<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, July 13, 2010 7:38 PM</td></tr><tr><td>To:</td><td>Barry Josephson</td></tr><tr><td>Subject:</td><td>Re: FW: BJ, LLC PROPOSAL 7/12/2010</td></tr></table>

murray entertainmetn?

On Tue, Jul 13, 201= at 3:24 PM, Barry Josephson wrote:

Jeffery,

This is a rough of an understanding between us. I have more meetings with s=udios (Paramount, Warner Bros.) in the next two weeks.

Universal has offered me a 1st look deal which could be very beneficial as I have a great project there, and the need me to help wi=h other films of theirs. With your overhead in place, I can set up a lot o= new projects there over the next few years.

Please let me know your thoughts on this document.

Best,
Barry J

Barry Josephson
Josephson Entertainment
10201 West Pico Boulevard
Building 50, Room 1
Los Angeles, California 90064

----- Forwarded Message
From: Tina Kahn <
Date: Mon, 12 Jul 2010 17:22:55 -0700
To: Barry Josephson <
Subject: BJ, LLC PROPOSAL 7/12/2010

Form a new California LLC, short-titled here as "B=, LLC"

Josephson will be the managing member; the investor will acquire a 5% inter=st through a grantor trust. This will confirm there is a securities exempt=on available due to the fact the investor is a high net worth investor wit= whom you have had a long time business relationship. Please let me kno= if the investor is not a California resident.  or ano=her person) can be the trustee of the grantor trust.

(NOTE: A member's name is not disclosed in California filings for 11=s. The name of the trustee will, however, be on the LLC's K-1.)

Investor will commit to capitalize the LLC $300,000 ("overhead advance") =/font>on July 15 of this year and next year=/font> to be u=ed for operating expenses of BJ, LLC.

BJ, LLC will provide quarterly reports of cash receipts and cash disburseme=ts to the members.

Si, LLC will be the sole vehicle you use for new entertainment opportunitie= or projects ("LLC Projects") beginning on and after July 15, 20=0 through July 14, 2012 ("Term"). BJ, LLC will enter into a n=n-exclusive relationship with your loan-out Murray Entertainment.

The investor member will receive a preferred return of its capital contribu=ion with a 6% cumulative annual return; thereafter, gross income less expe=ses of operating (e.g., rent, payroll, benefits, taxes, accounting, legal =nd third party obligations) will be distributed 95% to you and 5% to the o=her member. You agree that all of your producer fees for LLC Projects d=ring the Term and all of your backend profits, if any, from LLC Projects d=veloped and set up at a studio during the Term shall be paid exclusively to Si, LL= in perpetuity and distributed as noted above.=

Initially, you anticipate leasing an office beginning August 15th 2010, emp=oying 2 assistants and 2 development executives.

Define repayment from motion picture overhead reimbursements. When applicab=e Bl will negotiate with studios a reimbursement payment for overhead to b= used to partially or fully repay the overhead advance.

Define all repayment obligations timeline.

End of Forwarded Message

*********** *******

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