<table><tr><th>From:</th><th>David Stem</th></tr><tr><td>Sent:</td><td>Friday, September 30, 2016 7:23 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Royal Monceau Paris Penthouse</td></tr></table>

Have a look.

Good French fri=nd, crazy guy, into art and beauty , in big financial trouble (tax): <=iv>

Begin forwarded message:

From: "Alexandre Allard"To:
Subject: Royal Monceau Paris Penthouse

Hi Mishal,

Cool to tak to you on the phone. Please find attached a few pictures of my apartment located inside the Roy=l Monceau.

5 STAR HOTEL PREMICES: It is the only private apart=ent in a Palace Hotel in Paris. It has a private lift leading directly to t=e 25 meter swimming pool, the gym and the Spa, 24/7 hotel security, it has a=private lobby access and a main access through the hotel lobby.

LARGEST HOTEL SUITE: There bedroom duplex, for 380 square meters, 2 garden=terraces and a terrace kitchen for 110 square meters, a studio of 40 square=meters with a bath room on the same floor. As the entire hotel, designed by=Philippe Starck, it is fully fitted, with wood paneling and mirror brass fi=ish to the utmost quality. 5 of the most important contemporary artists hav= designed site specific installations to decorate the premises. The Sky Cei=ing in the living room is 7 meter high.

TRANSACTION: The idea of the=operation is to sell the apartment at a discounted price of €12 mil=ion against the option to buy it back in 4 years for €14 Million.&n=sp; The company owning the apartment has €7 million of Debt on i= and provided the bank is ok (which should be the case), the buyer will onl= have to pay €5million and the transfer tax on the transaction shou=d be limited to below €200,000 as on y applicable on €3 mil=ion.

The buyer will have free unlimited use of the place for the d=ration of the ownership.

Hence the investor is either going to getrback €7 million on a €5 million investment over 48 months o= if I do not buy make a huge upside on the value of the apartment in 2020.<=r> WHAT IS INCLUDED: All the furniture, china, linens, knives & fork=, books and art are included in the price. Except Paintings. The apartment i= ready to move in.

This is both a good financial deal and a gr=at pleasure deal provided one wants to come to paris regularly. I h=ve not put the transaction on the market; This is of course very confidenti=l. Please tell me your thoughts;

Peace.

Alexandre