<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Wednesday, June 1, 2016 8:43 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Brad Wechsler; John Castrucci</td></tr><tr><td>Subject:</td><td>2016 Cash Flow</td></tr><tr><td>Attachments:</td><td>2016 Cash flow 6.1.16.pdf</td></tr></table>

We met with Leon to discuss the attache= cash flow today and the following points were raised for adjustment or st=ll as open items

## Adjustments

1) The Orchard Capital $20MM inves=ment will be paid over a few years. We are waiting for timing/amount estim=tes from Orchard.

2) The $2MM Judy Black Garden Trus= to be $0.3MM this year

3) The distribution assumptions to=Ben for his home construction would be reduced to $1.5MM for 2016 from $3.=mm

## Open Items

4) We agreed that the assumption f=r the moment would be that there are no capital gains from art sales due a= a result of 1031 exchange intentions

5) Sales taxes on 1031 exchange it=ms needs to be revisited

6) Hedge fund redemptions in 20161=017 should be confirmed re: redemption policies

Please let me know if you have any ques=ions,

## Joseph Avantario

Elysium Management, LLC 445 Park Avenue Suite 1401, New York, NY 10022 Tel. (646)589.0316 I Cell (914)450-8806 =