<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, October 20, 2009 9:16 PM</td></tr><tr><td>To:</td><td>Sultan Bin Sulayem</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Dubai Inc. Needs Change at the Top

## By ANDREW CRITCHLOW

<http://online.wsj.com/search/search_center.html?KEYWORDS==NDREW+CRITCHLOW&ARTICLESEARCHQUERY_PARSE R=bylineAND>

Faced with a continuing financial crisis of savage proportions, Dubai ri=ks retreating into its past rather than facing up to its new reality. The Gulf=20 emirate needs to radically overhaul its state-controlled companies if it is=to overcome its $80 billion mountain of debt. Yet rather than seize the opport=nity to introduce international standards of governance and transparency, the pe=ple whose poor judgment led Dubai to the brink have kept their jobs. For wester= lenders with billions of dollars still at stake, that is troubling.

Take Dubai World, the conglomerate that has just been radically restruct=red after running up almost $60 billion of liabilities on an ill-judged acquisi=ion spree. Its deals included buying struggling Madison Avenue retailer Barneys=for $800 million, investing in an $8.8 billion Las Vegas casino development and=20 paying $100 million for the Queen Elizabeth II liner, which has since spent=most of its time languishing in a Dubai dry dock.

Dubai World has now cut its work force by 15% in an effort to save $800=20 million over the next three years. Surprisingly, its senior managers remain=in place, including Sultan bin Sulayem, the chairman who masterminded the expansion. That has disappointed bankers who fear that, unless senior manag=rs are held more accountable, the mistakes of the past will be repeated.

But holding senior Emirati officials like Mr. Sulayem responsible for th=ir decisions will be tricky. The Sulayem family's ties to Dubai's ruli=g Maktoums run deep. Mr. Sulayem's father was a key adviser to the family. The sam= is true of many other of the emirate's business leaders whose reputations have =een damaged by the crisis.

Western lenders would rather see experienced and suitably qualified executives running Dubai's companies with proper accountability to an=20 independent board and creditors. Yet Dubai's ruler, Sheik Mohammed bin =ashid Al Maktoum, appears to be heading in the opposite direction, possibly handing =ore power to his sons after being let down by some of his key lieutenants. This=20 could mean a bigger role in Dubai's corporate affairs for the popular b=t inexperienced 26-year-old Crown Prince Hamdan.

Long term, this looks unsustainable. The scale of Dubai's financial =oes means painful changes can't be resisted for long. If the easy credit of=the past decade allowed officials like Mr. Sulayem to build Dubai World into a truly=20 international company, the next 10 years will see banks demanding greater=20 transparency in return for capital.

Write to Andrew Critchlow at | <mailto:

## By ANDREW CRITCHLOW (cont.)

> wrote:

## Can you forward it to me

From: Jeffrey Epstein <jeevacation@gmail.com <mailto:jeevacation@gmail.com» To: Sultan Bin Sulayem Sent: Wed Oct 2101:12:12 2009 Subject: i did not like todays artide.. i told you that there are those in your cou=try shooting at you.. the attack was very

specific

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## Can you forward it to me (cont.)

The information contained in =his communication is confidential, may be attorney-client privileged, m=y constitute inside information, and is intended only for the use of the a=dressee. It is the property of Jeffrey Epstein Unauthorized use, di=closure or copying of this communication or any part thereof is strictl= prohibited and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy thi= communication and all copies thereof, including all attachments.