<table><tr><th>From:</th><th>David Stern</th></tr><tr><td>Sent:</td><td>Wednesday, April 18, 2018 12:46 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: crypto NDA</td></tr></table>

Begin forwarded message:

| Field | Value |
|---|---|
| From | [REDACTED] |
| Subject | crypto NDA |
| Date | 17 April 2018 at 12:37:24 =MT+8 |
| To | [REDACTED — long redaction] |
| Cc | [REDACTED] &lt;[REDACTED]&gt;

David —

Hope you are well and apologies it has taken some time to =evert back with additional info — but we have been working =hrough follow up from visit with the Stone Ridge guys. I am ccing =n Chris Scoular — who will send you an NDA which can give you =ccess to the presentation and I have spoke with the Stone Ridge guys =nd they are happy to get on the phone with you to walk through the =aterials as I know you missed the presentation when they were out =ere. Look forward to hearing from you once you have had a chance =o review NDA.

Meanwhile — =ust for your background I have attached a blurb on StoneRidge and the =und below just FYI. Speak soon — Teresa

Background on Stoneridge Cryptocurrency Fund

We were very fortunate to have had =toneridge Asset Management from New York through HK last week. =toneridge is a best in class fund that has grown from its launch in =012 to over USD515bIn in AUM today. The firm has built its reputation =n providing access vehicles to strategies previously inaccessible to =etail and institutional investors. Furthermore, the strategies have =lmost zero correlation to the bond and equity markets. They don't=try and generate alpha, instead provide purely beta and access wrapped =n a low fee structure and no performance fee.

Stoneridge started with a reinsurance =trategy (and are now the 3rd largest purchaser of reinsurance =lobally), moved into alternative lending followed by a volatility fund. =he returns across these 3 verticals are fairly similar at 9- 10% per =nnum. All their funds are SEC registered and have a daily ticker for =ricing. They allow quarterly liquidity with no redemption fee. Every =ember of the firm has to invest in each fund with no fee discount.

The firm itself has 130 employees including =5 Tsinghua scientists (amongst about 80 data scientists). Currently all =heir investors are US and European with no Asian presence. We =ave been working with them as their Asian partner and we hosted their =irst road show last week in Hong Kong.

The latest strategy they are working on is a =igital asset fund. They have done an unbelievable amount of diligence =nd research to get it to fruition. As you may well know, crypto is one =f the hardest assets to

a) understand

b) transact in

The real challenge with crypto currencies =nd digital assets like bitcoin, ethereum and ripple is multifaceted. =irstly, one has to try to figure out who is going to 'win'= Challenging, in its own right. Then how to buy it? Coinbase, a popular =rypto exchange, is high fee and has wide spread's, meaning =ransaction costs can be prohibitive. Hitherto, once you have decided =hich coin to buy and paid your spread, you then have to worry about =torage and making sure your coins aren't hacked and stolen Q=93 all of this has led to a fearful backdrop for investors.

To solve these issues, Stoneridge have =reated an entity which provides easy access to the beta of digital =ssets/crypto currencies and is amongst, if not the first institutional =roduct ever to be built. It will be low fee, SEC registered and most =mportantly will secure the assets in cold storage meaning they can'= be hacked and/or stolen (this is done at US government security =tandards). The overall idea is to provide the same beta access to =rypto as they have to alternative lending, reinsurance and vol.

This means you, as asset allocators, can =ake a straightforward decision: do you believe that digital assets are =he future? If so, you now the have access and the capability to buy a =und.

The way Stoneridge =onstruct the beta is by making sure that each currency meets an =nvestment criteria. It has to have large liquidity (over USD$3bIn =arket cap), be tradable amongst NY state regulated entities and have a =horough code audit done by their data scientists. This rules out =CO's and other opaque offerings. In fact, there are only 4 =oins in the current index (out of many thousands of coins) but they =xpect more to come as more meet the criteria. It is then market cap =eighted. So, Stoneridge don't take any view on which they =elieve to be the right coin. Just what fits into their criteria.

