From: Ada Clapp

From: Ada Clapp To: Jeffrey Epstein <jeevacation®gmail.com> Cc: Eileen Alexanderson Subject: Your Question re Art Insurance Date: Fri, 08 Nov 2013 14:14:32 +0000 Good morning Jeffrey, At our meeting the other day, you asked about Leon's art insurance coverage and what the process is with respect to renewal of such coverage each year. Specifically, you asked whether Jeffrey Haber receives a copy of the Sotheby's art appraisal each year. As I understand it, the art is covered under a separate umbrella policy which provides that in the event of loss or damage, the item is covered to the greater of (i) the then current market value of the work or (ii) the appraised value. To answer your specific question, Jeffrey Haber does not receive the appraisal on a regular basis but only at Leon's discretion. Of course, Jeffrey Haber would like a copy of the appraisal so he could analyze and determine if he should be discussing more insurance with Leon but he fully recognizes that Leon is on top of the insurance value of his collection (in the past it is Leon who will reach out to Jeffrey Haber when he feels that a higher blanket limit and more coverage should be obtained) and respects Leon's desire for privacy and discretion. I hope this answers your questions. Best regards, Ada Clapp Black Family Partners do Apollo Management 9 W 57th Street New York NY 10019 phone: 917-286-5536 email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. EFTA00975432