Sowriud sHeun— i 12 13 4 15 16 7 18 19 20 an 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 4 42 43 GOVERNMENT EXHIBIT DATE: September 11, 2008 616. TIME: 7:30 PM WIRETAP: OVER 917-907-2350 CALL FROM: ANIL KUMAR (408-406-1020) CALL TO: RAJ RAJARATNAM (917-907-2350) KEY: Unintelligible: UL Inaudible: IA Phonetic Spelling: PH Voice Overlap: W ANIL KUMAR: Hi Raj. RAJRAJARATNAM: ‘Hi Anil, howare you? ANIL KUMAR: Good, good, 1’m out here in Dublin, RAJRAJARATNAM: Hi, what are you doing there, on vacation? ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: [0 min 29 sec] RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: No, no, ’m with my YPO guys, Sunil Mittal and Sunil Munjal and all these guys here. Uh hub, ‘You know, we go once a year for a retreat for three days, so where they chose this year. How is the weather there, good? It’s actually not too bad, You know, it’s reasonably good weather and not raining and stuff. Right, Theard you're going overseas tomorrow, are you coming to Europe?Seow dsAHnaune WW 12 13 14 Is 16 7 18 19 20 2 22 23 24 25 26 27 28, 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: No, I’m going to Hong Kong. Oh, okay. ‘Tomorrow and then I’m going to our Singapore office, Hm, And then from there I'm back to New York, I think, you know because the markets are so crazy, you know? Hm. And Lehman is just a3 dollars or 4 dollar stock, you know now. Is there worse to come? ‘Yeah, it started the week 20, you know. 18 actually. Mm hm, Friday was 20/18, (UI) Its just the crisis of confidence, you know, selling big, selling and things like that. And then who would thought that the dollar would strengthen so much suddenly, hub? Yeah, Imean, you know, it’s a very simple explanation. You know, people say I don’t understand the markets and all that, but I said, it's a really simple and very elegant a explanation that I got, right? Hm. Now, I’ve talked to about 30 different people in different firms, you know, with what's going on, why is the market so wacky? Hm, Hm, So, the thing is, the only guys who are whipping stocks around are hedge funds. Hm.uW 12 13 4 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 7 38 39 40 41 42 43 RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAI RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM ANIL KUMAR: RAI RAJARATNAM: ANIL KUMAR: You know mutual funds are you know, longer term and you know hey getting their (UD right? Hm, Ifyou look at the typical hedge fund, with long exposure... Hm. [CALL MINIMIZED] ‘You lost 20% on your long side, because (UI) went 20, and then energy went up 20%, you know, technology went down 7-8%. Him. So you know, on average you lost 20-25%, ‘Hm. And then on the short side, retail actually went up during the period 17% and financials rallied, you know, from August Ist, another 10%, Right? Hm, And Citi went from 16 to 19 or something, Hm. Hm. Hm. So you lost another 20% on the short side, Yeah, So if you played that strategy out, you would have been completely... [CALL MINIMIZED] And there’s a you know bunch of this type of silly stuff that you hearing, right? Mm hm,i 12 13 14 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 4l 42 @B RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM:! ANIL KUMAR: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM ANIL KUMAR: So the pain now is becoming, and it’s really...like a casino. Yeah. You know, you go to the casino, you say okay, you know Schlumberger, which is a great company was at 100, it’s 82, right? Hm. ‘And you just don’t know whether it’s gonna go to 70. Exactly, You know and you can do all the analysis you want, T mean, ..anyway so, that is well as being very volatile and you know, so on and so forth, So you know, I’m keeping. ..everybody, everybody’s on edge. Yeah, yeah. [CALL MINIMIZED] So rather than KDB stepping in, right”. KDB has said no, right? that’s why the stocked tanked, you know? Yeah, Although, yeah, yeah. I mean, I asked my guy there if KDB is gonna buy and he sort of gave this slightly, he said, don’t believe everything you read in the press kind of reply. No, but the CEO of KDB... So it was a little circumspect. But he walked away, right? (UD), there was speculation. Hm, When did you ask him? ‘A.week ago.12 13 4 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR; RAJ RAJARATNAM:! ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: Okay. You know, the thing is, a week ago they were negotiating very hard. Right? Hm. ‘Two days ago, today is what, a Wednesday or Thursday, right? Hm. On Tuesday they announced that they were not interested, They couldn’t come to terms, right? Hm. And so now there’s talk that the Fed might ask B of A to buy them ‘out, something like that, you know? Hm, Hm. ‘And the thing is, there’s a bank like, they’re cuts (UI), because you know, they won’t eut 25, but they'll cut 5, 7, you know? Because they will... [CALL MINIMIZED] Correct, Correct. Correct, (UD 10,000 stocks, and you want 100 in your portfolio, right? Right, right, they’re just on the larger. Right, But you know, look, it’s, very stressful, you know every day you come in and it's, [ feel like I’m fighting Muhammad Ali. 1 know he’s stronger and he’s faster, but you're in the ring with him. Hm, ‘And he doesn’t just, you know, you try to survive and hope that he gets tired, you know? [CALL MINIMIZED] From the state bank and all the banking system, to be able to fund 5uN 2 13, 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR; it, and, and um... that things are gonna become worse before they become better, at least from a, you know, overall Indian standpoint. ‘The, the, you know, the companies we held (UI) for a Jong time, but then finally (Ul) did buy them, I, I, Ijust didn’t realize it, but they did buy them a couple of, three weeks ago or something. ‘Who bought them? [CALL MINIMIZED] And half days I'm here with these guys, overall, so I'll get a much better picture, because they’re really totally, you know, inside the loop, right? Yeah, they’re the decision makers. How many of them are there? ‘Ten Ten of them, okay (UD. ‘And then also, also, in October, Anand Mahindra’s got 50 people meeting in Montauk in New York, T guess it’s some suburb or something of New York. Mm hm, Including Mukesh Ambani and whole bunch of people to talk about the future of India kind of thing. He's invited me to it Okay. So that'll be als: interesting. [CALL MINIMIZED] 30 percent again? Somewhere else. Yeah, to get even in a tough period, right? Mm hm, Mb.ul 12 13 4 15 16 7 18 19 20 2 2 23 24 25 26 27 28 29 30 31 32 33, 34 35 36 37 38 39 40 al 42 43 RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: [6 min 36 sec] ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: So what we have to do is you know, give up the first ten percent move, right? Mm hm, Not, not go down 20%, maybe go down 6-7-8%. Hm, Give up the first 10 percent and then when things are aligned, right, play really hard, you know? Mm, Mm. Mm, Mm, Thear funds in India, hedge funds in India like Helios and Monsoon and New Vernon. [CALL MINIMIZED] So the value should, the stock price should have gone up, But I think we've got to be even more, you know, on top of just what of, ‘what's likely to be happening. You know, this whole thing you and [have talked about, all year about event based... we just have to do that, There’s no other way we're going to be able to (UN)... I think there is um track on that... Yeah, it's not September 15th, I mean that’s just this week. It’s gonna be October first week, but it’s all on track. Uh huh, ‘They're moving it to October, is it? Yeah, for the announcement. Uh huh, But it’s only, it’s more because you know, by the time you are sort of crossing T’s, dotting I's. I think all the approvals and all have kind of happened, it’s now most of, most of the details. Righteeu auaunn WW 12 13 14 15 16 W 18 19 20 24 22 23 24 25 26 27 28 29 30 31 32, 33 34 35 36 37 38 39 40 4l 42 43 ANIL KUMAR: RAJ RAJARATNAM: {7 min 37 see] ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ‘There's no big road block. ‘There was one ‘till two weeks ago, but you'd heard about that when IBM, you know, that whole thing, right? Where IBM actually is hugely supportive, So I think that ‘was about clearing the last sort of big hurdle. Right. On the other one, I’m glad we got out of Spansion because that ‘one's looking really, really bad. Yeah, you told me, yeah, and it’s so, yeah, Um. Um. Um, go ahead, No, and then I, you know, I think a few of these other ones that, you know, one is at least a bit closer to like, you know, Juniper or ‘even frankly many of my, my colleagues know Motorola really well or EMC. I mentioned. That whole EMC, Cisco thing is not, not likely to work out, unless you've heard something different. think there, what they've done is, exactly, they’ve done a strate-, they’re gonna do a strategic relationship with VMWare. Where they'll be selling VMWare products. Mm, Mm, Mm, You know, Juniper, I hear the new guy, the Microsoft guy is much more acquisitive than Scott Kreins, Mm bm, And he’s looking to get into, kind of build a multi-produet company you know, a big, have the security and a router and he's looking at wireless LAN and so He was one of our three top clients at Microsoft, and I actually had dinner with him, Kevin whatever Johnson. Yeah,ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: So L will try and just see if he, that is in fact the ease, then you know, we should be able to get some insight and also we'd be helping him. I spoke to Daniel what’s his name. Pacthod. Pacthod, today. Hm. He sent me a proposal, right? Hm. And he had 13 o 8, 16 items, right? Mm. Mm. ‘That they wanted to do within three months. 