VIA EMAIL

VIA EMAIL November 11, 2015 TO: Jeffrey Epstein — 'eevacation@ mail.com CC: Leon Black - Brad Wechsler — Jeffrey, Here is the VERY PRELIMINARY 2016 cash flow you requested. Even though it's very preliminary Brad asked that I copy Leon since revenue numbers are markedly different than prior years. Please note: 1. The cash flow is presented in 3 parts: (a) page one - annual projected summary for 2016 (b) page 2 month by month summary and (c) page 3 footnotes that tie back to page 2. 2. Most numbers are "estimated" to the nearest ten thousand dollars. 3. Third party-input was used where available (cg., Chris Pollack on the 70th Street expenditures, most recent Apollo projections, etc.) 4. Where relevant, last year's number were used as a starting point (e.g. plane and boat expense). 5. Only identified art purchases are incorporated. Let's discuss next steps at your earliest convenience. EFTA01115050 BLACK FAMILY PRELIMINARY COMPOSITE CASH FLOW SUMMARY PROJECTED 2016 SOURCES: PROJECTED CASH INFLOWS FROM INVESTMENTS 2016 APOLLO DISTRIBUTIONS AND TRA 133.630 INVESTMENTS 50,400 PUBLISHING INFLOWS 2,200 ART SALES BOAT/PLANE CHARTER INCOME AND MISC 3,460 189.690 CASH INFLOWS FROM FINANCING ACTIVITIES ART LOAN PROCEEDS TOTAL SOURCES 189,690 USES: CASH OUTFLOWS FROM PERSONAL AND INVESTMENT ACTIVITIES ART, JEWELRY AND COLLECTIBLES 49,150 INTEREST EXPENSE - ART LOAN 8.000 ART ADVISORY & INSURANCE 2,400 REAL ESTATE 12,120 INVESTMENTS: NON- PUBLISHING 39.960 INVESTMENTS: PUBLISHING 11.000 PLANE OPERATING EXPENSES 4,200 PLANE LOAN P&I 1,890 BOAT OPERATING EXPENSES 4,200 BOAT LOAN P&I 1,200 ADVISORY TAXES - INCOME, GIFT, USE 36,440 CHARITY 34,120 FAMILY OFFICE 6,600 PROFESSIONAL FEES 1,560 RESIDENTIAL NON LABOR 5,280 INSURANCE FOR REAL ESTATE AND AUTOS 840 RESIDENTIAL LABOR 1,800 PERSONAL - LEISURE TRAVEL ET AL 6.000 MISC. DESIGNATED DISBURSEMENTS 4,800 DISTRIBUTIONS TO CHILDREN 3,840 TOTAL USES 235,400 NET INCREASE (DECREASE) IN CASH (45.710) PROJECTED CASH AT 1/1/16 94.150 PROJECTED CASH AT 12/31/16 48,440 *NUMBERS ARE ROUNDED TO TENS OF THOUSANDS EFTA01115051 Black Family Preliminary Composite Cash Flow Projection For 2016 ( Numbers Rounded to Tens Ot Thousan s) z Amounts In (000s) Jan Feb Mar April May Jun July Aug Sep Oct Nov Dec Total APO distrbutions 33380 31380 33.38.3 33.383 131523 1 IRA Projections 110 110 2 Investment Inflows - non publishing 4.200 4,200 4,200 4,200 4.200 4,200 4.200 4.2C3 4.200 4,200 4,200 4200 50,400 3 Publishing inflows 400 1,800 2,200 4 Art Sales 5 Boat charter income 500 500 500 503 500 2.500 6 Plane charter Income 80 80 80 80 80 80 80 80 80 80 80 80 960 7 Art Loan 8 Total Scam 4.680 39,460 4.280 4.390 38.160 4,780 4,780 38.160 4,780 4.280 37.660 4.280 189.690 Uses Art 8 collectibles 110.200) (10,200) (28.750) (49.150) 9 Interest Bof a - Art Loan (2,000) (2,000) (2.000) (2,000) (8,000) 10 Art advisory and insurance (200) (200) (200) (200) (200) (200) (200) (200) (200) (200) (200) (200) (2,400) 11 Real Estate Miami Property -Construction (210) (210) (210) (210) (210) (210) (210) (210) (210) (210) (210) (210) (2,520) 12 Townhouse -Construction (800) (800) (800) (800) (800) (800) (800) (800) (800) (800) (800) (800) (9,600) 13 SH Meadow - Construction 14 Total Real Estate (1,010), (1,010) (1,010) (1,010) (1.010) (1.010) (1,010), (1,010) (1.010) (1,010) (1,0101 (1.010) (12.120) Investments Investments non-publishing (3,330) (3,330) (3,330) (3,330) (3.330) (3,330) (3,33 (3,330) 3.330 (3,330) (3,330) (3.330) (39,960) 15 Investments publishing (1,500) (900) (L000 (700 1,300 (1,100) 1,000 (1,400) (1,400) (700 (11,000) 16 Total Investments (3,330) (3,330) (4,830) (4,230) (4.330) (4,030) (4,630) (4,430) (4,330) (4,730) (4,730) (4,030) (50,960) Plane operating expenses (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (4,200) 17 Plane principal and merest 0601 (160) (160) (160) (160) (160) (160) (160) (1601 (150) (150) (150) (1,890) 18 Boat operating expenses (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (350) (4.200) 19 Boat principal and interest (100) (100) (100) (100) (100) (1001 (100) (100) (100) (100) (100) (100) (1.200) 20 Advisory 21 Taxes Federal 2016 (6,000) (6,000) (6,000) (18,000) 22 State 2016 (3,000) (3,750) (3,750) 00,500) 23 State 2015 (1,500) (2,100) (3,600) 24 Use tax 2015 (4,340) (4,3401 25 Total Taxes (1,500) (15,440) (9,750) (9,7501 (36.440), Charity (20) (40) (500) (480) (2.510) (340) (750) (130) 170 (11,600) (9,010) (8.570) (34.120) 26 Family Office (550) (550) (550) (550) (550) (550) (550) (550) (550) (550) (550) (550) (6.600) 27 Professional Fees (130) (130) (130) (130) (130) (130) (130) (130) (130) (130) (130) (130) (1.560) 28 Residential Non Labor Including insurance (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (440) (5,280) 29 Insurance for Real Estate and Autos (70) (70) (70) (70) (70) (70) (70) (70) (70) (70) (70) (70) (840) 30 Residential Labor (150) (150) (150) (150) (150) (150) (150) (150) (150) (150) (150) (150) (1,800) 31 Personal - Leisure Et Al (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) (6.000) 32 MS Miscellaneous Disbursements (400( (4001 (400) (400) (400) (400) (400( !1C))! (4001 4C0. ', !,1C0 MOO) (4.800) 33 Total uses (9,260) (17,980) (21,940) (53,310) (11,250) (20,530) (9,790) (8.970) (20.660) (20.730) (18.140) (19,000) (231,560) Net In (Outflow) before Infra-Family (4,580) 21,480 (17,660)_ (48.920) 26,910 (15,750) (5.010) 29.190 (15,880) (16.450) 19.520 (14.720) (41.870) IntraFamily Trust Distributions - Ben Donalbane (900) (900) (900) (900) (3,600) 34 Trust Distributions - Alex and Victoria (20) (20) (20) (20) (20) (20) (20) (20) (20) (20) (20) (20) (240 35 Total Infra-Family 4.920) (20) (20) (920) (20) (20) (920) (20) (20) (920) (20) (20) (3.840) Net cash proi7fthd (used) (5,500) 21,460 (17,680) (49,840) 26,890 (15,770) (5,930) 29,170 (15,9001 (17,370) 19,500 (14,740) (45,710) Betimn:ng of month cash balance 94.150 88.650 110.110 92.430 4a 590 69.480 53.710 47.780 76.950 61.050 43.680 63.180 94.150 En0 of month cash balance 88,650 110,110 92,430 42,590 69,480 53,710 47,780 76,950 61,050 43,680 63,180 48,440 48,440 EFTA01115052 BLACK FAMILY PRELIMINARY COMPOSITE CASH FLOW SUMMARY -2016 PROJECTION FOOTNOTES AND ASSUMPTIONS Cash Row Calm Notes Assumptions Mtn 1 APO Distributions As of 10:28 Apollo distributions for 2016 are expected to be $1.44 per share. Calculated based upon 92.7IvIM shares, LDB and the Trusts can expect to receive $133.5MM. It G assumed that the distributions will be spread evenly across the year. 2 TRA Projections Apollo projects that the TRA distribution will be nominal at around $100K 3 Investment Inflows - Non-Publishing Based on 2015 projected numbers and the assumption that the same approximate decline in investment inflows that took place between 2014 and 2015 happens in 2015-6 4 Publishing Inflows These projected repayments were provided by John Murphy, CFO of the publishing entities 5 Art Sales There are no known projected art sales 6 Boat Charter Income This projection is based upon an average of the last 2 years of boat