<table><tr><th>From:</th><th>Ada Clapp</th></tr><tr><td>Sent:</td><td>Thursday, January 28, 2016 2:40 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>Ben's $1.5 Million Loan</td></tr></table>

Good morning Jeffrey,

If I understood you correctly, as part of the intra-=amily Note clean-up, you suggested that the Trustees of APO-01 Declaration=consider forgiving the $1.5 million Note from Ben that they hold. If=that is correct, I would like to suggest an alternate approach to eliminating Ben's Note (it is the same appr=ach we used for Ben's $10 million distribution at age 30). Tha= is:

1. The APO-01 Declaration would pay down some of =he Note given to the BEB 2011Trust when that trust sold its interest in t=e LDB 2011 LLC. The pay-down amount would equal the outstanding prin=ipal and accrued interest of Ben's Note held by the APO-01 Declaration.

2. The BEB 2011Trust would then distribute the funds =t just received to Ben; and

3. Ben would use the distribution to repay the APO-01 =eclaration the outstanding principal and interest on the $1.5 million Note=

This approach allows us to reduce some intra-family =ebt and does not increase anyone's taxable estate. Pleas= let us know if you agree with this approach and we will put it in motion.=o:p>

Thanks.
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Ada Clapp
Chief Legal Officer
Elysium Management LLC
445 Park Avenue

## Suite 1401

New York, New York 10022

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