1 think that’s too much, you know? Mm, Mm, Mm. So what I said was let’s narrow it down to four, right? Mm, And let’s you know, just focus on those four. Tell me what you ‘can do in, sort of one month type of timeframe, and then three, right, Mm. Mm. So then he sent me something, a reverse proposal with a four, 1 can’t remember, four or five, I think, and the markets are so crazy I didn’t pay attention Mm, Mm, Mm. Mm. Mm. read it, I think four items. 9Sewrud sHEe0une W 12 2B 14 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: Mm. And, I, and he sent me a different proposal, you know, that he would work for a month, right? Mm, In four weeks we'd review what they'd done. Right? Mm. Mm, ‘And go on, you know, from there, We'd see, I, [Tike the narrow focus and you know, sort of a feel. Yeah, I think so and [think he's got the mindset, which is the right cone, Raj, whieh is, I basically said, you know, you've got to have the right insights. I mean, that’s all that matters in the end. Right. So whatever you do, you figure out, which are the ones you have, you know, start with, and have the right insight that you feel we are able to do something that’s unique, that’s distinctive that’s somewhat watertight, right? Because for whatever reason we know, right, because we either do a survey of people, which we know, which is routine in the firm, but we happen to know because of suppliers or the pipeline, or whatever it is, right? It's a collection data (UD . And, and... (un Yeah, yeah, right. Some proprietary data we may have or surveys ‘we may conduct or whatever that is, So I think he's trying to pick that because obviously it’s also in his best interest to show you that the value can be added, because that’s, he knows that’s what gonna keep him going, right? Right, So I think the second proposal he sent was a little more tighter, right? 10eeu ausone 10 ul 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: ANIL KUMAR: RAI RAJARATNAM: Mm. Mm. Mm. So I said, I'm, you know, I said, I spoke to George. You know, because apparently the compliance guys have to sign on and all that, so.. Mm. You know, both sides are talking, I told George to talk... [CALL MINIMIZED} No, Ihaven’t spoken to him for 2-3 weeks, but very interesting things happened, I spoke to Bobby Rao today for about an hour, and you know, Rajat’s doing this telecom fund with Parag and all this stuff, and he's very, very keen to have Bobby as his key guy. And it would have made an enormous amount of sense, Bobby is Jjust a class act, [don’t think you've met him, but he’s sort of, ‘even, you know, two, not one notch, but two notches classier than Ramesh, okay? Right. And, and he’s head of strategy at Vodafone, So Rajat keeps saying look, this guy is going to make or break the fund, 1 must have him, he’s actually, his experience at Vodafone has been to be investing in intemet companies. The reason why I'm telling you all this is that you know, the, the issue is that they flew him out, Parag and Rajat, to meet them... {CALL MINIMIZED] and said that, he said that Arun Sarin was there and they were going to the US Open with him and so on, and now they want ‘Arun involved and Bobby’s got very little regard for Arun, For many of the reasons that you and I have talked about in the past. Yeah, so I was at the US Open, and I was [CALL MINIMIZED] ul" 12 13 4 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR; RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR; ‘Yeah, no, so Bobby says they were talking to Arun about the ‘Telecom fund, but they told Bobby for the first time, so some things have obviously developed over the last 2-3 days or week, because I haven't talked to Rajat for 2 weeks now, but the, Bobby now says that they're now looking at bringing Arun in at the NSR level. Okay. Idon't know, really? (Ul I know that Arun was at the tennis, that’s all I know, I don’t know what the discussions were, you know, Mm hm. And ah No, you know, in the end, that'd be ‘That'll be a good thing, right? tall depends, I mean it depends on what they want him for or to do, [could understand Telecom, but also it all depends on what Arun is committing to doing with them. [CALL MINIMIZED] ‘And he says I’m Rajat's partner but I'm CEO, right? Mm. Mm. And you know, tell Victor, Vietor works for us and you know Arun (UD) Vietor (UI) and you know... ‘Mm. No one’s gonna question it, they’re all gonna just believe it. Shaukat, you know, they're gonna say, okay, he’s assembled all- star things, right? Mm. 12RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: RAJ RAJARATNAM ANIL KUMAR: RAJ RAJARATNAM: And I think this maybe strategy to raise 10 billion dollars by (UD. Mm, You know? And I think you know. Well, you know, the, their, investments in India, you know, have very carly days they have invested 22% of the fund, the.. [CALL MINIMIZED] But leverage has been