<table><tr><th>From:</th><th>Brad Wechsler</th></tr><tr><td>Sent:</td><td>Tuesday, February 3, 2015 4:19 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Richard Joslin</td></tr></table>

As u know the trusts are likely to assume 18mm of phaidon related debt and =ake available an additional 20-24mm. Trustees prelim point of view was to=put money in as debt at phaidon global (holding co) and then have dollars =o to operating entities: phaidon press ($2mm) as debt; art space (7mm) as =ebt; and RA (11.5mm) as likely equity since that seemed consistent with Id= agreement with judith.

Without making this too complicated I obviously wld like to maximize tax be=efits for leon and/or the trusts now or in the future. Do you have a big =icture point of view? Thx, b

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