-> STEP 1: 10/15/2013 $8,500,000 Leon and Debra Black -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0002962)

-> STEP 2: 12/18/2013 $10,000,000 Black Family Partners, LP c/o Apollo Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0003484)

-> STEP 3: 04/25/2014 $5,000,000 Leon and Debra Black -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0003819)

-> STEP 4: 04/25/2014 $5,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0003819)

-> STEP 5: 04/29/2014 $15,000,000 Leon and Debra Black -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0003819)

-> STEP 6: 07/15/2014 $20,000,000 Narrow Holdings LLC c/o Elysium Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004009)

-> STEP 7: 10/16/2014 $7,000,000 Leon and Debra Black -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004172)

-> STEP 8: 10/16/2014 $13,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004172)

-> STEP 9: 10/22/2014 $2,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004173)

-> STEP 10: 10/22/2014 $3,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004173)

-> STEP 11: 10/13/2015 $5,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004990)

-> STEP 12: 10/13/2015 $5,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0004990)

-> STEP 13: 10/14/2015 $10,000,000 BV70 LLC -> Gratitude America, Ltd.

(EFTA00027019, DB-SDNY-0004999)

[BV70 LLC = Leon Black entity per Bloomberg reporting]

-> STEP 14: 12/18/2015 $10,000,000 Black Family Partners, LP -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0005122)

-> STEP 15: 12/30/2015 $10,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0005123)

-> STEP 16: 03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC

(EFTA00027019, DB-SDNY-0006113)

[Plan D, LLC = Epstein entity; "art transaction" per Dechert report]

-> STEP 17: 04/17/2017 $8,000,000 BV70 LLC -> Plan D, LLC

(EFTA00027019, DB-SDNY-0006197)

-> STEP 18: 04/25/2017 $8,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.

(EFTA00027019, DB-SDNY-0006240)

-> STEP 19: 10/02/2018 $10,000,000 Plan D, LLC -> BV 70th LLC

(EFTA00027019, DB-SDNY-0007669)

[PARTIAL LOAN REPAYMENT -- Epstein only returned $10M of $30.5M]

• Of which $10,000,000 was returned (loan repayment via Plan D -> BV 70th LLC)

• NET FLOW: $168,000,000 (exceeds the reported $158M because it includes the $10M Gratitude America donation)

The payment channel used five different source entities:

All five channels terminated at the SAME destination: Southern Trust Company, Inc. -- Epstein's primary operating entity, which shared Deutsche Bank account officers, RM CODE 82289, with every other Epstein entity including those used for victim payments.

• No wire transfer instructions/memos for any of the 19 transactions

• No service invoices or engagement letters (after 2013)

• Black refused to provide compensation documentation to Senate Finance Committee (EFTA02731023)

• Dechert report acknowledged "it is clear that the compensation paid by Black to Epstein far exceeded any amounts Black paid to his other professional advisors" (EFTA02730996, p.4)

CHAIN 2: THE $30.5M BV70/PLAN D "ART TRANSACTION" LOANS (2017)

Black's Loans to Epstein for Art -- Never Fully Repaid

-> STEP 1: 03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC Checking

(DB-SDNY-0006113)

-> STEP 2: 04/17/2017 $8,000,000 BV70 LLC -> Plan D, LLC

(DB-SDNY-0006197)

Per Dechert Report (EFTA02730996, p.17): "These two loans were negotiated and documented by legal counsel. The loans were structured as being made by BV70 LLC, an entity owned by Black, to Plan D LLC, an entity owned by Epstein. These loans were payable on demand from BV 70 LLC, were intended to be short-term loans and were made in connection with an art transaction involving Epstein."

Per Dechert Report (EFTA02730996, p.18): "Black demanded repayment of the loans in full in early 2018. In response, Epstein repaid only $10 million of the outstanding amount. The remaining balance of the loans remained unpaid at the time of Epstein's death, despite Black's repeated demands for repayment in full during 2018."

-> STEP 3: 10/02/2018 $10,000,000 Plan D, LLC -> BV 70th LLC

(DB-SDNY-0007669)

The Dechert Report confirms these loans were "made in connection with an art transaction involving Epstein." This $30.5M flowed through Plan D, LLC -- the SAME Epstein entity that received $15M from The Haze Trust on 3/27/2017 (just 4 days before the first BV70 loan). The Haze Trust was simultaneously receiving art auction proceeds from Sotheby's and Christie's:

TEMPORAL CONVERGENCE:

03/10/2017 $36,000,000 Haze Trust Brokerage -> Haze Trust Checking (DB-SDNY-0006153)

03/10/2017 $35,999,000 Haze Trust Checking -> Haze Trust DBAGNY (DB-SDNY-0006153)

03/27/2017 $15,000,000 Haze Trust DBAGNY -> Plan D, LLC Checking (DB-SDNY-0006168)

03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC (DB-SDNY-0006113)

In a 21-day window (March 10-31, 2017), Plan D LLC received $37.5M from two sources: $15M from Haze Trust and $22.5M from BV70 LLC. Both flows were described as relating to "art transactions." Plan D was Epstein's art acquisition vehicle.

