<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th><th></th></tr><tr><td>Sent:</td><td>Thursday, February 11, 2016 2:42 PM</td><td></td></tr><tr><td>To:</td><td>Richard Joslin</td><td></td></tr><tr><td>Cc:</td><td>Brad Wechsler; Richard J Bronstein; Melanie Spinella
Castrucci; Joe Avantario</td><td>John </td></tr><tr><td>Subject:</td><td>Re: Re:</td><td></td></tr></table>

richard you are an accountant, i only w=nt numbers. accurate fully detailed numbers. te=ling me the amount is slight? is not a number, telling=me the rate is 7.5 percent is not useful without the full description, .=C2 putting charter revenue in as minus costs. is not helpful, putting=fuel in at 975 an hour is just wrong.? categorites of " =ther" makes no sense without detailed footnotes., expl=ining why payroll taxes for a month is not 1/12 of the year as oppos=d to 1/10th. why have a variance column, if there is no bud=et.? where are total costs per hour? you have fixed and =ariable. why have speed? silly silly silly

On Thu, Feb 11, 2016 at 9:37 AM= Richard Joslin <█████████████████████████████████████> wrote:

The 42 hours include both Part 91and=Part 135 hours. Part 135 is the charter component and that gives ris= to charter revenue.

Key details from the email image:

*   **From:** Jeffrey E. (jeevacation@gmail.com)
*   **Sent:** Thursday, February 11, 2016, 9:21 AM
*   **To:** Brad Wechsler
*   **Cc:** Richard J. Bronstein, Melanie Spinella, John Castrucci, Joe Avantario, Richard Joslin
*   **Subject:** Re:

it says charter revenue only 312 but letter sa=s apollo hours were 42 at 18k each hour?

On Tue, Feb 9, 2016 at 6:41 PM, Brad Wechsler <████████████████████████████████████████████████████████████> wrote:

MEMORANDUM

ATTORNEY-CLIENT PRIVLEDGE

<table><tr><th>TO:</th><th>=C2 Rick Bronstein</th><th></th><th>=C2</th><th>=AO</th><th>=C2</th><th>CC:</th><th>=AO</th><th>John Castrucci</th></tr><tr><td>=AO</td><td>Leon Black</td><td>=C2</td><td>=AO</td><td>=C2</td><td>=AO</td><td></td><td>=C2</td><td>Joe Avantario</td></tr><tr><td>=AO</td><td>=C2</td><td>=AO</td><td>=C2</td><td>=AO</td><td>=C2</td><td></td><td>=AO</td><td>Rich =oslin</td></tr><tr><td>FROM:</td><td>Brad Wechsler</td><td>=AO</td><td>=C2</td><td>=AO</td><td>=C2</td><td></td><td>=AO</td><td>Jeffrey Epstein</td></tr><tr><td>DATE:</td><td>February 9, 2016</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Leon,

1. Attached, please find the January 26th memo on the airplane which wa= sent to you previously. It deals with Part 91 vs. 135 and attendant costs=and income tax benefits. The office feels that with respect to income tax,=Part 135 is more favorable, but not significantly so, i.e., between 0 and $400K depending on use.

2. Also included are detailed operating costs. These were previously se=t to Jeffrey but not previously not sent to you.

3. The final note details the FET and sales tax consequences of moving =rom the current structure to a simplified structure. Were we to move to a =ery simple Part 91only structure you could likely save $200K/year but wou=d have to own and operate the plane in your personal name (your insurance is sufficient, but there would be a =ertain lack of privacy). If you held the plane in a sole purpose LLC the a=orementioned savings would disappear. If Jeffrey wants to take a deep dive= we have much detailed material and we would also suggest he speak to Rich.' and our aviation attorney.=/u>

4. Bottom-line, a lot of work has been done and there is not a compelli=g answer, one way or another. Taking into account income tax attributes, s=les tax attributes and ease of use attributes it's almost a push, =hough I would probably marginally favor Part 135. I believe Jeffrey favors Part 91, which in my mind, is a suffici=nt reason to go that route. We should discuss.

Thanks

please no=e

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please =ote

The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved