<table><tr><th>From:</th><th>David Stern &lt;</th></tr><tr><td>Sent:</td><td>Friday, October 14, 2011 9:50 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>KB</td></tr></table>

Tim Collins deal I sent you in September. He still seems to be looking for the €270m co-investment he asked me =or.

## 14 Oct 2011
Source: AltAssets

Brussels-based private equity firm RHJ has entered talks with US buy-out =ouse General Atlantic about reviving its offer for BHF, the asset =anagement and investment banking unit of financial services giant =eutsche Bank.

According to Financial Times Deutschland, RHJ, which is also considering =n offer from Russia's Pamplona, is keen to get the deal done before =ts rights to exclusive talks with the bank expire in November.

The deal was scheduled to go ahead earlier this month but was delayed =ue to a ruling from German market regulator BaFin, which decided that =HJ couldn't fund the deal, even with the help of co-investors.

Established 150 years ago, BHF employs around 1,500 employees and has =bout €40bn of assets under management.

last year global private equity firm Apollo Management bid for the unit, =s did Lichtenstein's LGT Bank, which made an offer of over €300m =fter reportedly considering and deciding against a joint bid with =polio.

At the time BHF Bank's book value was around €600m, but it was =nclear whether Deutsche Bank would be able to find a buyer at that =rice, given market conditions. Both offers fell through.

There were also doubts circulating about the enthusiasm of BHF's =anagement team for a buy-out investor takeover, as opposed to a sale to = long-term strategic investor.=?xml version=.0" encoding=TF-8"?> <IDOCTYPE plist PUBLIC "- //Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0">

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## 14 Oct 2011
Source: AltAssets (cont.)

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