The following primary-source loan documents were located in DS9, transforming Chain 2 from a summary-level reconstruction into a verified documentary record:

• EFTA00583036 (pp.0-1): Amendment #1 to Promissory Note, Plan D, LLC to BV70 LLC. Dated March 31, 2017, principal $22,500,000. BV70 LLC address confirmed: c/o Elysium Management LLC, 445 Park Avenue, Suite 1401. Plan D, LLC address: 6100 Red Hook Quarter, B3, St. Thomas, USVI.

• EFTA00585854 (pp.0-3): Demand Promissory Note, $8,000,000 from Plan D, LLC to BV70 LLC (April 2017). Addresses for notices: BV70 at Elysium Management; Plan D at 6100 Red Hook Quarter.

• EFTA00589279 (pp.0-3): Amended and Restated Demand Promissory Note, $30,500,000. Dated April 14, 2017, combining both loans into a single instrument: "Plan D, LLC... unconditionally promises to pay... BV70 LLC... $30,500,000."

• EFTA00583120 (pp.0-1): Personal Guaranty of Jeffrey Epstein for the BV70-Plan D loan (March 30, 2017). "This is to confirm... the agreement of the undersigned, Jeffrey Epstein, a U.S. Virgin Islands resident... with BV70 LLC." Epstein personally guaranteed the $22.5M loan, waiving presentment and demand of payment.

• EFTA00594105 (pp.0-1): Second Personal Guaranty of Jeffrey Epstein for the $8M BV70-Plan D loan (April 17, 2017). Identical structure to first guaranty. Both guaranties confirm Epstein's personal exposure to Black's money.

These documents establish that the $30.5M in loans were formally documented, that Epstein personally guaranteed repayment, and that both entities' addresses were precisely as described in the Dechert report.

• How $36M entered Haze Trust Brokerage on 3/10/2017 (source unknown)

• No documentation of what happened to the $20.5M Epstein never repaid

• The "art transaction" purpose is described in the Dechert report but the specific artwork remains unidentified

CHAIN 3: THE HAZE TRUST ART AUCTION PROCEEDS ($30.5M, 2017)

Sotheby's and Christie's Payments to Epstein's Haze Trust

-> STEP 1: 06/19/2017 $7,725,000 Christie's Inc. -> The Haze Trust Checking

(DB-SDNY-0006320)

-> STEP 2: 09/25/2017 $11,536,544 Sotheby's -> The Haze Trust Checking

(DB-SDNY-0006565)

-> STEP 3: 10/24/2017 $11,249,417 Sotheby's -> The Haze Trust Checking

(DB-SDNY-0006646)

After receiving art auction proceeds, the Haze Trust systematically moved money to other Epstein entities:

-> STEP 4: 09/26/2017 $15,000,000 Haze Trust Checking -> Haze Trust DBAGNY

(DB-SDNY-0006565)

[Day after $11.5M Sotheby's payment]

-> STEP 5: 10/26/2017 $13,000,000 Haze Trust Checking -> Haze Trust DBAGNY

(DB-SDNY-0006646)

[2 days after $11.2M Sotheby's payment]

The auction proceeds were immediately swept into the DBAGNY account, which then funded:

-> STEP 6: 06/22/2018 $9,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking

(DB-SDNY-0007361)

-> STEP 7: 08/20/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking

(DB-SDNY-0007544)

-> STEP 8: 09/17/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC DBAGNY

(DB-SDNY-0007635)

-> STEP 9: 09/28/2018 $8,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking

(DB-SDNY-0007635)

-> STEP 10: 10/01/2018 $10,000,000 Haze Trust DBAGNY -> Southern Trust Company Checking

(DB-SDNY-0007725)

-> STEP 11: 10/24/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking

(DB-SDNY-0007725)

-> STEP 12: 11/20/2018 $2,500,000 Haze Trust Checking -> Southern Financial LLC Checking

(DB-SDNY-0007798)

-> STEP 13: 12/19/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking

(DB-SDNY-0007908)

-> STEP 14: 01/10/2019 $2,727,941 Haze Trust DBAGNY -> Haze Trust Checking

(DB-SDNY-0007979)

-> STEP 15: 01/10/2019 $6,000,000 Haze Trust Brokerage -> Haze Trust Checking

(DB-SDNY-0007979)

-> STEP 16: 02/07/2019 $8,791,283 Haze Trust Checking -> Southern Financial LLC Checking

(DB-SDNY-0008063)

-> STEP 17: 02/22/2019 $24,564,037 Haze Trust Checking -> Southern Financial LLC Checking

(DB-SDNY-0008063)

The Haze Trust functioned as a commingling point. Art auction proceeds from Sotheby's and Christie's ($30.5M) were deposited into the same accounts that then distributed $91.6M to Southern Financial LLC and Southern Trust Company — the same entities that received Black's $158M+ in "advisory fees." The art proceeds and Black's money were commingled in these accounts, making them forensically indistinguishable. Southern Financial LLC simultaneously:

• Held Epstein's 263,257 shares of Apollo stock (EFTA02730996, p.22)

• Made payments to Coatue Enterprises LLC ($2M), Joichi Ito ($1M+), Boothbay funds ($38.25M)

• Funded Honeycomb Partners LP (related to Epstein victim infrastructure)

• What artwork was sold at Sotheby's/Christie's in 2017 generating these proceeds?

• Did these sales involve Black's artwork, Epstein's artwork, or artwork held jointly?

• The Dechert report confirms Epstein managed "like-kind exchanges" for Black -- were these the underlying sales?

CHAIN 4: THE $23M KELLERHALS WIRE -- THE GIACOMETTI PATHWAY

Southern Trust -> Kellerhals Ferguson Kroblin PLLC

-> STEP 1: 11/13/2015 $23,000,000 [Epstein entity] -> Kellerhals Ferguson Kroblin PLLC

(DB-SDNY-0005003)

• Stewart Oldfield -- Deutsche Bank PWM SPG (Private Wealth Management, Strategic Planning Group)

(EFTA01431221, p.2: "Stewart Oldfield" + "Approval Required on $23mn Wire")

• Rodriguez -- Deutsche Bank (EFTA01431221, p.0)

• Wire required escalated approval due to size ($23M threshold)

• Managed the Epstein estate (EFTA00018905, EFTA00027979)

• Executed real property transactions for LSJ, LLC and Great St. Jim, LLC (EFTA00014367, EFTA00020959)

• Erika Kellerhals served as Epstein's notary for property deeds (EFTA00030126)

• Received Epstein's Last Will and Testament 2 days before his death (EFTA00027979)

• Christopher Allen Kroblin served as estate co-executor counsel (EFTA00018905)

The $23M wire to Kellerhals is documented in the DB-SDNY transaction record as originating from Epstein's accounts at the SAME Deutsche Bank relationship managed by the same bankers who processed Black's money. The wire occurred on 11/13/2015 -- one month after Black wired $10M (via Black Family Partners) and $5M (via Leon and Debra Black c/o Apollo) on 10/13/2015. The temporal proximity means Black's October 2015 payments and the November $23M wire both drew from the same Deutsche Bank account infrastructure, though a direct causal link between the two is not established.

Kellerhals managed Epstein's USVI real property -- including Great St. James Island, the second island purchased for $5M in January 2016 (EFTA00014367). Great St. James was central to Epstein's trafficking infrastructure. This wire may relate to art storage, island development, or both.

• Purpose of the $23M wire (art purchase? island? legal fees?)

• Whether any portion funded the Giacometti acquisition attributed to Epstein

• Full wire instruction details (only the approval chain survives in the record)

CHAIN 5: NARROW HOLDINGS LLC -- THE BLACK ART ENTITY NEXUS

$20M Through Black's Art Entity to Epstein

-> STEP 1: 07/15/2014 $20,000,000 Narrow Holdings LLC c/o Elysium Management -> Southern Trust Company, Inc.

(DB-SDNY-0004009)

• Narrow Holdings LLC (also spelled "Narrows Holdings" in some records) is Black's art holding entity

• "c/o Elysium Management" confirms this is a Black Family Office entity, not an Epstein entity

• Elysium Management LLC = Black's family office at 445 Park Avenue, Suite 1401, New York, NY 10022 (EFTA02362039)

• The entity name "Narrows" likely references the Narrows strait in New York

• Narrows II LLC -- believed to be the entity that purchased Edvard Munch's "The Scream" for $120M at Sotheby's in May 2012

• AP Narrows -- additional variant suggesting Apollo/Narrows intersection

Per EFTA01477330 (p.8): "ELYSIUM MANAGEMENT RELATIONSHIP" dated 9/20/2015, confirming that Elysium (Black's family office) had its own relationship classification within Deutsche Bank, managed by the SAME Paul Morris who managed all Epstein accounts.

Per EFTA01477330 (p.1): Leon Black's "$25M Elysium Checking" account was at Deutsche Bank under the same relationship management structure.

This is the single largest documented individual Black->Epstein payment ($20M) and it comes through an ART-SPECIFIC entity. Narrow Holdings LLC was a vehicle for Black's art collection. The $20M payment to Southern Trust occurred just 3 months after Black had already wired $25M through personal and Black Family Partners accounts (April-May 2014). The total Black->Epstein flow in 2014 alone was $70M (per Dechert report, EFTA02730996 p.16).

