<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Thursday, March 20, 2014 2:33 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>FW: BFP 12/31/2012</td></tr></table>

There are screenshots =elow. In a nutshell, REM (Toms firm) summarizes all K-1activi=y on excel spreadsheet. It does not tie into the tax return.

Non Apollo partnership=K-1 capital account 12/31/2012 - Total $167MM. Tax return balance sh=et shows $145MM. Assets listed on excel summary not listed on tax return b=lance sheet. Assets on tax return balance sheet not listed on excel spreadsheet.

There was a book-up in=2007 for Apollo entities — LBF Holdings shown at $851MM 12/31/2012.8t=bsp; Aggregate K-1 12/31/2012 capital account per K-1 is $234MM; per tax r=turn balance sheet $993MM. Some of the K-1's show tax basis capital vs GAAP (FMV) capital.

Point of this is to ge= financial statements to have a value that is meaningful, eg GAAP and repo=t consistently going forward. Tom's financial's are a hodgepod=e of 2007 book-up and adjusted only by taxable income 2008 to present and some partnerships valued possibly at GAAP<=o:p>

Other "factually=challenged" items to follow

From: Richard Joslin
Sent: Thursday, March 20, 2014 8:57 AM
To: 'Thomas Turrin'; 'Abel Goce'
Cc: Richard O'Agostino; 'Abel Goce'
Subject: RE: BFP 12/31/2012

I think the answer is =hat there is no correlation between the Sch L (Quiickbooks) balance sheet =nd the excel s/s that summarizes K-1investments

Can you explain why th=re are partnerships listed on K-1summary that are not on Sch L (Quickbook=) - Millenium USA LP

There are entities listed on Sch L (Quickbooks) for which there are no K-1's listed on exce= s/s AP SHL Investors — this appears not to be owned by BFP but is o=ned by LOB; Globe Opp Finc Srvcs.

Can you track down the=original inception values of the LP's (provided to you by us from valuations at inception). The LBF value of $851,690,121 sta=ds out.

I have not spent any t=me looking at the history.

Thanks

From: Richard Joslin
Sent: Wednesday, March 19, 2014 12:34 PM
To: 'Thomas Turrin'; Abel Goce
Cc: Richard D'Agostino; Abel Goce
Subject: RE: BFP 12/31/2012

Is there a s/s that ties into the 1065 pro forma bal=nce sheet amount? The excel s/s I have does not tie out to Sch L.&nb=p; Please advise?

From: Thomas Turrin (mailtolTurrin@rem-co.com <mailto:TTurrfr@rem-co.com> Sent: Wednesday, March 19, 2014 12:31PM To: Richard Joslin; Abel Goce Cc: Richard D'Agostino; Abel Goce Subject: RE: BFP 12/31/2012

Rich,

The carrying value of =nvestments in Apollo entities shown on the pro-forma tax returns are deriv=d from the

original inception val=es of the LP's (provided to us by client from valuations at in=eption). We booked the opening values in G/L=/p>

at inception ...in=tial "book" values. We booked the annual net=K-1 changes in total (all LP's) in accts 2702-10 and 2703-10.

&nbs=;

The non-Apollo investm=nt carrying values were based on original cost and

and were adjusted for =ax items as per K-1's and were adjusted through one account (2130.01=.

We did not make overal= adjustments in BFP, LP G/L for changes in estimated current year-end mark=t values.

Best,

Tom<=p>

THOMAS TURRIN, CPA<=p>

Partner

Raich Ende Malter & =o. LLP

1375 Broadway<=o:p>

New York, New York =0018

The image is completely black.

Website: www.=em-co.com <http://www.rem-co.com>

I am looking at the files posted to the portal and i= particular the file that summarize K-1 activity. Sch L has in=estments (Apollo) $993,724,702. The REM spreadsheet shows $234,172,1=6. Is there a s/s that ties into the 1065 pro forma balance sheet amount?

Same question for non-Apollo investments - $Sch L $1=5,546,984 vs REM s/s $167,115,711

Three screenshots below

&n=sp;  &=bsp;

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CIRCULAR 230 DISCLOSURE:<=strong> To insure compliance with requirements impos=d by the Internal Revenue Service, we inform you that any tax advice contained =n this communication (including any and all attachments), unless expressly=stated otherwise, was not intended or written to be used and cannot be use= for the purpose of (i) avoiding tax-related penalties imposed by the Internal Revenue Code or (ii) promoti=g, marketing, or recommending to another

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party any transaction(s) or tax•r=fated matter(s) addressed herein. This communication may not be forwarded =other than to the addressee(s) identified above) without our express written consent.</=>