<table><tr><th>From:</th><th>Ada Clapp •MIN</th></tr><tr><td>Sent:</td><td>Tuesday, January 5, 2016 2:22 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Brad Wechsler; Joe Avantario; Halperin, Alan S</td></tr><tr><td>Subject:</td><td>LBF Holdings LLC</td></tr></table>

Good morning Jeffrey,

In order to dissolve LBF, we must first transfer all=of its assets either to (i) BFP (with respect to those incorrectly titled)=or (ii) the APO-01Trust. My understanding is that the only assets o=ned by LBF to be transferred to the APO-01 Trust would be Apollo Credit Opp. Fund and Apollo Investment Corp. I suggest that we have the Trustees of the APO-01 Trust sign a routi=g document indicating that these two investments should be contributed to =he LDB 2011 LLC so that title need only be changed one time (from LBF to t=e LDB 2011 LLC). Do you agree with this approach?

Thank you.

Ada Clapp

Chief Legal Officer

Elysium Management LLC

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