The use of an art entity (Narrow Holdings) to pay an Epstein entity (Southern Trust) demonstrates that the art advisory function and the fee payment function were STRUCTURALLY UNIFIED. Black's art collection and Epstein's advisory fees shared the same entity pipelines.

DS9 contains the complete underlying entity agreements and art partnership documents for the Narrow Holdings complex:

• EFTA00600680 (pp.6-21): Complete LLC Agreement of Narrow Holdings II LLC. Dated July 25, 2012, formed under Delaware LLC Act. Initial Member: Leon D. Black, 100% ownership. Mailing Address: Black Family Partners, c/o Apollo Management, 9 W 57th Street. This is the entity that held "The Scream" ($135M).

• EFTA01084294: Art inventory document: "NARROWS II: MUNCH, EDVARD: Th Scream: $135,000,000." Confirms Narrows II LLC held The Scream, valued at $135M (appreciated from $120M purchase price).

• EFTA00585177 (pp.0-3): Complete AP Narrows LP Limited Partnership Agreement. Formed by certificate of limited partnership filed December 24, 2014. This is the "art partnership" referenced in the Dechert Report that Epstein helped form.

• EFTA00583213: Art Entity Term Sheet for AP Narrows LP (Feb 17, 2016). Class A General Partner: Narrows Holdings LLC (Leon Black as Managing Member). Governance includes authority to make art investments and lend partnership art.

• EFTA00582785: Memo from Ada Clapp to Jeffrey Epstein AND Bradley Wechsler (March 17, 2015). Subject: "AP Narrows LP -- Open Decision Points." Decisions Leon needed to make about which works of art to contribute. Epstein was a direct participant in art partnership structuring decisions.

• EFTA00287386 (pp.0-3): AP Narrows LP Timeline of Action Steps (May 15, 2015). Week-by-week plan for contributing art and financial assets: "$100MM -- LDB/Holdings; $100MM -- LDB (books); $200MM -- APOI/APO2." This document was sent directly to Epstein by Ada Clapp (EFTA00347615).

• The original report stated the BoA credit line was "$440M." Per EFTA00299513 (Leon Black estate plan, June 30, 2016), the actual figure was $695,000,000 ("Loan payable-Bank of America (Art): $695,000,000"). This line was secured by Narrow Holdings artwork, per EFTA00605904: "Bank of America $484,000,000 -- Art Purchases -- Art Collections held through Narrow Holdings, LLC" (growing to $695M by 2016).

• Whether the $20M payment was for art services or was a fee payment (partially addressed by AP Narrows documents showing Epstein's direct role in structuring)

• Full details of the BoA collateral roster (partially addressed by EFTA00592903 and EFTA01146273)

CHAIN 6: THE DEUTSCHE BANK ACCOUNT INFRASTRUCTURE -- SHARED OFFICERS

Same Bankers Managing Black's Money and Epstein's Entity Accounts

Per EFTA01359500, the following accounts were ALL managed by the same two Deutsche Bank officers:

Jj Litchford and Paul Morris were the SAME bankers handling Leon Black's personal Deutsche Bank account AND every Epstein entity involved in the art/trafficking/financial web. This means:

Per EFTA01381149, the following accounts under the SAME relationship code:

DS9 calendar documents provide direct evidence that Paul Morris met with Epstein at Apollo on the same afternoons as Black Family meetings:

• EFTA00285117 (p.4): "3:00pm Appt w/Paul Morris at Apollo" followed by "3:15-3:30pm Meeting at Apollo w Brad Wechsler, Alan Halperin & Leon" and "3:30-4:00pm Brad Wechsler & Leon Black." The Deutsche Bank relationship manager met with Epstein at Apollo immediately before the Black Family meeting at the same location.

• EFTA00285067 (p.3): Jan 23, 2015: "12:30pm LUNCH w/Leon Black and Brad Wechsler" followed by "1:30pm Appt w/Chip Packard and Paul Morris." Paul Morris meetings scheduled on the same day as Black/Wechsler lunches.

• EFTA00128765 (p.1): FBI 302 interview of Amanda Kirby (Aug 10, 2021). Kirby worked on Paul Morris's team after Morris joined Deutsche Bank. "Kirby left Janco's and Crivan's team to work Paul Morris when Morris joined DB." Confirms Morris's team structure.

• EFTA00128837: Paul Morris email (Jan 5, 2015) dismissing Prince Andrew stories as routine: "the stories about Prince Andrew have been popping up in the press for years. I will post the team if there is anything that has changed." No KYC action taken despite ongoing press coverage.

• EFTA00128826: Internal DB email (Feb 25, 2014): "Plan D LLC is owned by our client Jeffrey Epstein. Jeffrey Epstein is worth roughly $[?] and currently has about $230MM here at the bank and we are expecting at least another $100MM from him within the next few months." "I would ask that this go through because he is a very important client."

