<table><tr><th>From:</th><th>David Stern</th></tr><tr><td>Sent:</td><td>Wednesday, January 11, 2012 3:02 PM</td></tr><tr><td>To:</td><td>Jeffrey epstein</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

The problem as stated by the other side.

Note: CMDS is the Holding Co of which I currently own 49.9% and should =et their 50.1% as part of the deal (to make it 100% mine)

Deloitte's are refusing to support Informa's proposed treatment in =MDS of the fee for the grant of the licence, as income. Without that, =e can't create distributable reserves in CMDS for it to be able to =uy-back Informa's 50.1% shareholding at the $2,487,500. The buy-back is =ikely to be challenged, and potentially deemed illegal in Hong Kong.

We are holding those shares with that value as an investment, so if we =an't recover the value (via the buy-back or some similar means) we =ould have to write-off our investment of $2,487,500. This would be =ompletely unacceptable to the Informa Board (Peter and Adam), so they =on't approve the deal.

The only way to make this work is if Informa receives $2,487,500 in =xchange for its shares, and without the buy-back option, that really =eans we need someone to buy them for that value.

On 11 Jan 2012, at 14:43, jeffrey epstein wrote:

> Cell now

>

> Sorry for all the typos .Sent from my iPhone

>

> On Jan 11, 2012, at 3:25 PM, rote:

>

» When can I call you? Need your help please.

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