significantly reduced or gone to nonexistence. Mm, Mm. So what private equity companies are doing is they're drawing down more of the capital Correct. ‘You know previously they would draw down some and top it up with leverage. Mm, ‘So what's happening is these guys who funded, who committed, they’re not funding. [CALL MINIMIZED] ‘The whole money raising environment has become, it’s almost, you know, come to a trickle. Mm, Mm. So, now, the other thing that will happen is if the equity markets don’t come back, is the interest that you thought might happen in 18 months might take 24 months. Til give you case in point, Anil ‘Ambani, when he raised his money said that.. 1Bul 12 13 14 15 16 7 18 19 20 2 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 4l 42 B RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: RAJ RAJARATNAM: [CALL MINIMIZED] the, it’s gonna be tough time, you know, I, I sit and say look, private equity seems so easy, you know? Mm, Mm. ‘Where you, you know, people were just [CALL MINIMIZED] ‘The actual company. ..but then when you look at that, you say now that, that first 40% is gone, you can’t do that anymore. ‘The next 30% is also the markets kind of, potentially even going downward, So the only possibility, the only controllable lever of the three levers you have is to be able to look at the portfolio coming in and doing something about it. Which is why these guys are now suddenly, and then they haven't build the capability to do that because... [CALL MINIMIZED] Stocks are trading at cash and all that, if you have patient capital, you know? Mm, Mm, ‘And the reception was good, but they are also get you know? ig very smart, Mm, ‘They say look, all right, you know, we'll give you capital, but we need, if you're going to increase the duration, you necd to give something back, You have a hurdle rate, right? Which is reasonable, [CALL MINIMIZED] ‘These guys. You know I didn’t realize, we went to, we have a guy called Ayad, who's a, a guy from that part of the world, Iraqi guy who's. 4ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: Yeah, I met him, I met him. Right, Tall guy. So they went to Mubadala too. Right? Hm. ‘And the guys from Mubadaia were just so, they said so what do you call it, intensely questioning our thoughts on the semiconductor industry, on process, on fab versus fab less, and you know. Hm, Suddenly they got smart. *laugh* ‘They're putting in eight billion, I mean, that’s not a small amount, you know Raj? But you know, I did not, prepare, I have not told... [CALL MINIMIZED] Anything about semiconductors, just told them one or two semiconductor companies that could be, what do you call it, the, the first candidates for investment, right?. Hm. ‘And they started talking about all the supply chain and this and that and you know, they, they picked up on concepts really fast. smiled at myself. “laugh* (Laughs) And it was so funny. I don't know... ‘They?ve had ten McKinsey guys for nine months, training them on what to do from their side, to do the investment. Oh. Obviously, but by the way, I’ve talked to you about this before, because I think when you go short, you’re a little bit more, this year you'd have been a bit more protected, right? So you. Right. 15ui 12 13 14 15 16 7 18 19 20 21 2 23 24 25, 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 4 42 43 ANIL KUMAR: RAJ RAJIARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: ANIL KUMAR: RAJ RAJARATNAM: Thope you are at least somewhat short on TSMC, huh? Yeah, ’m short TSMC. (UI) thank you, yeah. Um So, yeah, no, I...(Laughs) But by the way Raj, I mean the other thing that you know, with a litle bit of distance of not having been in the US the last two weeks and not having talked to Rajat and all, es I think about it, you know, be a little careful, 1 really feel quite, you know, ifhe’s now you know, wooing Arun (PH) trying to do something at NSR, do the Telecom fund, he's decided to go ahead with KKR, as I think you've heard, right? Right. So he's gonna do... {CALL MINIMIZED] (UD trying to be, you know, overall helpful to you, but for his agenda, which is either to come up with a negotiation for how much of Galleon International he gets, which was, you know, was cone part of his agenda, or another part was how to get the Voyager deal done, But quite frankly... And Iwill... Let...Jet me give you an example. If, if for the next two years you, Just let’s take a scenario, I mean, I hope it will never come play ‘out, but say for the next two years you, you don't perform, okay? Right. And there’s no economic surplus to be shared [CALL MINIMIZED] Rajat, you know we need to be meeting Raj and then we get the whole things scheduled and so on, there’s no real, and maybe, he, maybe he's expecting me to be scheduling all those and you know, making sure we meet every two weeks or something. (UD