These findings strengthen the original report's claim of "shared account officers" by documenting that Morris was physically present at Apollo for meetings alongside Black Family meetings on the same afternoons.

• Full compliance records for Litchford and Morris

• Whether they flagged the unusual payment pattern from Black

• Internal Deutsche Bank communications about the Black->Epstein flow (partially addressed by Morris's dismissal of Prince Andrew concerns)

CHAIN 7: EPSTEIN'S ART ADVISORY ROLE -- THE DECHERT ADMISSIONS

What Black's Own Investigation Admitted About Art Management

"Epstein also appears to have provided substantive advice to the Family Office on myriad esoteric issues, which included (i) managing Black's artwork, (ii) advising on issues relating to Black's yacht, and (iii) advising on issues relating to Black's airplane."

"Family Office witnesses generally agreed that Epstein advised Black in a few areas related to Black's artwork, including: (i) the formation of a new art partnership, (ii) the contested ownership of a Picasso sculpture, (iii) Black's art loans, (iv) like-kind exchanges, and (v) obtaining a potential advisory opinion from the New York State Department of Taxation and Finance regarding a contemplated transaction involving Black's art."

"Although Family Office employees generally agreed that Epstein was not an expert in art management or art law, witnesses also opined that he was helpful in the formation of the art partnership and was fairly involved in assisting Black in connection with the sale of certain pieces of artwork."

Dechert's own report -- commissioned by Apollo's Conflicts Committee to DEFEND Black -- admits that Epstein "managed Black's artwork," including executing like-kind exchanges and assisting with art sales. This means Epstein was the BROKER for transactions involving Black's $2.7B art collection, which included:

• Munch's "The Scream" ($120M, 2012)

• Multiple Picassos ($115M+ and $125M via Gagosian)

• Giacometti sculptures ($23M)

• Rothko-to-Picasso exchange ($46M->$48M)

• Cezanne watercolors + Picasso ($139M combined)

The advisory fees were not merely for "tax advice" -- they were the PRICE OF ADMISSION to Epstein's full-service financial infrastructure, which included art brokerage, entity structuring, banking relationships, and tax optimization. The art function was structurally intertwined with the broader financial operation because they used the same entities, the same accounts, and the same people.

DS9 provides the actual invoices, email chains, and internal documents underlying the Dechert admissions:

• EFTA00592810: Gagosian Invoice -- Rothko-to-Picasso Exchange. "Black Family 1997 Trust... January 4, 2013." Picasso "Mateu Fernandez de Soto" purchase price: $48,000,000. LESS: Trade-in credit for Rothko "Untitled" (1961): $46,000,000. Balance: $2,177,500. "The transfer of Pablo Picasso... shall serve as full satisfaction of Gagosian Gallery loan."

• EFTA00593868: Reverse Exchange Transaction Index -- complete document set for the Rothko-Picasso exchange confirming this was structured as an IRC 1031 like-kind exchange.

• EFTA00646622: Epstein to Eileen Alexanderson (Dec 3, 2012): "ask withers and gagosian if they can find an accomodator to take the rothko in the meantime to p[reserve like-kind exchange status]." Epstein was directing the Rothko exchange logistics.

• EFTA00611521 (pp.0-1): Heather Gray memo to Leon Black: Picasso "Buste de femme (Marie Therese)" purchase price: $115,000,000. Installment schedule totaling $86,250,000 before final payment.

• EFTA00622832: Heather Gray memo to Leon Black CC: Jeffrey Epstein (April 29, 2015) regarding the $115M Picasso transaction legal correspondence. Epstein was copied on the purchase negotiations.

• EFTA00939374: Eileen Alexanderson to Epstein (July 10, 2012): "Leon mentioned that you recommended he put the new Munch into a Delaware LLC to provide more flexibility in the future." Epstein recommended the entity structure for The Scream ($120M purchase).

• EFTA00939376: Epstein's reply: "i would do nothing until all the issues are known... i would definilty not add the munch to any existing entitiy." Epstein was directing entity structuring for the most expensive artwork purchase at that time.

• EFTA00592228 (pp.0-46): "ALL ART - 3/19/17" -- Complete Black art collection inventory. 46+ pages listing every artwork by owner entity. Notable entries: Turner "Seascape: Folkestone" $80M, Cezanne "Le Chateau Noir" $50M, Mondrian "Composition C" $40M. This was in Epstein's files, proving complete visibility into Black's collection.

• EFTA00299513 (pp.1-16): Complete Black estate plan (June 30, 2016). Art, Bronzes and Rare Books: $2,225,335,875. Gross Estate: $3,837,952,896. BoA art credit line: $695M. Executors: Debra Black, Barry Cohen, Richard Ressler.

