<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Monday, April 6, 2015 12:53 AM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: BLACK tax projections</td></tr></table>

It appears exercising no qualified sto=k options are subject to se tax

http://fairmark.com/execomp/nqoexer.htm<=a> <http://=airmark.com/execomp/nqoexer.htm>

jeevacation@gmail.com> wrote:

=>> wrote:

Appears that they are showing SE income as SIRI (=17,126) and URI (412,200) portion of stock sold ?? yet it is listed at 1099=income (thought he said it was 52% or so of proceeds) See below w=ich I copied from excel schedule under Maste FY 2104 tab

<table><tr><th>NON-1411</th><th>SUB) 1411</th><th>NON-1411</th><th>NON-1411</th></tr><tr><td>NON-SE NON-SE</td><td>NON-SE</td><td>SE</td><td></td></tr><tr><td>ORDINARY</td><td>ORDINARY</td><td>ORDINARY</td><td>ORDINARY</td></tr><tr><td>MATERIAL</td><td>NON-PASS</td><td>NON-PASS</td><td>NON-PASS</td></tr></table>

<table><tr><th>WAGES</th><th>90,403</th><th></th><th></th><th></th></tr><tr><td>1099-MISC</td><td>NQO-URI</td><td></td><td></td><td>412,200</td></tr><tr><td>1099-MISC</td><td>NQO-SIRI</td><td></td><td></td><td>417,126</td></tr><tr><td>APOLLO LINKED</td><td></td><td>5,262,404</td><td>58,444,573</td><td></td></tr><tr><td>1099-INT/DIV</td><td>LINKED</td><td></td><td></td><td></td></tr><tr><td>1099-INT/DIV</td><td>LINKED</td><td></td><td></td><td></td></tr><tr><td>SPLIT DOLLAR</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">SALE OF ART 28%</td><td></td></tr><tr><td colspan="4">PASSIVE LOSS REGAN ARTS/ ARTSPACE/ AVIONETA</td><td></td></tr><tr><td>OTHER PASS THRU</td><td></td><td>PLUG</td><td>2,000,000</td><td></td></tr><tr><td>OTHER PASS THRU</td><td></td><td>LINKED</td><td>1,844,534</td><td>5,070,015</td></tr><tr><td></td><td>90,403</td><td>9,106,938</td><td>63,514,588</td><td>829,326</td></tr><tr><td>INTERES= - ART</td><td>LOAN</td><td></td><td></td><td></td></tr><tr><td></td><td>90,403</td><td>9,106,938</td><td>63,514,588</td><td>829,326</td></tr><tr><td>CHARITY</td><td>CASH</td><td>50%</td><td>17,581,910</td><td>LINKED</td></tr><tr><td>CASH</td><td>30%</td><td>800,000</td><td>LINKED</td><td></td></tr><tr><td>NON-CASH</td><td></td><td>20%</td><td>31,076,038</td><td>LINKED</td></tr><tr><td></td><td></td><td></td><td>49,457,948 </td><td></td></tr><tr><td colspan="5">NQO- WILL TRY TO ASSIGN TO APOLLO - ADDITIONAL CUSHION</td></tr></table>

From: Jeffrey Epstein <jeevacation@gmail.com <mailto:=eevacation@gmail.com» Date: Sunday, April 5, 2015 at 5:41 P= To: Richard Kahn Subject: Fwd: BLACK tax p=ojections

self emplyment income?
Forwarded message
Richard Josli
Date: Sun, Apr 5, 2015 at 5:25 PM
Subject: BLACK tax=projections
To: Brad Wechsle 'jeffrey E."
<jeevacation@gmail.com

The files attached wer= sent to Alan D. and to Tom T. Tom T. signed off on the project=on. His comments pertain to how much to pay April 15 to ensure valid extens=on and not overpay 412015 estimated tax (paid with extension payment).

Alternative Minimum Tax both years so I did not put in re=l estate tax or 2013 state income tax deductions. Foreign tax credit n=t considered (additional cushion — Apollo did not provide)

=nbsp;

Excel file has summary and de=ail, eg taxes paid, charity, outside K-ls Q=8* not formatted for

printing.

Adobe file has BNA software projection FY 2014 and 2015)

Adobe f=le has Apollo 2014 tax items and projected 2015 tax items (prepared by Apollo)

Please call to discuss on Monday —=1 can walk you thru.

=nbsp;

&=bsp;

Richard Joslin

CFO=u>

## Elysium Management LLC

## 445 Park Ave

Ste. 1401

New York, NY 10022=/u>

## 445 Park Ave (cont.)

| Category (y-axis) | Observed value |
|---|---|
| (w) | no data points/values visible |
| (c) | no data points/values visible |
| (f) | no data points/values visible |

| Metadata | Observed |
|---|---|
| Legend | none visible |
| Top-left text | partial "<n=" visible |
| X-axis | unlabeled / no tick values visible |

=u>

<=iv>

please note<=r> The information contained in this communication is confidential, m=y be attorney-client privileged, may constitute inside information, and i= intended only for the use of the addressee. It is the property of JE=

Unauthorized use, disclosure or copying of this communication or any=part thereof is strictly prohibited and may be unlawful. If you have rec=ived this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and al= copies thereof, including all attachments. copyright -all rights reserv=d

please no=e

The information contained in this communication is confidentia=, may be attorney-client privileged, may constitute inside information, a=d is intended only for the use of the addressee. It is the property ofJEE Unauthorized use, disclosure or copying of this communication or=any part thereof is strictly prohibited and may be unlawful. If you have=received this communication in error, please notify us immediately by jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication a=d all copies thereof, including all attachments. copyright -all rights r=served