## To: Jeffrey Epstein[jeevacation@gmail.com]

From: David Stern

## Sent Sun 9/5/2010 3:20:06 PM

For the CT deal I just sent I have the additional info:

The key points:

- Opportunity to acquire market leader in European publishing through MBO at attractive valuation given the non-core nature of the asset to the parent company

Healthy and resilient cash flows thanks to high proportion of s- ubscription revenues

Current minority shareholder wants to remain invested; opportunity to s-tep into extraordinary minority protection rights resulting in an exclusive sale process until completion

Preliminary discussion with management and current minority s-hareholder have taken place and preliminary financing structure has been discussed, but nothing is cast in stone, flexibility exists on how the transaction is financed

- Brilliant management team but under previous ownership focus was not on cost cutting (as a typical German company); therefore more aggressive financial discipline is possible and would lead to higher cash flow generation to compensate for revenue decline