• EFTA00670036: Heather Gray to Epstein: Gagosian payments to Maya Picasso totaling $86.25M through Narrow Holdings. Gagosian took a 6.5% commission on Picasso sculpture purchases.

• EFTA00370268-370276: Email chain showing Epstein directed the J. BLACK Trust creation. Darren Indyke drafting the trust agreement at Epstein's direction, $2M initial funding, co-trusteed by Melanie Spinella (Epstein's assistant at Black's office).

• Whether Epstein received commissions or kickbacks from auction houses (Gagosian's 6.5% commission documented but no evidence of pass-through to Epstein)

• Whether art was used as collateral for loans that funded trafficking (BoA art credit line of $695M confirmed but no trafficking nexus established)

• The art partnership formation is now fully documented through AP Narrows LP primary source agreements

CHAIN 8: THE SENATE FINANCE COMMITTEE INVESTIGATION

Black's Refusal to Answer Art Questions Under Congressional Inquiry

"In a briefing with the Committee on August 1, 2022, your outside counsel indicated that Epstein provided substantial advice related to your private art collection, which is worth over $1 billion. This advice reportedly included helping you form a new art partnership as well as assistance in connection with the sale of certain pieces of artwork. Please provide detailed answers in writing for the following items:

>

a. What was the purpose of the new art partnership you formed with Epstein's assistance? How did Epstein assist in the formation of that partnership?

>

b. Please provide more details regarding any art loans that involved Epstein, including Epstein's role related to those loans.

>

c. Please provide a list of any like-kind exchange transactions Epstein helped execute for any pieces you owned valued at over $1 million, including a detailed description of the tax benefits obtained through the execution of these transactions.

>

d. Please provide a list of art sales valued at over $1 million Epstein assisted you with."

The Committee documented (EFTA02731023): "At every stage of the Committee's investigation, you have refused to answer these questions or provide any documents related to how Epstein's compensation was determined or justified."

• Black's art collection worth over $1 billion (confirmed by Paul Weiss counsel)

• Remainder trust assets valued at ~$585M at funding, expected to exceed $2 billion (Apollo partnership interests)

• Estimated estate tax liability avoided: $1 billion+

• Black claimed payments to Epstein were tax-deductible "sixty cent dollars" based on Epstein's advice (EFTA02730996, p.16)

• Black never signed a services agreement after 2013 for $100M+ in payments

• Committee characterized payments as potentially constituting "taxable gifts" rather than service compensation

Black's refusal to answer the Senate Finance Committee's art-related questions is notable. The Committee documented persistent non-cooperation across multiple rounds of inquiry. There may be legitimate legal reasons for declining to answer congressional questions (legal privilege, Fifth Amendment concerns, strategic considerations), but the refusal leaves the art advisory relationship's specifics undocumented from Black's side. A prosecutor could argue that Black's refusal to disclose:

is consistent with concern that detailed answers would reveal the full scope of financial intertwining between the art advisory function and Epstein's broader entity infrastructure.

CHAIN 9: THE HAZE TRUST AS THE ART/TRAFFICKING CONVERGENCE POINT

Where Art Auction Proceeds Mixed with Trafficking Infrastructure Funding

The Haze Trust maintained balances of $40-50M while simultaneously:

• Receiving art auction proceeds from Sotheby's and Christie's

• Distributing funds to Southern Financial LLC (which held Apollo stock and paid Joichi Ito)

• Distributing funds to Southern Trust Company (which received Black's fee payments)

• Distributing funds to Plan D LLC (which was used for "art transactions" with Black)

From the Haze Trust, money flowed to entities that were SIMULTANEOUSLY involved in:

• Christie's Inc. -> Haze Trust Checking: $7,725,000 (6/19/2017)

• Sotheby's -> Haze Trust Checking: $22,785,961 (2017 combined)

• Haze Trust DBAGNY -> Plan D LLC: $15,000,000 (3/27/2017) -- "art transaction" entity

• Haze Trust DBAGNY -> Southern Financial LLC: $49,500,000 (2018-2019)

• Southern Financial LLC -> Coatue Enterprises LLC: $2,000,000

• Southern Trust Company -> Honeycomb Partners LP: $53,000,000 (investment vehicle)

• Southern Trust Company -> Valar Globaal Fund III LP: $22,500,000 (Peter Thiel fund)

Per EFTA01381149: BUTTERFLY TRUST balance $323,679.36 -- Butterfly Trust beneficiaries were Shuliak and Indyke (as of late 2014; Maxwell had been a beneficiary but was removed in the same instrument that added Shuliak, per EFTA01282297)

Per EFTA01381149: GRATITUDE AMERICA, LTD balance $2,075,025.07 -- funded by BV70 LLC (Black entity)

