<table><tr><th>From:</th><th>David Stem</th></tr><tr><td>Sent:</td><td>Sunday, January 18, 2015 7:03 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

## Ok great.

The £1.= billion deal where the fund has 300m "founders equity" but only 100m=to invest is not interesting?

On 18 Jan 2015, a= 18:36, jeffrey E. <jeevacation=gmail.com <mailto:jeevacation@gmailcom» wrote:

i asked waiting a response

On Sun, Jan 18, 2015 at 2:22 PM, David Stern < > wrote:

Shoul= I meet Ariane at Davos? 22 January afternoon. Not sure about Leonhard who will be on a panel that afternoon.

please no=e

The information contained in this communication is confidentia=, may be attorney-client privileged, may constitute inside information, a=d is intended only for the use of the addressee. It is the property ofJEE Unauthorized use, disclosure or copying of this communication or=any part thereof is strictly prohibited and may be unlawful. If you have=received this communication in error, please notify us immediately by jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication a=d all copies thereof, including all attachments. copyright -all rights r=served