From: Ari Glass <██████████████████████>
Sent: Tuesday, May 26, 2015 2:58 PM
To: Jeffrey Epstein

Jeffrey

It was good to see you last week. Thanks for y=ur time and you vote of confidence. The additional capital will allo= us to both lower fixed expenses as a percentage of AUM, as well as to be =ble to allocate to some managers whose minimum for managed accounts exceeded my concentration risk tolerance. Regal-ring the $30-50m, we will not have time to prepare to pull anything down fo= June 1, so will start small in July if that works for you. Once you=know a more definitive amount in that range, we will start speaking to some of those managers to negotiate allocation s=zes, etc. and prepare to take the money down over the following few months=

Best regards

Ari

Ari Glass

Boothbay Management<=:p>

Managing Member=/o:p>

810 7th A=e

Suite 615=/span>

New York, NY 10019

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