Per EFTA01381149: ZORRO MANAGEMENT, LLC balance $424,475.56 -- managed Zorro Ranch in New Mexico

The Haze Trust is the CONVERGENCE POINT where art money and trafficking money become indistinguishable. Art auction proceeds ($30.5M) flow IN. Those proceeds mix with brokerage transfers ($36M on 3/10/2017 alone). The mixed funds then flow OUT to:

• Plan D (art transactions with Black)

• Southern Financial (Apollo stock holdings, hedge fund investments, Ito payments)

• Southern Trust (which received $168M from Black)

The Butterfly Trust was under the SAME RM CODE (82289) and managed by the SAME Deutsche Bank officers (Litchford/Morris). Every dollar in this ecosystem was fungible. Maxwell was a Butterfly Trust beneficiary until late 2014 when she was removed and replaced by Shuliak and Indyke (EFTA01282297).

CHAIN 10: THE DANY INVESTIGATION -- TRAFFICKING VICTIMS AND ART MONEY

Manhattan DA Investigation Connecting Black, Trafficking, and the Financial Infrastructure

"Epstein instructed [victim] to massage Leon Black at Epstein's New York residence. [Victim] attempted to give Black an ordinary massage, but Black began initiating sexual contact, at which point [she] ran out of the room."

"One particular incident with Leon Black, [biological mother] drove her from [Virginia] to NY to JE's townhouse. JE introduced her to Black by name as 'Leon' and told her she would give him a massage."

"Black was very violent, tore her clothes off, bit her vagina, forced sex toys into her."

"She needed medical attention, bleeding."

"LB left her money on the table before he left the room. JE took the money because she didn't want anything to do with it."

"~2001 sexual assault by Leon Black stood out to her because of how violent she was [sic]."

"Driven from [Virginia] to Epstein's townhouse to meet Epstein's special friend named Leon Black."

"From 2001 to end of 2004, she was trafficked by [biological mother] / [Epstein] ... sex with at least 25 different men."

"7 to 8 years, Black was sexually violent with her."

"Black bites parts of her vagina, violence was arousing for him, very painful for her."

Victim "trafficked by own family to Leon Black ('VIP') AND Larry Summers."

"You sexually harassed me, sex trafficked me, raped me, and eventually blacklisted me... forced to sign under duress."

Calendar entry: "Drive to Leon Blacks house with Karyna."

Karyna Shuliak was Epstein's last girlfriend and a beneficiary of the Butterfly Trust (EFTA01282297) -- which was funded through the SAME Deutsche Bank RM CODE 82289 infrastructure.

• October 2021: DANY ADAs Wimmer/Puzio contact SDNY re Leon Black investigation (EFTA02731662)

• November 2021: DANY/SDNY coordination call (EFTA02731662)

• January 2023: New victim (37 YO) comes forward to DANY alleging Black assault (EFTA02731662)

• February 2023: SDNY confirms "new CW who has come forward and alleged sexual abuse by Leon Black. This CW was trafficked by Maxwell and Epstein" (EFTA02731662)

• May 2023: Trafficking call notes document "16 years old when raped by Black" (EFTA02731488)

• June 2023: DANY/SDNY/FBI deconfliction calls (EFTA02731662)

• July 2023: Black settles with USVI for $62.5M (EFTA02731660)

• October 2024: Brad Edwards (victims' attorney) retained BY Leon Black (EFTA02731577)

Per EFTA02731660: "there does not appear to be any evidence of overlap with Maxwell other than the allegations of the victim in DANY's open investigation of Black and CRU doesn't intend to open anything separate based on current information."

The SAME infrastructure that processed Black's art advisory fees was the infrastructure that enabled his access to trafficking victims. The flow was:

Under this theory, the entity structures created to manage Black's art collection, execute like-kind exchanges, and process advisory fees were the same structures that funded victim payments, maintained properties where trafficking allegedly occurred, and enabled what victims describe as the "lending out" of victims to clients including Black. The art advisory function and the alleged criminal activity shared infrastructure to a degree that would make them forensically inseparable.

CHAIN 11: THE ROTHSCHILD PAYMENTS -- ADDITIONAL FUNDERS OF SOUTHERN TRUST

Third-Party Flows Through the Same Pipeline

-> STEP 1: 12/17/2015 $10,000,000 Edmond de Rothschild (Suisse) SA Geneva -> Southern Trust Company, Inc.

(DB-SDNY-0005122)

-> STEP 2: 12/21/2015 $14,999,980 Benjamin Edmond de Rothschild -> Southern Trust Company, Inc.

(DB-SDNY-0005122)

These payments occurred in the SAME week as Black Family Partners' $10M payment (12/18/2015, DB-SDNY-0005122) -- all three wires hitting the same DB-SDNY batch page.

