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Brian Vickers <brian.vickers@hgtv.com>
Wednesday, February 7, 2018 2:03 PM
Jeffrey Epstein
Re:

Jef=rey, Thank you!

I wasn't ignoring your last requ=st. I was pulling what info I could together. Will report back. It'= become complicated. Easier conversation. But to summarize a few of your qu=stions below.

1. Agreed. The comps in our bu=lding are $3500/sq ft. For 2 and 5 floor apt with no outdoor space. If you t=ke ours 2400 inside 1800 outside and use 50% for outdoor it's rough=y valued at 11.550m with 6m of debt. Being a unique space done so wel= I think you could get more. Spoke to a few brokers that agree but at the a=d of the day the market speaks. If EL IPO / CPH income isn't what l=expect this year I would either sell or rent it. I love the place but not g=ing to put us in a bad place again over this apartment.

2. There are other significant assets. This is what I was referr=ng to as us sitting down to look at the whole picture. 1.2cash, 1.6M in equ=ties, 2.7m in hedge funds, lm in Covis ,lm in commerical rent generating re=l estate in NC, 1.7m in multifamily that pays quarterly dividends, a basket=of other assets and investments. These are rough numbers off top of my head=during break in meetings. I can get more detailed when not on my phone. Bee= in meetings all morning in FLL since 745. Establishment Labs is probably t=e biggest single investment and doing the best. The "they" i= better in conversation. Not simple answer. I'll get you the detail= you asked when I get back. Think of it roughly like this. I paid 3.75/shar=. The current round is closing at 16/share and IPO roughly 18.50. Can sell i= we want 6month later. I haven't tried to sell my shares but if I w=nted to I could have sold to Perceptive Advisors at that price in last roun=.

3. Yes it will to finish. I have this mode=ed out and can get you exact numbers when back to office. It will take abou= 75% of the remaining cash from refinancing.

4. Co=pletely agree. This is my biggest weakness in business and it's the=most important. I will get on this ASAP.

5. I have=spent a lot of time in factory and with management team and employees. It410=804,s a good management team. Prior to investment and after. Also at trade=shows with doctors and KOL's. The top KOL's has left Allerg=n and Mentor to EL. Also visited London Hospital Group that has most experi=nce with EL. I have spent time with Jeffries team as well many times. Micharl Robinson Managing Director of Healthcare Investment Banking and Benjamin L=rello Global Head of Investmwnt Banking are running point on IPO. They were=the ones that set the expected valuation and time table. Shooting for June r=ght now.

All the best,

Brian Vickers<=div>
CPH

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On Feb 7, 2018, at 6:06 AM, jeffrey E. <jeevacation@gmail.com> wrote:

<=div>

only as a result=of you asking for my advice. I suggest the following. &nbs=; 1 real numbers are needed. real market numbers.&n=sp; ie put the apt on the markeet to see what bids you ge=. ? ex ask for 10m . see what happens.&=bsp; 2. re the only other main asset. establishment lab. - = the " they" that you refenced that prefer you not share numbers = are not your advisors. . my understanding is that you ha=e an overide on the 1st investment of 10 percent. and an investment o= lm. there have been multiple financings in between=and more to come. so . establish how many shares you actu=lly own now. how many total shares there are on a diluted basis= .. valutation models mean little .. then have someone do a c=mp on silmilar cos based in costra rica. . to detiremine p=ssible future value. but frankly hihgly unlikely in the next 18 month=. , in the alternative m, ask to see how much one of the others=w0ould pay for your current positoin. . 1m 5m? . th=n subrtract taxes on gain. 3. the new york apt. wi=l also require more capital . as it always does. . 4. take some=accounting courses and financila reporting classes. . 5 its all about=numbers. i see establishments PR is geared towards hype a=d not substance. . its financing of 55m was reported, but said partia= debt. if someone told you that jeffries is thining=about taking it public CHECK for yourself. call the perso= at jeffries. the key -accurate numbers and NO SECOND han= info. . hard to believe that the team doesnt have better photos = to put on their web and reports. very odd

ple=se note

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