From: Paul Barrett
Sent: Saturday, May 6, 2017 4:37 PM
To: Jeffrey Epstein
Subject: Meeting

Hi Jeffr=y

I am back in town. Let me know if you ca= meet this weekend. Below is an outline of the proposal: </=pan>

Proposal: =80 Investment A=visory Proposal between PSB (E=P Advisory LLC&nb=p;will be the entity name once I am able to set it up)

This proposal shall form the basis of the 3 year agreement whereby JE=will hire ESP Advisory to help oversee and manage money for JE and his vari=us legal entities.

•&n=sp;ESP Advisory L=C will be set up as a multifamily office and registered as an RIA with the SEC

•&n=sp;Three-year gua=antee in the form of the following: Year 1- $250,000 annual advisory fee paid from SIC to ESP Advisory LLC. $125,000 due upfront and $125,000 due in 6 months.=/span> o Year 1- $xxx 9 year loan maturing in 2026 at a rate of 2.03% with inte=est paid quarterly. Loan made from XYZ JE Entity to PSB (to be formed) LLC.=Intention is to extend this loan for another 9 years upon maturityand again until JE's estate ultimatel= forgives the obligation.

o Year 2 - <=span>$250,000 annual advisory fee paid from STC to=ESP Advisory LLC. $125,000 due semi-annually paid in advance.=/div> o Year =2 - $xxx 9 year loan maturing i= 2027 at a rate of AFR % with interest paid quarterly. Loan m=de from XYZ JE Entity to PSB (to be formed) LLC. Intention is to extend thi= loan for another=9 years upon maturity and again until JE's estate ultimately forgives the obliga=ion.

o Year - $250,000 advisory fee=paid from STC to ESP Advisory LLC. $125,000 due semi-annually paid in =/span>advance. o Year&=bsp;3 - $xxx 9 year loan matur=ng in 2028=span style="line-height: 21.600000381469727px;"> at a rate of AFR % w=th interest paid quarterly. Loan made from XYZ JE Entity to PSB (to be form=d) LLC. Intention is to extend this loan for another 9 years upon maturity and again until JE's est=te ultimately forgives the obligation.

• ESP Advisory LLC to have Limited POA on rel=vant accounts. This will include trading authority, corporate actions, exer=ise of options, all IPO and secondary trading activity. All trading authoriry limited to a notional value of xxx, beyond which JE approval required.

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• If any of JE's entities lose counter-party access, this wil= not impact =he 3 year advisory guarantee with ESP Advisory LLC. We will collectively look for other t=ading relationships that can satisfy the majority of our investing needs.&n=sp;

• HBRK Associates will provide all the accounting and performa=ce reporting =for all entities.

. We will also work with an outside Compliance Consultant on an ongoing ba=is to ensure ESP Advisory is current with all compliance requirements. =

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