To: Jeffrey EpsteinUeevacation©gmail.com]; David Stern
From: David Mitchell
Sent: Wed 6/23/2010 1:30:47 PM
Subject: RE: The portfio of my company seventides

Assuming that all the numbers are correct and the inter company are appropriate ,how does this justify the value of what it is today?Some work has to be done on the "real" value not what was spent.

The Lake Tower has been stalled since September my and is far from a completed building.

Do not know if you saw the tab in the excel it is called "Value Russians".

## CONTACT INFORMATION BELOW

DAVID MITCHELL
Mitchell Holdings LLC
41 East 60th street
New York NY 10022
USA
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From: Jeffrey Epstein [mailtoleevacation@gmail.com] Sent: Wednesday, June 23, 2010 7:49 AM To: David Stern; David Mitchell Subject: Fwd: The portfio of my company seventides

Forwarded message



From: Mobile Me

Date: Mon, Jun 21, 2010 at12:00 PM Subject: The portfio of my company seventides To: Jeffrey Epstein <u><jeevacationegmail.com></u>

## CONTACT INFORMATION BELOW (cont.)

Dear Jeffrey

Pl see attachment showing project wise cost details

Summary given below

All cost are on UAE Dirhams

Total project cost (Oceana Hotel, IBN Batootah Gate Hotel Office Appartment  Complex, Royal Amwaj Hotel) adding identified variations
DH5.040 billion

Expected variations in construction, hotel pre-opening and finance         DH 0.272 billion

Jumaira Lakes Towers hotel appartment and office  cost incurred( construction was stopped due to finace
DH 0. 274 billion

Project management cost to SevenTides
DH 0.319 billion

Cost of land  on May 06 valuation
DH 1.577 billion

## CONTACT INFORMATION BELOW (cont.)

Total
cost
AED 7.482

50% of
cost
Aed: 3.741billion = US$ 1.023 billion.

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