<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:
To:</td><td>Sunday, April 5, 2015 10:54 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: BLACK tax projections</td></tr></table>

Appears that they are showing SE income a= SIRI (417,126) and URI (412,200) portion of stock sold ?? yet it is listed=at 1099 income (thought he said it was 52% or so of proceeds) See=below which I copied from excel schedule under Maste FY 2104 tab =br>

<table><tr><th>NON-1411</th><th>SUBJ 1411</th><th>NON-1411</th><th>NON-1411</th></tr><tr><td>NON-SE NON-SE</td><td>NON-SE</td><td>SE</td><td></td></tr><tr><td>ORDINARY</td><td>ORDINARY</td><td>ORDINARY</td><td>ORDINARY</td></tr><tr><td>MATERIAL</td><td>NON-PASS</td><td>NON-PASS</td><td>NON-PASS</td></tr></table>

<table><tr><th>WAGES</th><th>90,403</th><th></th><th></th><th></th></tr><tr><td>1099-MISC</td><td>NQO-URI</td><td></td><td></td><td>412,200</td></tr><tr><td>1099-MISC</td><td>NQO-SIRI</td><td></td><td></td><td>417,126</td></tr><tr><td>APOLLO LINKED</td><td></td><td>5,262,404</td><td>58,444,573</td><td></td></tr><tr><td>1099-INT/DIV</td><td>LINKED</td><td></td><td></td><td></td></tr><tr><td>1099-INT/DIV</td><td>LINKED</td><td></td><td></td><td></td></tr><tr><td>SPLIT DOLLAR</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">SALE OF ART 28%</td><td></td></tr><tr><td colspan="4">PASSIVE LOSS REGAN ARTS/ ARTSPACE/ AVIONETA</td><td></td></tr><tr><td>OTHER PASS THRU</td><td></td><td>PLUG</td><td>2,000,000</td><td></td></tr><tr><td>OTHER PASS THRU</td><td></td><td>LINKED</td><td>1,844,534</td><td>5,070,015</td></tr><tr><td></td><td>90,403</td><td>9,106,938</td><td>63,514,588</td><td>829,326</td></tr><tr><td>=INTEREST - ART</td><td>LOAN</td><td></td><td></td><td></td></tr><tr><td></td><td>90,403</td><td>9,106,938</td><td>63,514,588</td><td>829,326</td></tr><tr><td>CHARITY</td><td>CASH</td><td>50%</td><td>17,581,910</td><td>LINKED</td></tr><tr><td>CASH</td><td>30%</td><td>800,000</td><td>LINKED</td><td></td></tr><tr><td colspan="2">NON-CASH</td><td>20%</td><td>31,076,038</td><td>LINKED</td></tr><tr><td></td><td></td><td></td><td>49,457,948 </td><td></td></tr></table>

N=0- WILL TRY TO ASSIGN TO APOLLO - ADDITIONAL CUSHION

From: Jeffrey Epstein <jeevacation@g=ail.com <mailto:jeevacation@gmail.com» Date: Sunday, <u>Apr=l 5, 2015</u> at 5:41 PM To: Richard =ahn Subject: Fwd: BLACK tax proj=ctions

self emplyment income?

Forwarded message
From: =b class="gmail_sendername">Richard Joslin <
Date: Sun,=Apr 5, 2015 at 5:25 PM
Subject: BLACK tax projections

=p class="MsoNormal">The files attached were sen= to Alan D. and to Tom T. Tom T. signed off on the projection. =is comments pertain to how much to pay April 15 to ensure valid extension a=d not overpay Q1 2015 estimated tax (paid with extension payment).

Alternative Minimum Tax both years so I did not put in real =state tax or 2013 state income tax deductions. Foreign tax credit not=considered (additional cushion — Apollo did not provide)

Excel file has summary and detail, eg t=xes paid, charity, outside K-1s — not for=atted for printing.

Adobe file=has BNA software projection FY 2014 and 2015)

Adobe f=le has Apollo 2014 tax items and projected 2015 tax items (prepared by Apollo)

Please call to discuss on Monday — I can =alk you thru.

=/u>

------------------------ =nbsp;

Richard Joslin

CFO=/p>

Elysium Management LLC

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