Epstein Secrets

Dear Mr. Epstein: I hope you have seen the program and other materials for the 2005 North American regional n sating - coming up on November 4-6 in Montreal. We have not heard from you about attending and want to be Sure you are aware of the meeting and have had a chance to consider attending. To that en

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 $

Dear Mr. Epstein: I hope you have seen the program and other materials for the 2005 North American regional rn toting coming up on November 4.6 in Montreal'. We have not heard from you about attending end want to be sure you are aware of the meeting and have had a chance to consider attending. To that e

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

Dear Mr. Epstein I hope you have seen the program and other materials for the 2005 North American regional rr teting coming up on November 4-6 in Montreal. We have not heard from you about attending and want to be sure you are aware of tie meeting and have had a chance to consider attending. To that en

079.4% (MOBS ( I) Sze pigs 2 of the Cakulacion of Estimated Performance Fee far detail of the Managed Cash Flows for years 2002.2004 . Please noer New Albany Country Club is not included until Innoos AJI Cash Man an vØ to pay NACO Interco( and any mumps Is applied ma • NACO Capital AMON redoaran. (2) Tie Annual teint

Dear Mr. Epstein. I hope you have seen the program and other materials for the 2005 North American regional rr ?Wing corning up en November 4-6 in Montreal. We have not heard from you about attending end want to be sure you are aware of the meeting and have had a chance to consider attending. To that en

(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