103:16 112:6 114:7 149:9 150:22 153:22 157:4 164:5 168:16,17,20 202:15 251:25 adjusted 162:11 adjustment 162:15 advanced 162:21 advantage 114:10 advice 60:17 67:14 67:16,18 74:13 90:18 97:14 102:23 104:9 105:16 130:15 175:18 239:9,22 advised 117:3 142:8 175:8 180:18 227:7 advising 60:13 63:10,11 advisor 238:20 239:12 advisors 164:5 affidavit 229:12,14 229:15 230:7 231:2 231:10,13,17,23 232:3,10 afraid 144:24 afternoon 133:2 235:4,5 ages 71:4 agitated 138:24 ago 35:20 66:13,23 66:24 69:17 72:19 77:25 96:3 105:20 107:13 108:4 185:3 198:20,22 199:5 201:15 202:16 agree 7:3 28:20 157:22 218:12 246:17,19 247:13 261:19 272:17 agreed 7:7,8 103:4 118:17 146:18,18 148:13 152:22 154:13 167:11,12 178:13 192:8 218:16 270:23 271:2 agreement 24:9 32:20 42:3 51:16 55:19 56:13,23 95:3 95:4 96:14,22,25 98:15,22 99:5,15 275:22 agreements 7:2,18 7:19 ahead 35:7,12 269:19 airplane 116:14 117:10 120:22 121:9,11 123:8,22 125:21 126:3 208:20 212:7,11,19 214:3,8,12,21 224:10,14,17,20,24 225:2 226:10,24 232:22 al 5:11,11 alan 235:6 alert 129:18 allan 3:8 6:14 allocate 73:6 103:23 104:6,25 105:22 allocated 100:13 257:8 267:16 allocating 102:13,17 104:7 allocation 136:10 allocations 80:10 allowed 251:23 253:19 allowing 135:13 amazing 208:17 209:21 amazingly 117:10 ambiguous 182:2 american 58:24 59:14 americas 2:10 3:6 3:21 5:9 amount 12:10 44:20 91:8 97:15 105:13 134:24 137:3 160:8 162:14 164:25 170:22 228:15 256:2 amounts 239:22 ample 113:11,12,23 114:2,4 analysis 22:14 anderson 66:18,20 andrew 4:10 6:12 angry 185:18 223:4 anniversary 39:23 announces 152:10 answer 11:7,16 22:24 34:19 35:8 52:11 100:6 105:19 110:12 112:5 118:3 124:15,18 127:11 173:22 175:23 181:10 186:25 199:8 201:6,17 206:22 223:23 236:25 237:2,18,23 238:4 answered 37:7 70:6 223:13 answers 107:12,12 138:9,10,12 144:20 217:23 antenna 130:20 anybody 19:18 26:6 26:8,10,13,20,23 28:3,8,12 29:2 33:20 37:16 51:13 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299364

[anybody - aware] Page 4 51:14 53:24 56:12 56:22 76:8,10 91:2 129:10 131:23 139:2,7,10 141:6 151:12,20 152:16 168:9 170:25 171:8 175:22 176:2 178:18 183:11,22 184:7,11 187:22 189:7,14 191:8 200:20 220:6,22 221:3 257:14 anymore 193:9 229:7 apart 79:15 apologize 121:6 apoplectic 170:19 appears 43:10 45:5 45:8 49:20,23 57:14 97:12 99:3,4 180:17 196:22 205:19 236:15 applicable 249:8 applied 48:21 167:25 168:7 169:14 258:19,25 264:15 265:16 applies 12:9 apply 25:13 261:20 appreciate 146:20 approached 262:20 appropriate 7:3 163:22 approval 181:23 263:10 approved 66:3 approximate 36:14 approximately 5:5 23:4 64:4 68:19,21 69:5 72:23 75:4 78:4 86:4 128:16 129:5 163:4 164:10 164:20,23 165:3,6 187:10,11 189:18 237:15 april 1:22 2:5 5:4 164:12 236:15 274:22 277:5 arastu 3:25 5:25 arbitrage 106:13 arbitration 1:2 5:12 area 59:15 121:9 areas 120:20 246:25 arffa 3:8 6:14,14 8:19 9:6 24:20,24 25:3,7 41:4,17,19 107:10 197:13 234:17 235:3,5,6 236:11 237:25 238:6,11 245:13 264:4,18 269:17 272:20 arranged 94:15 arrangement 83:20 83:22 98:4 arrived 232:14,16 232:18 artist 58:8 aside 109:15 221:2 221:11 268:9,19 asked 11:5,15 18:6 22:19 25:22 34:8 52:25 53:18,22 54:4 54:8,13,16,25 55:5 55:10 70:5,16 71:10 76:4 83:3 102:20,23 112:5 122:13 146:4 149:4 153:10 160:16 176:8 179:5 187:13 188:11,16 211:7 217:19 218:11 223:16,21 223:22 226:9,12 229:5,6,13 232:2 233:4,6 236:20,24 236:25 257:14 261:24 262:19 270:9 asking 17:8 24:14 assure 31:10 47:4 25:20 38:8 51:24,25 I 52:11 91:11 92:4 93:4 104:9 111:14 111:16,18 168:15 173:19 177:22 180:23 225:14 246:22 asks 24:25 148:12 assess 250:13 251:23,23 253:15 253:15,19 255:11 255:13 256:2 assessed 253:7 256:25 257:7 assessing 253:13 asset 94:8 167:11,13 200:10 246:8,11 assets 60:24 92:14 146:17 163:3 249:16 252:10 assignee 243:3,11,13 assignment 174:7 175:16 178:14 182:11,18 242:18 243:2 272:2,3,12 276:2 assignor 243:11 assistance 178:8,10 assistant 230:5 assistant's 232:19 associate 85:12 associates 67:8 175:11 assume 33:5 51:15 51:20,22,24,25 52:25 53:4,4 56:18 113:10,25 124:18 180:20 237:8 252:9 253:17 assumed 113:23 136:14 171:3 assuming 53:2 56:23 253:3 assurance 31:22 assured 246:25 attached 99:5 197:6 197:7,15 230:16 attaching 195:4 217:2 233:19 attachment 194:6 194:12,16,21 197:4 197:6 216:22 276:4 276:7 attachments 193:21 194:14 197:14,18 197:18 198:4,9 attempting 81:5 166:19,20,24 attend 72:20 84:17 attention 246:9 attorney 35:3 135:23 136:21 attorneys 3:5,12,19 4:5 5:16 130:25 135:12,12 attractive 19:7 attributable 254:8 257:25 auditors 115:19 august 88:9 authored 52:20 authorized 159:4 available 108:16 268:11,21 avenue 2:10 3:6,14 3:21 4:6 5:9 average 71:23,24 77:18 164:25 avoid 32:23 153:19 156:25 avoiding 122:15 242:12 aware 116:3 119:2 123:15 132:17 142:16 164:15 165:17 184:14 189:7,14 210:4,8,11 221:9,13,16,21 226:9 228:20 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299365

