From: Brad Wechsler
Sent: Friday, May 22, 2015 4:44 PM
To: Jeffrey Epstein
Subject: Fw: ART LOAN

Perfect example on why we have to migrate off excel...
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From: Richard Joslin ████████████████████
Date: Fri, 22 May 2015 15:43:52 +0000
To: Brad Wechsler ████████████████████████
Subject: ART LOAN

My spreadsheet calculates art loan interest and if t=ere is a draw down I calculate incremental interest on the draw down for t=e balance of the year. The thought was to have a dynamic spreadsheet that =s we plan cash flow/ art loan draw downs, the interest would follow. The interest calculation I s=owed was $6.2mm. Upon further review, my calculation for one of the drawdo=ns created an error in excel. The revised calculation was $5.6mm.&nb=p; JEE not happy about error. I explained to him that in pressing for immediacy I don't have enough time to double check my wo=k and if I had more time I would have found bad cell reference

Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022