<table><tr><th>From:</th><th>Samuel Belzberg
of Samuel Belzberg</th><th>on</th></tr><tr><td>Sent:</td><td>Monday, February 2.1 1.11  PM</td><td></td></tr><tr><td>To:</td><td>Jeffrey Epstein</td><td></td></tr><tr><td>Subject:</td><td>Launch of Balfour Pacific Opportunities Fund IV</td><td></td></tr></table>

on behalf

Click Here: Opportunities=Fund IV Offering Summary <http://balfourpa=ific.us15.list-manage1.com/track/click?u=3abb20daa1c06ef0a346a9ed7&id=3D717e5144e7&e=82cdd0772e>

Launch of Balfour Pacific Opportuni=ies Fund IV

Dear Jeffrey,

Over the past decade, Gibralt Capital has launched three highly successf=l investment funds. The first of our two real estate funds is fully=invested and has achieved a partial exit through the specially created NY=E-listed City Office REIT. The second fund is almost fully invested and m=nagement has begun to realize on their assets.

In January of this year, we created our new fund management entity, Ba=four Pacific Capital Inc. (www.balfourpacific.com <http://balfourpacific.us15.list-man=ge.com/track/click?u=3abb20daa1c06ef0a346a9ed7&id=6c5a237bba&e==2cdd0772e> ) under the continued lead=rship of Sam Belzberg. We will carry on the success of Second City funds=with the launch of Balfour Pacific’s Opportunities Fund IV (click=here for offering summary <http://balfourpacific.us15.list-manage2.com/track/cli=k?u=3abb20daa1c06ef0a346a9ed7&id=fe6504dbc8&e=82cdd0772e> ). This fund will focus=on out-of-favour and secondary markets. Investors may choose one or both=of two limited partnerships:

1. The US$20= million Real Estate LP will invest only in real estate.

2. The US$10= million Mixed LP will invest up to 50% in real estate pro-rata with the=Real Estate LP, and will also invest in operating companies, with a f=cus on opportunistic acquisitions in the oil & gas servicing sector i= Western Canada.

Balfour Pacific's parent company=2C Gibralt Capital, has acquired two assets and has contracted to acqui=e a third asset, a portfolio of buildings, which will be rolled into=the fund at cost:

• Auburn Hi=ls - a 450,000 s.f. + Class B office building for close to $52.5 per s.=.

• Longmont=2C Colorado- a 27 building, 869,000 s.f. office, flex, industrial=portfolio for $82 per s.f. and 9.4% unlevered cash yield (under contract)=2E

• Can Am Ge=matics (for Mixed LP only) — a leading provider of surveying, m=pping and geomatics to the oil and gas industry in Alberta. aspan>

Typically, our acquisitions have been made i= partnership with talented local operating groups that invest a material=amount of their own equity alongside ours. This strategy has enable= Balfour to develop superior local market insight and introduction to add=tional opportunities. This source of deals is in addition to the de=I flow generated from decades of investing throughout North America.

Should you wish to learn more about our new fund please free to reach out=to us at 604-687-3707 or at the email
address shown below. Ple=se review the attached offering s=mmary <http://balfo=rpacific.us15.list-
manage2.com/track/click?u=3abb20daa1c06ef0a346a9ed7&=d=313fafeb37&e=82cdd0772e>.

Regards,

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&nbs=;
<img width="75" height="26" style="margin: 0px;border: 0px currentCo=or;border-image: none;width: 75px;height: 26px;outline: none;text-decorat=on: none;-ms-interpolation-mode: bicubic;"
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Sam Belzberg = &=bsp; &n=sp;Mark Scott =nbsp; &n=sp; Doug Pulver
sbelzberg@bainbou=atic.com <mailto:  > &nbs=;
<mailto:  > <mailto:  >=2Ecom
== <https://cdn-images.mailchimp.com/icons/social-block=v2/color-link-48.png> = </=r>

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Copyright © 2017 Balfour Pacific Capi=al Inc., All rights reserved. Second City Real Estate and Gibralt Capital

Our mailing address is:

Balfour Pacific Capital In=.
1075 West Georgi= Street, Suite 2600
Vancouver, <=pan class="region">BC V6E 3C9 Canada

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