[aware - broke] Page 5 235:16 237:3 b back 7:24 11:4 25:10 28:16 33:13 37:2 45:16 57:22 76:17 100:8 105:2 113:2 116:19 118:4 131:5 132:21 134:5 135:6 144:4,14,15 145:11 147:24,25 148:4,5 151:2,9,12 151:25 153:14 156:4,18 168:24 170:2,8,18 188:13 188:15,16 197:22 202:14 204:2 206:13 215:22 216:9 217:22 223:15 228:10,12 234:24 250:9 263:9 264:9 272:5 background 58:2 bad 116:20211:18 badly 122:12 226:20 bag 223:13 balance 149:11,13 153:21,25 157:3 184:16 ballpark 159:20 bank 116:9 122:16 123:21 145:25 148:19,24 153:19 154:5,12 156:25 211:22 226:22 base 246:8,11 based 16:19 22:13 33:19 75:14 92:13 95:13,20 102:8,11 106:22,24 108:12 123:25 130:14,15 131:10 basic 225:10 basically 21:8 28:20 47:22 71:20 89:3 122:17 136:6 152:24 172:12 193:8 210:16 basis 135:2 136:23 162:15 163:4 228:22,23 248:19 259:2 bates 158:13,19 194:20 275:25 beach 64:14 65:8,10 230:2 232:15,17 bear 58:18,20,22 59:11,23 60:7 61:14 165:14 238:14 bearing 227:23 beg 199:21 began 23:21 39:8 beginning 32:12 38:6 57:24 59:11 113:4 128:16 156:6 204:4 244:5 254:15 256:24 262:11,12 264:11 behalf 6:23 159:5 235:17 258:11 believe 15:23 21:13 28:14 33:22 34:4 44:16 51:11 75:10 80:24 84:7,9 97:2 98:2,8,16 126:11 131:10,16 135:22 143:15 157:19 164:21 165:21 170:16 177:11,21 178:13 182:9 189:23 190:9 191:25 193:4,11 200:5 204:15 211:2 212:8,15 222:11 223:8 224:19,25 225:5,20 226:4 231:4,8 236:5 237:25 238:18 240:5,23 241:5 242:17 243:20 250:4 259:19 264:2 266:25 269:9 believed 193:16 265:16 266:2,7 269:11 beller 139:14,15 153:23 157:5 158:24 159:4 166:6 166:12,25 167:22 168:4,10 170:3 171:10 183:11 184:10 188:9,13 189:17 192:16,25 193:25 200:25 205:20 236:18 265:15 266:16,21 bells 123:12 beneficial 89:6 benefit 89:7 91:4 212:2 246:5 best 25:19 26:2,5 27:9 59:13 60:23 66:12 72:24 73:3 75:2,22 76:9,12 77:4 85:2 86:2,14 92:3,24 95:5 97:5 98:5 100:18 102:12 103:9 104:23 105:20 108:11 115:12 118:2 121:7 124:25 128:11 133:9 137:15,21 139:9 140:9 141:7,9 143:3 145:17 152:18 154:6,11 157:17 161:19 167:2 168:2,11,13 170:8 173:10 175:5 176:19 181:18 183:20 185:10 188:5,24 200:9 212:9 214:5 218:25 221:8 233:23 265:18 267:19 271:10 bet 34:22 238:9,11 better 67:9 81:6 82:5 241:12 beyond 260:18 big 110:18 biggest 111:10 bill 99:20 100:2 billion 92:6,7,12,15 92:18,22,25 93:3,5 121:15,17 143:5 167:15 billionaire 237:17 billions 239:25 birth 71:2 bit 95:24 blame 213:2 block 59:16 blood 274:18 blue 130:6 book 118:12 booked 165:9,10 bookkeeping 117:6 118:14 136:6,14 born 69:16 71:10 borrow 115:25 borrowed 162:10 borrowing 115:21 116:2 123:24 211:24 bother 87:17 bottom 217:7 breached 122:6 break 7:23 8:8,11 8:14,17 55:22 57:16 112:20 203:21 234:18 breaks 7:6 8:12,14 bright 75:9 bring 156:18 173:19 173:24,25 british 240:11 broad 247:20 broadway 277:3 broke 156:13 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299366

[broker - collins] Page 6 broker 59:18 brokers 60:4 build 93:23 bullshitting 201:9 bulmer 100:2 bunch 162:12 193:7 194:25 210:17 business 39:20 60:20,22,24 61:3,6 61:8,13,18 62:4,6 62:14,17 63:6,8 67:8,11,14,16,18 72:22 73:2 80:16,19 83:13,20,22 89:14 93:24 113:13,14 123:9 174:14,16 227:3 238:15,18 businesses 62:22 buy 11:19 86:23 110:21 116:17 136:9 181:20 244:23,24 buying 81:9 93:13 96:9 c 3:2 4:2 274:2,2 calendar 19:15 20:3 39:21 call 79:23,25 100:19 100:20,23,25 124:7 131:8,9,20 132:9,24 133:7,10 134:2,7 137:14,18,22 138:6 138:18,19 140:16 141:3,3,5,6 143:15 143:16,20,22 144:16 146:21,22 147:14 149:4 151:4 154:13,15 156:15 156:19 160:2,2 162:25 163:24,25 164:9 166:9 167:23 168:5 171:11 180:25 183:6 189:22 193:10 I caption 5:10 206:20 208:15 cara 192:20 209:12,18,23,24 caruso 99:22 215:23 232:25 case 5:10 114:23 238:4 246:9 255:4 118:15 130:23 265:7 267:2 185:6 220:17,23 called 9:13 58:25 221:4 222:14 232:3 59:20 60:24 61:10 277:5 73:3 109:18 119:17 cash 212:23 225:16 120:2 123:13 129:8 category 12:17 129:9,12 131:22 247:21 132:21 133:13,21 caught 35:13 133:25 134:11 cause 145:24 137:16 138:2 141:4 caused 108:5 154:12 143:24 145:14 cautioned 139:5 147:24,25 148:5 cc 234:10 151:25 153:3 cc'd 217:15 174:18 181:6,13 cc's 99:18 206:13 209:9,11,13 certain 24:17 25:11 211:6 212:9 214:4 162:19 164:16 266:16 173:19 246:25 calling 129:18,22 certainly 117:20 130:5 141:11 118:6 258:18 146:16 173:11 265:14 191:10,16 193:4,5 certified 237:4 calls 145:18 146:24 certify 274:10,16 148:12 152:8 cetera 157:6,6 198:9 183:15 192:2,3,8 265:5 193:6,8 267:20 cfo 129:19,23 130:6 calm 131:5 138:16 132:12 134:23 145:11 136:5 calmly 265:2 do's 130:19 canceled 172:22 chain 192:15 194:8 capital 13:19,20 195:10,15,18 16:20 27:21 31:16 196:23 204:5 37:14,22,24 38:3,20 216:24 39:20 40:7,15 41:9 chairman 240:5 43:6,8 45:3,13 46:2 chance 132:5 46:12,22 48:25 55:6 change 11:25 32:15 55:7,7 56:3 57:8 41:15,23 53:22 147:4,5 183:18,19 78:22,23 100:24 184:15 194:20 262:4 277:7 207:15 246:13,14 changed 61:8 69:4 capitalize 91:17 78:19 200:13 219:25 229:9 changing 202:18 characterization 67:4 characterize 67:5 77:10 141:21 142:8 235:10 charge 140:3 246:3 255:11 charged 219:7,11 charges 246:4 charging 239:8 chaudhury 3:25 5:25 6:2 cheat 208:16 check 172:5 190:4 215:8 child 69:16 70:3,14 70:18 80:3 children 69:14,19 70:10,22 71:17 79:2 79:20 choice 10:18 chronological 59:7 ck 157:6 claimants 1:6,12,12 3:5 6:16 clear 14:5 17:13 29:17 42:11 54:19 67:17 75:7 83:9 111:14 174:15 196:11 197:23 267:22 client 35:3 85:13 123:8 clients 6:19 63:19,21 64:6 73:11 89:21 123:23 136:10 227:5 239:3 close 70:24 71:13,14 72:2 77:8 248:13 code 243:23 college 57:25 collins 2:115:19 274:7,25 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299367