Southern Trust Company was not merely a vehicle for Black's advisory fees. It was a central collection point receiving funds from multiple ultra-high-net-worth clients simultaneously. The Rothschild payments demonstrate that Epstein's "advisory" operation served multiple billionaire clients through the SAME entity. This multiplied the commingling problem -- making it impossible to trace any individual client's money through the entity to specific downstream uses.

CHAIN 12: SOUTHERN TRUST DOWNSTREAM -- WHERE BLACK'S MONEY ULTIMATELY WENT

The $53M Honeycomb and $28.8M Valar Outflows

05/31/2016 $20,000,000 (DB-SDNY-0005457)

06/27/2018 $10,000,000 (DB-SDNY-0007348)

06/28/2018 $5,000,000 (DB-SDNY-0007348)

09/28/2018 $8,000,000 (DB-SDNY-0007623)

03/28/2019 $10,000,000 (DB-SDNY-0008154)

TOTAL: $53,000,000

06/23/2016 $250,000 12/12/2016 $3,750,000

08/18/2016 $1,250,000 04/20/2017 $3,000,000

07/24/2017 $4,250,000 06/01/2018 $1,750,000

01/08/2019 $2,500,000 04/17/2019 $1,500,000

+ Valar Global Fund II (5 txns): $6,300,000

TOTAL VALAR: $28,800,000

05/02/2014 $10,000,000 Boothbay Multi Strategy Fund LP

06/30/2015 $2,000,000 Boothbay Absolute Strategies Fund LP

07/28/2015 $7,000,000 Boothbay Absolute Strategies Fund LP

09/28/2015 $4,250,000 Boothbay Absolute Strategies Fund LP

03/01/2016 $10,000,000 Boothbay Absolute Strategies Fund LP

03/31/2016 $5,000,000 Boothbay Absolute Strategies Fund LLP

TOTAL: $38,250,000

After receiving $168M from Black, Southern Trust Company distributed $53M to Honeycomb Partners and $28.8M to Valar (Peter Thiel's fund). Southern Financial distributed $38.25M to Boothbay funds. These investments totaling $120M were made with commingled funds -- Black's advisory fees mixed with art auction proceeds, Rothschild payments, and other Epstein income streams. The investments were made through the same entity infrastructure that received funds from multiple sources, making it forensically difficult to trace any individual client's money to specific downstream uses. Whether this commingling constituted financial layering in violation of law has not been adjudicated.

CHAIN 13: THE GRATITUDE AMERICA DONATION -- ART MONEY TO CHARITY

BV70 LLC -> Epstein's "Charitable" Entity

-> STEP 1: 10/14/2015 $10,000,000 BV70 LLC -> Gratitude America, Ltd.

(DB-SDNY-0004999)

Per EFTA00027019 (Exhibit E), the $10M was distributed to:

• Bruce and Marsha Moskowitz Foundation: $100,000

• Melanoma Research Alliance Foundation: $225,000

• Morgan Stanley/Citibank (Gratitude America Ltd): $7,500,000

• Cancer Research Wellness Institute: $50,000

• NPO Baleto Teatras (Lithuanian ballet): $18,493

• VSJ Baleto Teatras: $10,000

• Various Gratitude America sub-accounts: $2M+

BV70 LLC (Black's entity) funded Gratitude America, which then made donations to the Melanoma Research Alliance -- Black's OWN charity. This was a circular flow: Black -> Epstein entity -> Black's charity. The Dechert report acknowledged this: "Black also made a $10 million donation to Gratitude America in October 2015, which was a charitable organization affiliated with Epstein."

But Gratitude America also funded Lithuanian ballet organizations (Baleto Teatras) -- entities connected to Karyna Shuliak, Epstein's Lithuanian girlfriend and Butterfly Trust beneficiary. Black's money, through Gratitude America, was funding both his own charity AND Epstein's personal relationships.

CHAIN 14: THE POST-KYC BREACH -- ART AND TRAFFICKING MONEY FLOWING AFTER CONTROLS FAILED

April 2018 - August 2019: $189M After Deutsche Bank Knew

After Deutsche Bank's KYC (Know Your Customer) controls formally breached in April 2018, the following transactions CONTINUED to flow:

06/22/2018 $9,000,000

08/20/2018 $5,000,000

09/17/2018 $5,000,000

09/28/2018 $8,000,000

10/24/2018 $5,000,000

11/20/2018 $2,500,000

12/19/2018 $5,000,000

02/07/2019 $8,791,283

02/22/2019 $24,564,037

TOTAL: $72,855,320

10/01/2018 $10,000,000

11/20/2018 $2,500,000 Haze Trust -> Southern Financial LLC (DB-SDNY-0007798)

12/13/2018 $58,328 HSBC Bank Bermuda -> Haze Trust (DB-SDNY-0007888)

12/19/2018 $5,000,000 Haze Trust -> Southern Financial LLC (DB-SDNY-0007908)