Anil’s in, you know, in town, let’s go and meet him, and then 1 sort of gave him an opening, I said, you know, let's take a part, 16Cer ausene iL 12 3 4 15 16 7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 al a2 43 ANIL KUMAR: RAJ RAJARATNAM: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: you know, where you have, you know, some interest and Rajat said, the Voyager thing, I said let’s take the equity thing and we try to manage it you know, between the three of us, just to see whether, you know, lets do try to getting him more engaged, right? Mm hm, Because on this marketing thing is totally not there, right? He had cone meeting and you know, said... [CALL MINIMIZED] Ineed eredit for that, the marketing guys are saying, look, we can, ‘you know, we're the ones that tell the story and do all the due diligence, question, you know the, you know what I'm saying? Yeah, although what I would say, in these things it’s always, you know, everyone will claim credit for when something happens, right? And you can, you're, the real ultimate judge is you and I think it’s sometimes very tough because the right answer is that everyone pitched in some way and the result happened. That's the most important thing, right? That's exactly, (UN). The positive result. ADIC (PH), right, ADIC (PH)? He went and met ADIC, right? Mm. Mm. And you know with, I had set up the thing, I had knew the guy, but not very well, you know, went in there, took Rajat, Rajat gave the big picture, then that guy came into New York a couple weeks after the meeting, Mm, Mm, Right? And he came and sat in a morning meeting, and he was very, very, he said, I really was impressed with the morning meeting, right? Mm, Mm, 7RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR; RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAI RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: [CALL MINIMIZED] Let’s, let’s, you know, lets stop the vesting schedule this, right? Mm. Mm. ‘And you don’t need to do much for Galleon, right? Mm. Mm, And let’s you know, just remain friends and you know, let’s you know, we can, look as an entrepreneur and a business owner, right? Mm, Mm, have to explore all opportunities to grow the business. Correct, Correct. Talso have to make difficult decisions. Mm. When it needs to be made. Right? Mm, Mm. Pm not, you know, [ don’t have 18 different things going on, ‘Things going on. {CALL MINIMIZED] (UI) kids are, I mean, there’s something nice about him, right? Mm bm. But there’s also this sort of lost soul, type of lost, there’s no lack of focus and there's no, there's no, focus, sorry. There's a lack of focus and lack of clarity and what is it that he wants, and it seems 18Soxwraanuaun— iT 12 13 14 15 16 7 18 19 20 2 22 23 4 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 4 42 43 ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: RAJ RAJARATNAM: ANIL KUMAR: ANIL KUMAR; RAJ RAJARATNAM: ANIL KUMAR: like he retired too early. Mm. And he,just no... [CALL MINIMIZED] So then there’s some very advanced conversation going on with ‘Arun, but that’s okay, Imean it should, in the end he has to, you know, he's making the bed he’s going to sleep on in the end right, Raj? I mean, You know... we...you know, as an option, right? Uh hath, So, s0, I mean... un? Sorry? How is Ramesh? Ramesh is doing quite well. You know at one point I did think, Raj, whether it does make sense, because you know, to get good talent and really strong people is also, you know, helpful, so T was wondering, should we see if there’s a role for Ramesh to play in Just sort of managing, the... [CALL MINIMIZED] (UI) how much money we raise, and Bobby said listen, ’m no fool, there’s no incentive for me to help raise more, he said they ‘want me to leave a very, very secure job where I’m now working on the most important part of Vodafone's growth, which he's doing all the intemet and date-related growth for Vodafone. Mm hm, ‘And he said, they want me to leave this, to help them raise money, but there’s no incentive for me to help raise more money because they're giving me a fixed amount to camy. It’s actually a pretty stupid thing to do. It really is. But it’s just that whole approach 1910 ul 12 3 14 15 16 17 18 19 ANIL KUMAR: RAJ RAJARATNAM: RAJ RAJARATNAM: they've taken, which is. [CALL MINIMIZED} (UD just, be a bit watchful of you know that whole side of things. (uD. And you know, anyway, I'd, I'd always viewed as the summer is a litte bit more my, you know my transition, so I was sort of going. to be back and forth to New York quite a bit in June, July, August, but now come October I’m just really just settling down there, PIL be there a lot, and there’s no reason you and I shouldn't meet every week. And especially if you are gonna do this month thing, I plan to, you know that’s actually, and even... [CALL MINIMIZ I [END OF CALL] 20