[come - conversations] Page 7 come 64:8 68:14 73:2 74:22 80:25 92:18 94:15,19 95:2 103:19 107:18 109:16 140:10,11 176:9 comes 173:20 comfort 153:25 comfortable 150:21 153:20 157:2 199:13,16 coming 8:10 105:5,6 267:17,24 268:3 commencing 245:19 commission 206:25 207:8,11 277:25 commit 115:2 210:12 committed 210:6,9 committing 43:11 43:18 44:10 47:8 commonly 59:24 communicate 26:7 26:11 communicated 213:23 214:7,20,25 communication 268:13 communications 170:9 community 65:3,16 company 1:113:13 39:22 40:9 61:11,12 61:24 62:9,20 63:5 63:9,14 88:8,10,12 89:4,4,12 90:24 91:17 93:9,13 97:13 117:13 158:18 163:12,16,21 165:13 174:9,17,21 174:23 176:24 182:22 192:21 212:22 277:2 company's 160:9 compare 195:19 compared 256:18 compensate 246:6 compensated 87:21 87:22,25 completed 66:6 complicated 167:15 concept 143:9 199:5 202:24 225:21 226:4,19,21 227:21 228:4,5 255:20 256:8,14,15 257:10 concern 21:16 26:16 44:20,21 105:23 concerned 7:16 149:8 153:5 concerning 18:4 26:25 85:6 172:21 183:17 184:15 208:6 216:2 conclude 125:18 136:18 concluded 125:9,11 142:14 conclusion 120:6 122:20 conclusions 127:4 condition 149:13,15 150:19 conditions 146:8 conference 156:15 206:20 conferences 152:14 confirm 31:13 34:8 44:5 confirmation 31:16 32:6 confirmed 20:10 123:18 142:7 confirming 26:18 37:16 conflicting 198:24 199:6 200:3 201:15 202:9,17,23 confusing 187:7 conglomerate 210:17 conglomerating 209:2 connection 75:24 84:21 207:11,12 256:9 connotation 137:8 consecutive 194:21 196:3 consent 177:4,7,10 177:16,18,21 179:19,24 180:2,6,9 180:15,18 consented 182:20 consider 44:9 82:2 98:9 130:8 considered 43:25 67:21 81:9 82:21 123:5,6 125:23 149:12 considering 81:12 85:23 86:4 consistent 208:15 consistently 200:13 constituting 163:4 consult 98:17 consultant 98:9 99:9 consultation 164:4 consulted 82:24 consulting 96:21,24 98:4,22 99:3,5,15 275:22 contact 216:15 contemplated 84:22 context 10:6 143:7 143:10 continue 32:22 85:3 259:23 continued 4:2 47:5 156:11 259:24 contribute 31:20 32:5,9 control 65:4,16 controversy 170:23 conversation 18:21 18:24 19:3,6,24 20:14,25 25:25 26:3 26:21,24,25 27:4,7 27:11,15,1628:13 30:20 31:2,6 33:11 33:12,19,25 34:15 35:6 37:10 45:25 93:8,11,15,21 102:8 103:21 105:3 109:24 116:21 119:10 121:8 126:24 127:8 132:19 135:21,25 147:22 152:3,19 153:14 154:4 156:14 157:8,10 158:4,8 159:14 160:7,17 161:2,11 161:20,25 162:2 166:23 168:12 173:6 183:10 187:9 189:17 190:13,16 190:19,22 191:4 204:15,18,19,23 206:15 207:19,22 208:23 209:4 210:20 220:9 222:25 223:3,25 231:12,16 268:15 268:23 269:6,7,8 270:11,21 271:3,6 271:14,23 conversations 17:14 17:21 18:3,7 20:19 28:2,8,16,22,25 30:9,11,15 33:20,22 70:12 75:4,7 81:15 91:22 98:3,7 100:8 115:5 128:16,19 146:23 151:11,17 160:19 161:4 168:14 170:2,12,25 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299368

[conversations - dan] Page 8 171:7 173:4 176:16 178:17 183:21 184:2,6,11,15 185:9 191:8 198:25 199:6 200:3,4,7,16,23 201:16 202:10,11 202:17 204:6,11,13 205:4 206:4,10 207:16 208:4,24,25 209:2 210:14,18 212:24 215:13 224:4,6 231:20 271:19 convertible 106:12 conveyed 266:21 convict ion 64:9,15 convince 166:24 228:14 convinced 228:14 cooley 2:9 3:18 5:8 6:2,7 cooling 77:5 cooper 58:3,6,11 copied 199:10 201:19 copy 236:9 cordial 70:10 corp 241:9 corporate 61:16 242:12,13 corporation 241:3,4 241:19,19 242:2,5 243:4,13 correct 9:22 10:13 12:21 14:4 16:5,10 17:9 20:5,9 24:19 28:18 29:15,15,21 30:2,24 31:7,8,11 31:23 32:6 40:3,12 40:25 42:14,15,17 42:18,20 43:9,14,21 44:14 45:3,4,7,19 45:22,23 46:2,3,5,6 46:10,12,13,15,16 46:22,23,25 47:2,6 47:10,13,14 48:3,4 227:20 231:11 48:7,15,17,21 49:22 232:23,24 233:5,8 49:25 50:2,4,5,16 238:15 239:4,7,11 51:2 52:6,19,24 240:8,12,18,19 53:8,14,20 54:6,17 241:4,6 242:5,9,10 55:4,13 56:5,9,15 242:16 244:8,12,17 57:3,7,13 66:21 244:20,21 245:3,4 67:12 69:2,11 72:8 248:4,10,17,19,22 82:22,23,25 83:2,4 248:23 249:11,14 83:5,7,14,18 86:23 249:15,17,20 250:6 86:24 87:5 88:16 250:19 254:4,5,21 90:8,11,12 91:18 254:22,23 255:7 92:8 95:8 99:10 257:2 259:2,3 103:17,18,24,25 260:19 261:11,21 104:2 108:10,14 262:7,21,23,24 110:11 112:16,19 263:25 266:20 116:22 128:3,4,7,10 267:12,25 270:12 133:13,14 140:20 271:9 272:18 142:9,10,12,13,16 cost 165:14 143:8 144:17,25 counsel 21:5 25:7 147:11,15 148:14 28:11,13,17,23 149:3,6 151:2,8 33:23 34:2,5,7,15 157:11 160:11 