EFTA01924193.pdf

To: ealexandersomaelyslic.com Jeffrey Epsteineeevacationagmail.com] From: Richard Joslin Sent Sun 6/1/2014 11:16:21 AM Subject: club deals http://www.bloomberg.cominews/20 I 4-05-28/family-offices-tcam-up-taking-pagg-from-privatc- cquity.html The deal illustrates a recent trend among family offices, the little-known money managers that run the fortunes of the world's richest individuals including computer maker Michael Dell and Microsoft Corp. (MSFT) co-founder Bill Gates, to team up with likeminded peers for direct investments in companies. They're trading in some of their traditional secrecy, pooling assets and knowledge to make venture capital and private-equity deals much like buyout firms do in so- called club deals, while circumventing the fees charged by those firms. EFTA_R1_00368930 EFTA01924193