charter income 7 Plane Charter Income Revenue is based upon total usage of 200 hours and 30% of those hours being reimbursed by Apollo. This is similar to the full year 2014. Revenue per hour used is 92.5% of the current reimbursement rate of $17,765 to account for PET 8 Art Loan The art loan has been fully drawn down. Unless its size is increased there are no projected inflows. Outflows 9 Art & Collectibles Arts and collectibles only includes the final payment for the Picasso *Buste" and taxes on that purchase which are due in February of 2016. 10 Interest Bof a - Art Loan P&I payments were calculated assuming the entire loan will be outstanding throughout the year and that the rate will be 1.44% which is the current one month libor plus 125 basis points 11 Art Expense - Advisoryllnsurance Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 12 Miami Property Construction Based upon the average of the project estimate range provided by Lorraine who is working on the project with Debra 13 NY Townhouse - Construction Based upon monthly estimates provided by Chris Pollack, building advisor 14 SH Meadow - Construction There are no known projects projected for 2016 according to Ben Krupinslu's office. (They are the builders who worked on SH Meadow Lane.) 15 Investments Non-Publishing Based on 2015 projected numbers and the assumption that the same approximate decline in investment outflows that took place between 2014 and 2015 happens in 2015-6. 16 Investments Publishing These projected needs were provided by John Murphy, CFO of the publishing entities 17 Plane Operating Expenses Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 18 Plane Principal and Interest Projected principal plus interest based upon the current loan balance and interest rates and assumed the plane loan would remain outstanding on the same terms rather than be repaid as a ballon payment 19 Boat Operating Expenses Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 20 Boat Principal and Interest Projected principal plus interest based upon the current loan balance and interest rates 21 Advisory Unknown 22 Federal Taxes 2016 Based upon estimates provided by Richard Joslin 23 State Taxes 2016 Based upon estimates provided by Richard Joslin 24 State Taxes 2015 Based upon estimates provided by Richard Joslin 25 Use Taxes 2015 Based upon estimates provided by Richard Joslin 26 Charity Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 27 Family Office The family office grew in 2015, therefore this estimate was based upon the most recent three months wiring September 2015 28 Professional Fees Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015, this was reduced by $1MM relating to settlement in 2015 of prior year legal expenses 29 Residential Non Labor Excluding Insurance Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015.$400K was added to that for Miami taxes, fees and utility expenses 30 Insurance For Real Estate and Autos Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 31 Residential Labor Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 32 Personal & Leisure Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 33 Miscellaneous Disbursements Used 2015 full year projections which include actuals through Sept 2015 and estimates for Oct-Dec 2015 34 Trust Distribution - Ben Donalbane This is based upon the current projected budget for Donalbane for 2016 spread out evenly over 4 quarters 35 Trust Distribution - Josh and Victoria Based upon projected living needs for Alex and Victoria EFTA01115053