35:18 41:20 90:11 166:13 169:16 90:11,17 130:15,17 170:10 171:21 130:19,19,20,22 176:22 177:19 139:6 151:14 179:20 180:2 181:7 175:16,19,20,21,24 181:14,21,22,24 176:3 180:9,12 182:25 183:2,12,13 185:8 220:7 232:12 185:24 186:3,9,15 counter 1:12,15 186:19 187:6,12,14 country 66:8 187:15,17,20,21 counts 64:18,21,25 191:7 192:2 194:10 251:20 194:13,17 196:9,24 county 274:5 196:25 198:5,9,10 couple 107:12 135:2 199:20,23 201:3,7,7 135:2 136:22 138:4 201:13,19,23 202:4 143:4 146:8 151:3 202:12 203:12,13 162:14 185:3 241:8 203:18,19,19 261:9 207:20 213:21 court 5:18 214:18 215:11,12 cover 98:23 99:4 217:16 218:14 233:16 275:23 219:8,11,12,14,18 276:11 219:19 220:13,15 covered 34:12 222:20,21 226:7 craft 60:6 crazy 130:12 131:3 138:8 190:2 203:4 create 31:10 60:19 created 61:13 246:7 criminal 64:9 crook 210:19 current 50:21 53:7 53:10,11 56:14 235:7 currently 78:12,13 cycle 38:25 40:23 263:7 d d 3:16 215:8 275:2 ■ 1:17,18 3:19,20 5:22,23 6:3,4 16:21 16:23 49:15,21 160:10 174:8,12 177:3 182:21,22 192:20 275:20 dalton 58:13,16 dan 13:7 20:21 31:14 32:7 42:3 50:3 55:5,6 74:23 74:24 75:5,17,20,25 76:3,5,23 100:13,14 101:6,9 111:6,13 116:6,10,20 117:5 117:10 118:11 120:19 121:2,3 122:3 123:25 124:10,13,14,21,23 125:4,6,9,10,11,14 125:16,19,20,24 126:10,15,17,20,25 129:9 132:9,24 133:10,25 134:11 138:16 141:12,20 141:23 145:20,22 146:4,18 147:23 148:5,6,17,20 151:25 152:10,12 152:14,23 153:10 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299369

[dim - discuss] 153:17 156:23 166:9 167:24,24 168:6,6 170:20 173:5,11,15,18 188:25 190:15 191:10,13,25 192:7 193:4,5,9,12 198:19 198:23 201:9 206:4 206:16 208:16,21 209:8 210:18 211:17,18 212:17 212:21,22,23 213:19,23 214:2,7,9 214:16,20,25 225:11,12 228:13 233:19 234:11 264:23 265:14 270:23 dan's 117:13 148:13 152:21 dangers 30:13 daniel 1:19 4:5,9 6:9 6:10,11,13 124:12 darren 35:16 90:5 157:22 270:23 date 5:4 14:7 24:13 29:24 31:5 38:2,11 38:15,23,25 39:2,24 41:7,9 42:24 44:21 45:11 46:4,14,24 54:21 55:2,11 56:3 57:11 159:13,14 169:3,4 204:14 254:25 260:8 272:11 277:5,25 dated 22:18 37:4 49:14 50:3 158:12 158:18 165:20 192:17 195:11 196:19 216:25 233:15,20 264:20 275:18,24 276:10 276:15 dating 46:14,24 Page 9 david 193:10,13 define 67:9 74:15 destabilizing 246:8 davis 118:11,12 defining 111:25 destroy 146:2 130:18,18 137:16 251:16 detail 223:16 224:2 137:20 139:4 definitely 178:7 details 22:15 135:14 140:21,22 175:22 260:24 153:2 162:8 270:4 day 39:21 133:11,13 deflect 193:13 determine 143:13 133:15 152:6,6 269:7 273:9 274:22 277:22 days 137:15 138:4 163:9 167:17 dbz 1:18 3:20 5:23 6:4 162:21 deal 40:21 81:6 97:21,22 167:9 212:10 255:21 dealing 254:12 dealings 234:11 december 14:24 15:25 43:5 46:7 51:18 53:13 103:17 107:6 108:20 216:25 217:8 251:7 272:17 decent 111:4 decide 11:25 149:17 decided 55:6 68:7 69:7 81:6 82:5 106:23 109:16 116:14 124:2 145:2 145:5 192:9 218:17 decision 102:7,10 106:21 108:3,6,12 116:4 142:4 149:16 150:19 186:12,17 187:2 220:2,3 266:17 decisions 111:20 declined 258:10 declining 257:20 deemed 164:4 defendants 32:17 deferral 124:3 deferred 117:14 211:25 deliverable 173:21 deliverables 173:19 delson 175:11 demand 36:21,24 122:12 146:5 152:24 153:18 154:8 156:24 170:22 189:13,20 191:5 228:15 demanded 145:24 61:16 72:13 80:10 191.3 80:11 83:13 100:16 demanding 36:17 104:5 106:14 department 59:19 141:18 172:15 departure 164:2 194:25 200:11 depend 248:16 245:11 247:21 depending 172:16 248:14 252:2,22 245:23 253:11,16 254:10 deployment 246:14 255:15 256:13 deponent 277:6 265:15 267:12 deposition 1:25 2:8 differently 42:2,5 5:7 7:10,15 39:11 223:20 274:12,14 277:5 depositions 7:4,8,17 7:19 derivatives 59:25 describe 67:25 68:9 68:22 70:14 72:2,15 described 77:2 164:18 257:10 describing 72:11 255:22 256:15 description 275:15 desire 25:17 26:11 27:13 30:9 246:10 246:20 247:10,16 247:18,19 desk 58:25 59:16,17 develop 66:22 169:21 developed 159:10 di 237:18,23 dial 132:3,4 dicola 4:14 5:3 different 9:7 10:23 10:23 11:10 12:19 35:2 37:22 38:5 43:17 51:3,9 difficult 67:23 diminished 121:23 direct 263:12 direction 141:13 directions 275:8 directly 65:17 89:13 91:9 200:23 discipline 22:16 discipline's 135:17 disciplined 21:7 disclosed 164:2 212:11 214:13 disclosure 122:5 discretion 63:12 discuss 19:9 29:7 33:9 82:17 96:24 104:13,17 175:15 176:2 216:4 220:3,6 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299370

