<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Wednesday, October 26, 2016 7:43 PM</td></tr><tr><td>To:</td><td>Brad Wechsler; Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>RE: Some answers</td></tr></table>

As a follow-up. The reason behind the $1K on the $1,701,000 is that origina=ly Debra lent Artspace $450K. When she was repaid by Artspace from the pro=eeds of the $1.7mm she was repaid with interest. So the parent Arsp includ=d an additional $1K in the $1.7mm advance in order to give Artspace the mo=ey to pay the accrued interest to Debra. This does not change the analysis=below.

Original Message
From: Brad Wechsler
Sent: Wednesday, October 26, 2016 3:36 PM
To: Jeffrey Epstein <u><jeevacation@gmail.com></u>
Cc: Joe Avantario
Subject: Some answers

Artspace: minutes for bermuda corp current; 6,301,000 of debt lent from its=parent arsp Ilc (ie, stack was respected); dates of loans: 4/2/15; 4/7/15;=7/7/15; 10/14/15; 1/13/16; 2/18/16; 4/7/16; 7/7/16; 10/11/16 in amts rangi=g from 450k to 1,701,000 (still don't know answer on the 1k). Have specifi=s on notes, term, rate, etc; just not including here. Accrued interest of =61.9k a/o 9/30/16 on top of $6,301,0000 of loans.

RA: all $$ in as equity originating from phaidon global 1/17/14-10/25/16 in=multiple contributions. Pls note $125.8k were legal fees paid by PG (havin= to do with creation of RA and various other matters), ie, $11,363,381.48 =ncludes $125,881.48 of legal fees paid directly by PG to paul weiss.

I'm in a meeting so joe can answer follow-ons and/or make any additions. S=ill tracking down disclosure questions and also having RJ breakout end of =5 tax basis. Will have to project end of 16 basis for both AS and RA.

Best, b

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