urrin. Title change is validated in the K-1s we get for BRH Holdings and the other Apollo CoInvests owned in Black Family Partners. They all come in the Black Family Partners name. From: Jeffrey Epstein [mailto Sent: Friday, October 12, 2012 2:32 PM To: Eileen Alexanderson Subject: Re: form 3 tit On Fri, Oct 12, 2012

has no records on the guns, will have to ask Leon when he is back, not really sure how much value there is here. - I assume it makes sense to have the Black Family Partners valuation updated for 6/30. As reports come in from the various managers over the next two weeks, I will assemble the package to send over to Empire

ked one of Paul Weiss's associates in the Corporate Finance group, Aaron Wax, to review and comment on them. Aaron had worked with us previously on the Black Family Partners credit facility to Phaidon. Aaron tweaked the sale documents a bit more and the final versions are what I sent to you earlier today. See dialog bel

624% 11 60% Recolvable 16.999 80.962 116.180 161.473 131569 Rill I ft% 04:19:26 pm BLACK FAMILY COMP( DEC NOTE 1 - See previous page for the Black Family Partners balance she( NOTE 2 - FINE ART Art purchased prior to 2015 is valued based on the appraisal from Sothe date was valued at cost I x and commission

7.6(d)) II. Transfers at Death Basis Step- up Upon the death of Mr. Black, Mr. Black's heirs will receive property, including the interests in the Black Family Partners, with an adjusted basis equal such property's fair market value pursuant to Section 1014 of the Code, which will include the value of BRH Holdings