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[gross - identification] Page 15 gross 121:25 group 88:13,14 89:11,15 90:14,17 91:5,16 grown 110:17 gruss 117:5 122:3 124:24 126:5 161:13 210:21 211:2 212:4 216:16 217:20 218:16 219:2,6 220:10 221:7,11 gruss's 164:2 guess 32:17 91:25 92:4,5,12 93:2,4 133:18 140:23 168:13 191:17 251:19 guilty 64:16,19 guy 90:10 116:20 144:11 155:2 211:18 guys 171:11,17 271:17 h half 7:24 134:13 146:6,6,14 147:3,19 147:19 148:2,7,8,13 148:18,22 150:12 150:16 185:25 259:12 hand 116:2,3 245:5 274:22 handled 267:5 hands 232:19 hannah 3:9 6:18 happen 68:17 134:5 172:6 happened 27:11,14 37:23 72:25 82:3 98:13 99:12,13 108:4 132:20 133:7 134:10,21 135:14 137:14 142:9 147:24 156:17 157:13 176:11 190:5 222:9 266:25 happens 136:7 144:12 happy 14:18 hard 108:4 harley 265:15 harm 246:7 harry 118:11,12 130:17 137:16,20 139:3,14,15 140:21 153:6,23 157:5 158:24 159:4,10 166:25 171:10,11 190:9,10,25 192:16 193:5,14,15,25 200:19 265:3 266:16 270:22 he'll 148:4 head 24:22 58:25 59:18,19 60:3 172:15 hear 72:16 74:8 228:25 heard 35:10 190:18 199:8 201:17 244:7 244:7 256:9 hearing 33:2 125:18 162:23 200:12 238:8 hedge 9:22,25 10:3 10:6 21:12,14,15,18 21:24 22:5,11 23:4 23:22 63:22,25 64:4 104:8 113:14 114:2 167:9 172:3 248:25 249:3,11,22,24 250:11 252:3,20,22 253:11,16,17 254:6 254:10 255:11,15 256:10,13 260:21 260:24 held 2:8 5:7 58:22 59:12 249:17 hello 76:16 267:13 help 60:4 153:18 156:24 159:14,18 helped 80:21 178:5 henry 84:9 hereinbefore 274:12 hereunto 274:21 high 256:8,14,16 highbridge 13:6,8 13:11,25 14:2,12,16 17:8,9 18:16 31:4 63:17 67:19 68:5 69:8 73:5,18 74:4,6 74:9,20 75:6,9,11 76:4 80:5,13,22 81:5,7,9,21,23 82:4 82:6,7,9,10,18,21 83:4,6,8,17,24 84:2 84:6,13 85:15 86:13 86:23 87:9,11,24 88:2,5 91:20 93:22 94:7,10 96:10,15 97:3,14 99:2,10 100:12,15,15,17,22 100:23,25 101:4,22 104:7 105:25 106:3 106:11 107:3,7,20 107:24 110:18 113:6,20 115:7 116:15 117:11 120:24 127:21 146:9,10,15 149:5 150:7,9,20 167:10 184:21 187:14 194:20 226:25 highbridge's 111:5 111:8,12 146:13 150:3,12,16 233:7 higher 247:10,19 256:2 hiring 204:19 history 21:11 hold 58:20 239:3,14 240:4 holding 182:21,22 holdings 1:19 5:24 6:5 home 76:17 232:15 232:17 homes 229:25 honesty 137:6 honor 190:7 honored 191:2 hope 8:19 hopefully 8:21,24 244:2 horizons 246:15 horrendous 116:4 hour 7:24 8:8,8,10 8:18 134:13 hours 7:5,20,21 8:20 house 21:5 28:13,16 28:23 35:18,23 61:22 90:11 94:21 139:6 151:14 180:9 180:12 187:23 211:10 262:17 howe 192:20 huh 192:18 hundred 74:10 135:2 143:4 222:23 251:4,5,11,13,14 253:3 hundreds 237:20,22 hung 131:6,25 husband 68:24,25 hypothetical 257:3 idea 114:15 118:17 121:16 123:11 141:12 176:5 208:20 218:18,23 218:24 219:4,17 ideas 104:2 identification 33:8 49:17 97:11 98:24 158:14 182:12 192:14 194:7 195:9 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299376

[identification - investment] Page 16 205:12 216:23 inaccurate 243:17 instances 1 I :17 229:20 233:17 inc.'s 39:20 63:15 105:12 235:23 241:16 incarcerated 65:5 245:11 245:15 264:21 incarceration 65:3 institutions 95:21 identified 161:12 identify 5:17 illiquid 113:18 117:20 225:17 226:19 227:13,17 227:23,24 228:2,8 imagine 172:18 immaterial 117:6,8 121:13,14,24 123:19 126:6,7 130:2,7,9,13 131:2 132:13 135:15 137:2,5,7,9,10 138:11,13 141:13 141:17 142:9,24 143:7 164:4 225:22 226:5 227:4 immateriality 121:16,22 143:10 immediate 131:25 132:3 176:17 immediately 131:22 143:25 160:7,15 171:21 172:10 191:3,21 impatience 220:14 impatient 130:11 179:11,13 214:17 implement 244:15 implications 116:4 important 21:14 44:13 150:23 169:2 169:17,19 176:23 260:12,16 impression 258:19 improper 124:25 213:24 improperly 162:5 inaccuracies 136:7 136:15 incentive 249:19,23 253:19 254:3,4 255:12 include 64:5 income 174:13,14 242: I 5 243:5,14 incorporated 240: I 1,16 increase 19:8 252:13,18 increases 19:10 indefinitely 53:7,9 independent 23:11 172:25 indicate 178:3 individuals 60:13,16 61:2 63:11,13 238:21 indyke 35:16 90:5 139:11 157:23 information 108:13 108:15,19 109:2,21 112:6 164:5 167:18 informed 184:20 initial 12:25 17:17 25:12 26:24 29:25 29:25 30:18,22 31:5 31:24 38:24,25 40:11,11 43:24 46:25 51:6,8 119:19 120:3 145:23 170:22 228:15 259:14 260:8 initially 24:7 39:22 40:10 51:5 81:4 111:6 112:5 117:3 118:13 225:21 226:5 261:25 230:19 initiative instance 172:22 213:22 235:14 29:10,12 52:6,18 60:14 63:12,21,24 instruct 22:22 157:20 160:7 instructed 35:8 238:3 instruction 35:11,14 instructions 160:6 160:11 270:15 instruments 59:2,21 59:23 60:3,6 insubstantial 210:5 integrity 137:7 intention 41:2 intercontinental 60:24 interest 39:23,25 40:5,8,10,11 50:20 53:24,25 61:2 76:3 83:19 87:7,8,11 88:17,23 92:10 94:10 160:8,9 162:11 163:12,15 165:5,11,14 interested 60:16 86:12 93:13 94:4,5 274:19 interests 8:21 174:7 interfund 164:16 interim 8:11 internal 243:22 internally 183:21 interpretation 135:7 interrupt 114:12 225:24 interview 124:14 introduced 66:19 93:17 introduction 87:23 94:16,20,22 invest 18:16 22:20 67:24 68:7,8 69:6,7 73:4,5,13,17 86:23 96:18,19 104:18 105:14 108:17,21 111:20 112:8 235:14 239:3 248:24 249:6 250:16 invested 10:4 15:12 21:19 29:11 45:17 52:22 53:19 54:5,9 54:14 55:3 56:8,15 57:2 67:18 74:3 75:18 100:11 101:4 103:16 107:6,20 110:16,24 112:2,10 112:12 115:9 127:10,21 244:8 250:3,18 255:14 260:20,23 262:22 investigate 123:14 investigated 219:3 investigation 212:4 219:14,18,23 investing 9:22 21:8 21:12 40:2 80:18 100:9 101:20 104:15 105:25 108:10 109:4 113:7 114:15,17 115:8 investment 10:11 11:11,25 12:3,9 13:2,17,18,23,25 14:8,11,23 15:5,13 15:14,18,21,24 16:2 16:3,6,8 17:18 18:5 18:8,10 19:14,16,21 19:22 20:4,7,8,16 20:18 21:19 22:2 30:24 31:7 33:15 34:5 38:24,25 42:12 45:10,17,20 46:5,7 46:15,17,25 48:5,15 51:6,9 55:17 63:16 63:18,19 67:17 73:8 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299377

[investment - kind] Page 17 73:10,11 74:17,19 80:5,12 86:21 87:12 101:23 102:2,5,11 103:3 105:3 108:9 109:12,16,20 110:3 110:7,15,24 111:16 111:18,23,25 112:3 112:7 113:25 120:10 127:9 157:16 160:20 161:5 195:5 228:22 228:22 235:17 239:9,12,17 245:20 245:22 246:23 248:15,16,25 249:6 249:8 250:12,24 251:2,9,11 252:8 253:3,5,7,9,21,22,25 254:9,20,24 255:5 256:22 257:2,9 258:25 259:2,2,9,14 259:18 261:3 262:21,25 263:21 investment's 248:14 255:6 investments 10:23 10:24 12:20 13:6 14:15,20 15:4 17:21 17:23,24 18:21 19:3 19:8 21:23 22:5,8 22:13,17 23:5 28:20 29:6,7 30:22 31:3 31:12 43:24 48:20 64:4,5 73:21 74:14 74:15 80:11 101:14 101:16,17 102:19 103:10,14,24 109:10,23 111:24 112:15,18 113:6,16 113:18 114:7,20 115:7 116:25 118:23 119:3,6,14 127:22 128:2 140:2 140:4 169:15 206:7 206:8 207:12 212:22 227:13,14 227:17,22 228:2,21 236:23 237:5,11 244:20 245:24 248:18 254:7 258:3 260:7 264:16 265:17 266:3,9 267:12,18,18 268:2 investor 9:24 10:17 16:22 31:15 42:6 110:14 111:6 123:16 131:13,17 145:23,23 228:23 228:23 235:11 246:3 investor's 251:24 investors 16:22 25:20,22 38:6,8 43:17 44:7 48:9 49:9 52:5,8,16 57:4 145:25 245:5,7,21 245:25 246:4,7,13 247:10,15,20,22,23 250:7 257:22 259:17,20,22 invests 111:20 invite 213:7 invited 213:9 invoice 97:10,12,18 97:21 100:6 275:21 involuntary 24:21 involved 125:4 134:25 137:3 173:7 200:15,23 229:11 259:23 irregularities 118:14 134:22 135:3 136:14 142:18,22,23 islands 62:3,5,7,10 62:15,16,21 63:2 77:22 89:24 174:15 174:25 175:2,4 240:12,17,18,19 241:4,6 issue 98:11 126:11 162:16 183:17 201:6,23 209:14 228:4 issues 125:8,17 161:13 164:3 212:10 items 123:19 J j 3:8,23 9:12 156:7 January 22:18 37:2 40:241:11,13 43:2 43:3,3,5,7 47:4 51:10,17 52:6,7,15 52:18,23 53:19 54:5 54:17 55:3,13,17 56:8,15 57:2,10 109:13 165:11 169:11 170:24 183:15,17 184:3,7 184:12,19 187:22 250:18 259:21 262:22,22 263:21 272:12 je 158:13,19 275:25 jeepers 1:8,11 3:12 5:11 6:24 174:9,19 233:19,20 240:21 241:25 242:2,8 243:2 277:5 jeeproject 193:19 Jeffrey 1:25 2:8 5:15 kahn 122:3 212:6 214:11 keep 43:11,18 44:10 44:19 47:9 100:20 152:21 217:7 172:12 185:23 230:15 265:8 273:6 186:13,18 187:3,4,5 274:11 275:5 277:6 187:14,19 233:4 277:21 250:11,12 jes 82:15 keeping 117:16 Jewish 69:22 70:17 233:6 jibe 216:13 kept 117:15 124:2 job 208:19 kind 96:14 118:23 jobs 58:20,22 119:3 180:11 Joe 207:5 255:21 268:14 john 4:8 6:8 269:10 joined 58:18 joint 81:4,6 82:7 83:13 86:12 87:3,4 journal 135:5 136:4 162:12 163:22 jp 85:11 jpmorgan 80:22 81:2,8,22 82:4,6,8,9 82:10,14,24 83:24 84:5,10 85:12,17 86:11 87:23 91:19 93:2 97:22,23 jpmorgan's 85:13 87:8 judge 238:4 judge's 9:5 judicial 1:2 5:12 july 64:1265:13,13 65:14,14 june 14:24 15:14,22 16:4,7,9,13 42:14 42:17,20 43:7,13,20 43:24 45:11 46:18 55:12,16 56:9 108:24 250:21,23 251:5,7 253:5 k k 3:25 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299378

[kinds -11c] Page 18 kinds 128:2 knew 68:4 81:2,3 92:19 108:7 110:15 110:23 111:22 122:25 131:18 152:16 187:18 212:17 214:2,10 219:13 224:16,20 227:16 229:2 know 8:10 28:20 44:22 49:11 50:24 51:4,11,13,1456:17 69:21,24 76:16 77:10 82:11 83:25 84:12,14,15 85:8,9 85:16 87:6 89:23 91:3,21 93:7 95:3 96:18 99:17,20,22 99:24 103:13 109:9 110:2,6,9 111:2 112:9,17 117:2 119:8,15,22 120:17 124:7 127:2 130:25 141:13,19,22,24 142:11 146:8 154:10 157:24 158:2 166:3 172:17 176:11 177:8,20,20 177:22 178:11 179:21 180:3 181:15 185:21 186:4,5 188:11 192:25 193:21 199:3 202:24 203:8 206:2 209:13,25 212:18 215:5 216:19 218:2,3 220:20 221:24 222:7,9,16 225:12 232:11,13,14,16,18 235:7 236:17 243:19 249:5,11,24 250:2 252:3,6,23 254:11 255:10,16 255:19,24 256:5,7,8 258:10 259:18 263:9,19 272:14 knowing 122:6 knowledge 26:6,10 53:19 83:23 84:11 152:18 176:19 184:10 271:10 known 122:9123:12 130:12 224:13 227:2,6 232:21 knows 21:7 22:25 kronish 2:9 3:18 5:8 1 1.p. 1:18 3:20 5:23 6:4 160:10 lady 121:6 lankier 4:4 6:8,10 6:12 large 11:18 145:23 167:9 largest 31:15 38:5 42:5 123:16 130:24 131:11,13,14 late 28:6 63:3 80:24 97:5,25 117:4 128:24 129:7 236:5 laurie 2:115:19 274:7,25 lawsuit 212:14 221:13,16,22,24 222:2,5,10,17 lawyer 22:23 34:21 34:25 35:15 90:8 138:20 139:3 140:11,12,12,13,18 140:19 141:22 lawyers 35:23 140:18 218:13 221:3 learn 86:11 112:10 184:19,24 185:2,4 learned 112:12 185:16 261:10 262:8 learning 185:12 264:13 lease 244:23 leave 58:6 60:7,9 146:13,14 149:18 149:22,23 150:3,11 150:12,15,16 leaving 58:16 148:7 149:13 150:20,21 266:18 lee 4:10 6:12,12 193:10,13 left 22:16 58:10 60:15 61:14 116:3 150:2 213:15 238:14 legal 89:17 90:18 143:10 lesly 230:4 letter 22:18 