Epstein Secrets

uded Pmpatits as of 1/1/2002, the ESC appraisal done in 2001 only included "Managed Pnaperties". Approximately 1,000 saes wee : not included in the E & Y appraisal bccause they were identified before the appraisal at Excluded Ptoperties. In addition, a significant portion of the acres (approximately 1

re Office (to be transferred to Excluded Properties) 700,000 700.070 IV (Value/Payment included in Cub Flow keen Mewed Proputia) MOOD (600,000) New Albany Country Club (Assumed Valui ix zero ILI of 121302004) 4,000,000 (4,000,000) Estimated Value of Managed Propertim Remaining before Contingency $ 121,656,332 $

ded Propenies u of 1/1/2002, die Edit'!' apptaisal done In 2001 only Included "Mainged Properties". Approximmely 1,000 ass wee : nor induded in the E & Y appraisal because Sy west ickottfled *fon the apprakialm Exduded Ropertia. In addition, a dgnificant portion of dm ses (appecurknately 10001 lodude

90,562) (34,173,612) (I/ Sot pop 2 of the Calculation of Fotimstol Peforoseee Fee for sail of the Managed Cash Flows for sag. 2002.2004. nen.* °OW New Albany Country Club It not ineluckil yeti/ 1/1/2005 AB Cash Flows are nod to pay NACO MOWN( end say. Cant It applied as a NACO Caput: Account reduction. (2) The Annua

cluded Properties as of 1/1/2002, the ESC appaial done in 2C01 only inckaled "Managed Properties". Appel:adman* 1100 rises wet : not itlauded m the E & Y appraisal because they at identified beta the appraisals' Exchaded Properties. In addition, a significant portion of the oats (appatecirnately 1000

(co be transferred to Excluded Properties) 700,000 700.000 WI JV (Value/Paynent included in Cash Flow from Mated Properties) 600,00) (600.000) New Albany Country Club (Assumed Vslué is rem as of 12/31/2004) 4,000.000 (4,000,0012) Batlented Vine d blaserged Proper*. Reantalsg before Caeliggemy 121,666,333 $ 85,1