The fund is audited by EY — the only =rypto fund EY audit globally and administrated by Bank of New York. =toneridge are also working closely with the SEC as they go through the =egistration process to make sure they are comfortable with all facets =f the fund and ensure the fund is SEC registered — it will =ikely be the first fund of their type to achieve this status. =hey also work and have dialogues with the regulators which is very =mportant, and count Ben Lawsky, the ex-Superintendent of Financial =ervices for New York State and the creator of BitLicense, the first =egulatory scheme for digital currency businesses, as their Head of =egulatory Affairs.

The macro argument is exceedingly compelling =ut often overshadowed by the daily price fluctuations. Currently, the =arket cap of crypto currencies is USD$210bIn. Gold is USD$8.2 trillion =nd real estate USD$220 trillion. Even if you feel that gap is going to =lose somewhat, then there is an argument one should hold crypto =urrencies moving forward.

The other big issue is the liquidity trade. =nly 3 million people in the world own a crypto currency. Asset =llocators at endowments, pension funds, wealth managers are all =ntellectually interested but haven't had any capability to =urchase or allocate. Stoneridge, potentially, solve that issue and now =rovide people/institutions with a legitimate way to invest in the asset =lass. If even 1% of assets are allocated to digital currencies globally =he return could be extremely outsized. For some context, if central =anks allocate 5% of their holdings to digital assets then USD$1 =rillion will flow into the sector.

Of course, they all might go to zero. Just =ike gold, there is no real tangibility. You can't live in it =or example. But there is obviously huge interest in the sector as many =inancial firms invest in digital and blockchain technology. It's =orth noting that out of the USD$100mIn that Stoneridge has in their =igital asset fund (the fund has been in beta stage for 8 months and =nly now are they opening it up for external investors) their management =as USD$50mIn invested, so are clearly heavily invested themselves.

As I think about portfolio allocation and =aving spent time with these extraordinarily smart people over the past =ew days, there is definitely a case to be made for some allocation to =his asset class, particularly as the long-term trend looks compelling =nd one leaves the emotionality of daily price swings out of it.

TTB are fortunate to have the only Asia =eeder to this fund (the total fee will be 3% (2% to SR and 1% to TTB)), =nd this is something that members of the management team at TTB will be =nvesting in.

If you want to discuss =ore, we can get on a call or have a webex presentation with their team =n NYC. Additionally, they will be in Europe in June in case you =anted to see them in person. Very smart guys.

look forward to =iscussing further. Speak soon - T

Teresa Teague | 特蕾莎</b>

11th Floor, Winsome House 73 Wyndham Street, Central, Hong =ong

www.ttbpartners.com

From: Teresa Teague
Sent: Tuesday, 3 April 2018 1:30 =M
To: 
Subject: FW: DGTLX Friends & =amily Round - Updated Fact Sheet

David-

Please keep confi....they don't share their =arketing info so you are getting the core PPM info which is a little =urgid to wade through. There is also a fact sheet but doesn'= share much info.

Please let me know if you think that you would want one of =our guys to attend...is an interesting way to invest from the =ore institutional side.

Speak soon - T

Dear Teresa,

Here is where things stand: On =/26, Stone Ridge launched a market-cap weighted index fund of digital assets, DGTLX. =tone Ridge is now accepting Friends and Family investments.

Attached you will find a Fact Sheet, =PM, and Sub Doc.

Also including some background and FAQ's =elow.

Happy to share our perspectives on this and also =ooping in Phil Rapoport, a founding PM of the fund and former Head of =arkets at Ripple, who can also be a helpful resource.

Best,
Kendall

## BACKGROUND

Alignment: Stone Ridge =nd its employees have - $80mm invested in DGTLX. The Fund is =urrently over S120mm in AUM we expect it to be quite significantly =arger in 2018.

Fees: There are no management fees until April 1, =018 then 2%; also, no incentive fees and no fee breaks (all investors invest on =ame terms)

A =aterial Tailwind: DGTLX performance materially benefits from =ontractual OTC purchasing discounts for one of the major assets in the =und (15% discount to spot in 2018)

Best-in-class Service Providers: EY is Auditor, US =ank is Administrator, Davis Polk is Fund Counsel

Important reminder: it's an index fund, and not surprisingly has =ad a nice run since inception given performance of the underlying =ssets

Happy to send you copies of the whitepaper on =igital assets recently published by Ross Stevens, CEO of Stone Ridge, =n conjunction with Oliver Wyman and an HBS professor.

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