25:18 26:18 27:20,25 28:6 31:10,19,25 32:9 33:7 36:23 37:3,11 37:17,23,25 38:14 38:17 39:4,7 40:7 40:18,25 41:8,15,23 42:3,22 43:3 45:5,9 47:4 51:14 54:17 55:9 56:2 157:25 158:12 160:4 172:9 205:11 206:5 207:14 259:21 263:24,25 275:17 275:24 276:6 letterhead 99:2 158:17 229:20,23 233:20 276:9 level 145:4 lexington 3:14 liable 121:20 liar 208:16 licensed 239:12 licenses 239:14 lie 125:2,20,23 126:7,9 141:18,20 141:23 186:21 187:6,20 lied 120:20,25 122:19,21,24,25 124:10,21 125:6,9 125:10,12,14,16,19 125:24 126:3,4,15 126:17,20,25 127:3 127:5 186:19 lies 124:12 126:23 lights 117:17,17 limited 49:15,21,24 50:13 51:16 112:4 130:24 131:11 141:25 142:2,5 275:19 line 180:24 277:7 liquidate 160:8 liquidated 160:14 liquidity 21:13,14 107:4,15,16,25 113:6,11,12,15,24 114:3,4,5,6,7,8,9,14 114:19 115:6,21,24 116:11,12,13 118:19 122:11,17 123:22 126:12,13 211:19,24 214:14 226:23 228:3 245:23 247:11,16 247:19 list 220:19 223:10 226:13,14,18 listing 107:13 litigation 36:9,13 39:8 229:12 little 72:13 122:18 179:10 213:9 219:15 221:25 227:23 244:4 245:10 248:12 live 62:13 lives 71:21 llc 1:5,6,15,17,18,19 3:19,20 5:11,23,23 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299379

[llc - material] Page 19 5:24 6:3,4,5,17,17 241:5,6 llp 3:4,18 4:4 5:8 6:2 6:15 151:21 169:4,13 228:18 244:11 245:18 246:2 259:23,25 260:7 lose 86:22 male 140:17 loss 254:22 255:20 manage 87:14 losses 249:7 254:8 144:11 184:21 254:12 256:6,19 managed 101:6 located 5:8 62:2,10 261:11 262:9,16 257:8 111:12 117:11 174:23 263:14 264:15 lost 87:17 254:18 125:22 226:20,25 location 7:10 266:3,8 269:12 lot 47:15 167:21 management 92:14 lock 18:14,25 25:22 lockups 10:16 12:16 188:17 111:9 114:8 116:13 locked 25:20 26:12 12:18,18 17:14,22 Ip 163:16 165:10 117:13 123:24,25 29:20 45:6 169:20 18:4 21:8 22:15 lucrative 60:10 162:20 163:12,16 245:9 247:23 248:2 27:2 28:17 30:10,12 lunch 7:23,25 79:17 163:21 165:13 248:6,11,19,22 30:16 33:13,19 144:3,4 182:14 249:13 254:4 260:15 167:25 168:7 luncheon 8:3 261:23 locking 114:22 170:13 228:22 lying 115:18 121:3 manager 114:24 lockout 14:3 21:21 244:5,6,7,8,12 190:15 201:10 235:7 244:15 249:6 lockup 10:7,9,14,15 245:18,19,22 m 251:22 253:18 10:18,19 11:12,20 12:2,5,8 13:2,10,13 246:10,20,24 258:24 259:18 managers 244:11 245:7 246:10,20,24 ma'am 127:16 mail 192:15,16,16 13:18 14:3,6 16:12 260:21,24 261:2,6 249:11 250:12 192:19 193:7,11 18:9,17,17 19:9,12 265:5,16 267:6,9 managing 76:2 194:5,8,17,21 195:2 19:14,15,22 20:3,20 268:6,12,22 269:10 195:10,11,11,23,24 199.17 20:24 21:17,21,25 21:25 22:11,19 23:7 270:4 long 8:14,14 9:24 march 41:13 43:9 196:8,15,15,18,20 43:13,20 55:12 56:4 197:17,17,24 198:3 23:18,20 24:2,5,6,8 11:12 22:25 61:5 198:7,11,15,20 164:11 171:23,25 24:10,12 25:12 76:13 78:4 106:12 199:3,4,9 200:2 172:11 27:14,22,23 29:8,13 106:13 113:18 201:7,14,18 203:17 mark 32:21 33:2 29:18,19,23,25 30:14,18,23 31:5,11 115:2 160:3 168:16 168:20 211:13 204:5 212:7 216:24 216:25 217:2,7 49:12 97:7 98:21 99:17 158:10 31:13,17,23,25 32:3 247:24,25 269:12 218:7 264:20 192:11 235:20 32:13,14 34:6,9 269:14,21 265:25 276:15 245:13 264:18 37:13,14 38:2,7,9 longer 10:19 11:19 mails 192:13 194:6 marked 32:16 33:7 38:12,19,22 40:16 40:22 42:7,10,13 56:7 184:21 223:19 246:15 247:2 248:8 194:25 195:8,15 196:4 216:22 276:3 49:16 97:11 98:23 158:13 182:11 43:16 44:6,8,17,21 248:9 276:4.5,7 192:13 194:7 195:8 44:22,23,24 45:2,11 look 35:25 39:4 maintain 114:9 205:11 216:23 45:14 46:4,14,24 76:16 81:25 165:21 maintaining 228:21 229:20 233:16 47:6,22 48:2,6,10 48:11,16 49:2,4,6 176:8 188:13 214:4 226:9 229:21 major 120:20 making 18:8,10 32:5 235:23 241:15 245:14 264:21 50:7,10,15,19,21,25 236:13 242:18,25 36:24 109:10 112:7 markets 106:25 51:19 52:5,14,17,24 256:16 marking 32:23 113:16,17 114:20 53:2,7,10,11,13,17 looked 176:10 markings 275:7 115:13 116:25 53:18,23 54:3,4,9 54:13,18,20 55:8 looking 105:13 looks 193:2,20 marriage 274:18 118:23 119:3,7,15 married 72:18 153:20 157:2 56:14,25 57:11 242:24 material 52:9,10 109:15 114:18 117:9 118:15 123:5 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299380

[material - money] Page 20 144:24 149:13,17 225:23 226:6 227:6 materiality 122:20 122:21 123:3 143:11 mathematics 58:13 matter 151:13 156:16 157:15 182:3 207:17 208:6 210:15 274:20 maxed 228:5 mean 11:9 12:22 54:21,22 64:5 65:18 71:13 87:14 111:19 113:12 114:4 130:13 136:4 137:2 182:4 225:24 252:9 265:11 meaning 20:6 41:12 140:12 212:12 250:5 means 54:19 65:20 69:24 114:5 meant 40:7172:12 228:8 mechanism 188:18 mediation 1:2 5:12 meet 66:11,14 75:17 75:25 76:4,6,21 82:14 83:3 84:10 85:3,17 211:7,9 217:19 218:12 219:5 220:16,22 221:2,3 meeting 76:3,11,13 76:25 83:12 84:17 153:6,23 154:19 157:5 166:21 167:4 211:3,13 221:11 270:18 meetings 83:12 84:17,20 166:18,19 172:21 183:16 memo 260:4 270:14 270:18 271:8,12 memorandum 49:14,20 50:13 52:18,20 54:6,10,12 56:11,16,21,22 158:17 160:23 165:16 233:15,19 234:2 