<table><tr><th>From:</th><th>Mukamal, Thomas</th></tr><tr><td>Sent:</td><td>Saturday, March 22, 2014 5:08 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Garrison, Frank; Farkas, Andrew</td></tr><tr><td>Subject:</td><td>AYH - P-dock</td></tr></table>

Jeffrey -

Respectfully, I don't think you should get involved without us. The issue =round the CZM permit is VERY binary - at least in the sole context of look=ng at protecting AYH. Hoffman has to yield and go east no more than 26 fe=t east (he currently is at 10 feet) in order to maintain a minimum safe na=igable waterway such that AYH can continue to dock vessels up to 70 feet w=ich (a) is what we pay for under our permit (b) consistent with historical=use and (c) protects the long term value of AYH. This compromise has been =ffered to Hoffman at least three times verbally and in writing. He and Al=ert rejected it every time. We offered the compromise to CZM committee at =he objection hearing on the record as a win win settlement because it allo=s him to expand his existing foot print by 150% and he isn't precluded fro= expanding westward as far as he wants. If AYH agrees to anything more th=n a 26 foot boundary, it is of no value to AYH and so its better to dig in=for the long haul and appeal whatever CZM gives him until we get to an imp=rtial arbiter — which we eventually will after CZM makes a ruling. Our =trategy was to get a fair compromise offer on the record along with highli=hting the questionable nature of his application the deficiencies of the a=plication, the inaccuracies about AYH in the application and the safety an= economic implications of his request — we did this verbally, in writing=and with visual aids etc. Also, he is asking for so much more water that =e feel we can get the Army Corps involved which is outside his influence (=e doesn't know this yet). Also, to agree to him having more than 26 feet =uts him in the driver seat of any negotiation about AYH managing P dock wh=ch is exactly what he wants — the ability to dictate rent terms forever.

I am concerned that, if you get involved now Paul will mislead you in some =ay (which is what he tried to do to me last summer), we will not reach an =greement, our position will possibly be prejudiced (as you are an owner of=the asset Hoffman will seek to use anything that you say to him as a state=ent against the interest of the owner) and somehow Hoffman will make you t=ink we are idiots. This is what we were concerned about months ago, which =s why we mapped out our position and strategy with Cecile to solicit her i=put and see if she felt like we were headed in the wrong direction (she fe=t good about what we were doing). The management agreement terms have not=been in our favor ever and I offered Paul modified terms in the context of=an agreement around the permit. So long as the permit issue is handled =96 i.e. He expands to 26 feet, we won't have a gun to our head and we can =egotiate fair terms for him and AYH which of course would include managing=the sewage discharge and other issues he is concerned about for the long t=rm. He knows this as well. It should be noted that with regards to the t=rmination of the management agreement he has retained a lawyer to represen= him, and has threatened to sue us.

I have been a complete gentleman with Paul. AYH has been more than accommo=ating having paid his entity over $500,000 in fees (on time) over the past=7 years - somehow this has been lost by him. He (Paul) should have no pro=lem dealing with me or Casner directly to settle this. I can even go down=next week and deal with him together with you if he is insistent on you be=ng part of a settlement or if you would like to be part of the resolution.=lf I am not dealing with all the background here let me know — maybe we =issed something on our end.

I am almost certain that Paul isn't entirely ready to give in — which is =hy he called you and not us — so I am hesitant for you to get involved w=thout us. At this point he is mainly worried about his slip tenants calli=g him in a few weeks, moving his sewer line (we moved ours) and not gettin= his $8500 a month to fund his efforts. I left you a message you can reac= me at if you want to talk, again — if you think I am m=ssing something here — I am happy to listen etc.

Thanks,

Tom

From: Jeffrey Epstein <jeevacation@gmail.com<mailto:jeevacation@gmail.com>>
Date: Saturday, March 22, 2014 11:51 AM

- From: [sender name and email redacted]
- Date: Saturday, March 22, 2014 — 11:51 AM
- To: [recipient name redacted]
- Cc: [two recipients redacted]
- Subject: Re: Also
- Message excerpt: "[redacted] would like sewage and clarity re same in the future. obligation to keep the asset maintained, otherwise, issues of submerged land."
- Notes: Several recipient lines are blacked out/redacted in the image.

hoffman would like sewage and clarity re same in the future. obligation to=keep the asset maintained, otherwise, issues of submerged land.

On Sat, Mar 22, 2014 at 9:44 AM, Farkas, Andrew L. <afarkas@islecap.com<mai=toa> >> wrote: While Cecile requested a copy of "the record' around the AYH CZM hearings, =tc., Jeffery has some specific questions. He has been approached by Hoffma= who, of course, is distorting the facts to fit his desired fact pattern. =hat said, JE believes that there is a simple deal to be done to resolve th= issue and he believes that he (JE) is the right party to mediate and sett=e the dispute. JE would like to strike while the iron is hot, but he needs=our guidance around what deal we would propose to make. Whatever that may =e, the documents should require an ongoing obligation on the part of hoffm=n and his partners to be supportive of ayh, igy, yhg, etc in all reasonabl= and appropriate ways. JE can be reached at <tel . Please get to him asap and let me know how we all do. Thanks JE.

This message, and any attachments hereto, is confidential and intended excl=sively for the use of the individual or entity to whom it is addressed. Th=s communication may contain information that is confidential, proprietary,=privileged, subject to a confidentiality and/or non-disclosure agreement, =r otherwise exempt or protected from disclosure (either by contract or und=r applicable law). If you are not the intended recipient, you are hereby n=tified that printing, retaining, reproducing, copying, disclosing, dissemi=ating or using this message or any information contained herein (including=any reliance thereon) is strictly prohibited. If you have received this me=sage in error, please contact the sender immediately and destroy the messa=e (including any attachments) and any copies in their entirety, whether in=electronic or hard copy format. Nothing contained in this e-mail shall be =onsidered a legally binding agreement, amendment or modification of any ag=eement with Island Capital Group LLC or any of its affiliates, each of whi=h requires a fully executed agreement to be received by Island Capital Gro=p LLC or such affiliate.

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com<mailto:jeevacation@gmai..com>, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

This message, and any attachments hereto, is confidential and intended excl=sively for the use of the individual or entity to whom it is addressed. Th=s communication may contain information that is confidential, proprietary,=privileged, subject to a confidentiality and/or non-disclosure agreement, =r otherwise exempt or protected from disclosure (either

by contract or und=r applicable law). If you are not the intended recipient, you are hereby n=tified that printing, retaining, reproducing, copying, disclosing, dissemi=ating or using this message or any information contained herein (including=any reliance thereon) is strictly prohibited. If you have received this me=sage in error, please contact the sender immediately and destroy the messa=e (including any attachments) and any copies in their entirety, whether in=electronic or hard copy format. Nothing contained in this e-mail shall be =onsidered a legally binding agreement, amendment or modification of any ag=eement with Island Global Yachting LTD or any of its affiliates, each of w=ich requires a fully executed agreement to be received by Island Global Ya=hting LTD or such affiliate. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.O.dtd"> <plist version=.0">

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