<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:
To:</td><td>Wednesday, March 9, 2016 10:27 PM
Richard Joslin; Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>RE: Artspace</td></tr></table>

Murphy estimated 201= book loss for Artspace go be ($3.4mm)

Total cost basis of Ar=space as of 12.31.15 is $8.5mm loans and equity.

This cost basis was in=reased to $9.5MM as of March 2016.

From: Richard Joslin
Sent: Wednesday, March 09, 2016 5:02 PM
To: Jeffrey Epstein <jeevacation@gmail.com>
Cc: Joe Avantario
Subject: Artspace

In 2014, LDB claimed a tax loss for Artspace of $974=378 — this was loss from operations