275:18 276:10 memories 216:13 memory 23:11 172:25 216:10,11 memos 270:9 271:23 mention 185:14 mentioned 154:11 232:4 261:8,9 mentions 147:2 menus 12:18 mere 118:13 123:7 136:6,16 merely 122:15 123:18 mergers 97:14 met 66:24 75:20 76:23,25 82:4,10,10 83:6 85:4,7 86:4 100:6 128:7 219:6 micromanager 124:13 208:20 211:19 212:17 214:10,17 mid 128:25 middle 195:17 245:17 million 45:18,22,23 46:9,18 73:16 74:5 74:10 88:4,5,9,11 88:12,19,20 89:7 91:5,1595:6,11,15 97:15,18 102:8,11 102:15,15 103:16 104:24 105:6,7,21 111:12 121:20 122:14 138:9 145:6 146:6,7,11,19 147:5 147:8 148:9 149:2,9 149:9 150:9 152:25 153:4,18,22 154:9 154:14 156:24 157:4,18 160:3,8 161:21 164:10,20 164:22 165:3,6 167:12,12 168:20 170:18,23 171:2,3,8 171:12,17 172:6 178:5 187:25 188:3 188:6,7,21 190:7 191:2,18 192:9 196:2 202:15 203:4 203:11,17 216:2 226:23 228:16 237:5,11 262:21,23 262:23,25 266:14 269:2,5 270:23 millions 237:20 mimic 159:10 mind 41:9 46:11 206:14 mine 21:16 27:23 149:23 minerals 207:5 minor 64:23 minute 105:20 115:4 minutes 8:8 76:14 132:23 134:13 182:16 211:14 213:6 mis 115:19 145:4 misapplied 164:11 misappropriation 145:4 mischaracterized 121:13,18,24 122:15 misleading 201:10 misled 115:19,19,20 117:7 126:10 170:20 186:9 I 208:19 222:20 223:7,11 224:8,9,11 225:8,11,18 mispriced 252:9 misrepresented 123:19 missed 153:15 misspoke 150:18 mitchell 204:16,20 204:24 206:13 mode 148:2 moment 106:20,23 143:21 202:16 moments 107:5 money 10:12 11:3 11:25 12:3 16:12,14 16:24 18:15,25 19:20 20:3 21:8 22:20,21 24:10 25:20,21,22 29:10 29:11 31:14,21 32:5 32:10 38:12,18,19 39:25 40:24 41:8 42:8,13,16,19,23,24 43:12,16,19,23 44:10 45:6,13,14 47:9,19,21,25 48:21 49:5 50:14,16,18 52:4,5,16,18,22 53:12,18 54:5,9,14 55:2,11,12,15 56:8 56:14,25 57:12 60:14 63:13,18,19 63:20,21,24 64:6,6 67:18 68:8 69:7 73:4,7,17 75:8 76:2 89:12 91:8 96:18,19 100:13 101:11 104:11 110:19,21 111:5,8,12 112:7 113:11 115:3,25 116:14 117:9,18 123:23 124:2 126:13 131:4 132:14 134:25 135:9,10,16,18 136:23 137:3 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299381

[money - obvious] Page 21 144:10,11,20,21,23 145:6,7,20,21,24 146:13,14 148:8,16 148:22,22 149:11 149:14,20,23 150:3 morning 5:2 9:9,18 9:19 190:20 191:6 199:9 201:19 207:20 208:5 223:9 223:13,25 247:7 211:20 212:11,23 214:12,13 227:25 257:14 258:21 260:10 268:23 269:4 271:8 noticed 24:23 november 23:17 50:13,14,25 128:24 128:25 157:19 158:18 159:13,25 150:12,12,16,16,20 mother 70:4 80:2 new 1:3,3 2:10,10 165:16,20,24 153:21 157:3 motions 275:9 2:13 3:7,7,15,15,22 167:16,23 168:5 162:10,14 163:20 move 62:18,25 3:22 4:7,7 5:4,9,9 170:24 173:12,15 166:10,15 169:19 199:16,24 5:13,13 25:21 38:7 216:5 233:2 264:24 169:21,23 170:7 moved 59:15,16,17 43:16 44:15 45:10 265:13,14,25 266:6 172:5 185:23 59:18 162:6 48:2,6,15,21 49:5 number 5:13 43:12 186:13,14,18 187:3 moving 98:9116:19 50:15 53:24,25 43:19 57:20,24 64:6 187:4,5,14,19 multiple 8:20 21:19 56:13,23 60:6 62:19 68:18 95:10,12,14 189:20 190:2 191:3 21:24 22:8,12 92:17 62:24 83:19 89:25 104:17 106:14 191:21 192:10 n 103:24 174:12,13 112:24 113:4 198:25 199:12,17 174:17 180:24 126:23 137:10 n 3:2 4:2 9:12 156:2 200:6 201:11 202:25 211:23 156:2,2,7 275:2 name 5:3,14,21,25 181:20 211:11 243:5,14 274:3,5,9 143:3,8 146:6,7 147:2,20 155:5 224:14 226:24 60:22 61:8 122:4 277:3,3 156:6 158:19 227:7 228:9,11 nature 77:11 newspaper 129:21 164:21 204:4 232:22 233:4,7 nay 119:18,19,21 nice 190:17 239:23 243:12 237:12 238:24 239:3,3,5,6,8,22 120:2,4,5 146:17 153:3 154:2 172:21 nine 44:11 45:7 47:9 57:6,12 264:11 267:12 272:4 273:3 240:9 244:6 254:18 necessarily 199:7 nineties 63:3 numbers 139:25 256:18 259:11 205:25 245:11,12 noble 4:13 6:21,21 194:20 200:11,13 260:8 263:14,17 252:17 nod 269:17 numerical 143:10 monies 29:12,13 necessary 8:24,25 32:13 47:22 102:13 need 8:9 138:11 nodding 172:15 144:25 nonfund 163:5 numerically 140:4,5 102:17 105:17 145:3 146:8 168:16 noon 133:19 140:6 116:19 117:12 168:20 177:15 normally 8:6 252:15 nuts 132:14 0 162:5 168:16,17 179:24 199:16 north 92:6,7,12,18 227:4 monstrous 211:19 237:18 needed 177:2,3,6 92:22 notary 2:12 9:14 o 156:2,2,2 215:8,9 o'brien 3:24 6:6,6 225:16 179:19,25 180:6,9 156:9 274:8 277:25 o'clock 8:15 132:25 month 71:19,20 180:15 181:23 note 194:19195:25 133:18 164:16 200:13,14 needs 8:5 30:17 270:12 271:12 oath 9:20 248:19 107:4,15,16 months 43:13,20 negligence 122:2 noted 155:6 156:3 273:4 obligation 122:2 obtain 15:10 25:18 44:11 45:7 47:10 negotiate 94:24 notes 194:13 220:9 obtained 29:14 57:7,12 65:2,3 net 167:13 200:10 220:12 270:9,13,17 64:15 71:25 77:15 79:13 never 18:14 20:21 271:8 obtaining 60:17 162:19 185:3,25 186:2 196:3 198:20 34:20,23 100:6 112:12 118:16 notice 8:3 15:15,16 177:10 229:11 15:22 16:3,9 24:21 obvious 247:10 198:22 199:5 127:25 128:9 170:8 41:12 204:7 201:15 210:24 VERITEXT REPORTING COMPANY www.veritext.com EFTA00299382

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