From: Richard Joslin <

From: Richard Joslin < To: Ada Clapp Cc: Eileen Alexanderson leevacation@gmail.com> Subject: Re: Split-Dollar Proposal Date: Mon, 18 Nov 2013 16:44:03 +0000 k Jeffrey Epstein I will circulate comments later today. On Mon, Nov 18, 2013 at 11:05 AM, Ada Clapp < > wrote: Please see the attached revised split-dollar proposal pursuant to discussions with Carlyn this morning. Elyse is summarizing the proposal in a memorandum for Leon. Rich—at our meeting you expressed concerns that the proposal would generate a gift or income tax liability. If you are still concerned, would you please summarize those concerns for inclusion in Carlyn's memorandum to Leon. As you saw from her earlier emails, Carlyn sees the only risk as a gift tax risk resulting from an incorrect valuation on the purchase of AIF IV from Leon. I think we should also discuss any concerns you have with Carlyn before going to Leon with the plan. Thanks! Ada Clapp Black Family Partners do Apollo Management 9 W 57th Street New York NY 10019 phone email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Richard Joslin Black Family Partners, LP do Apollo Management EFTA00975852 9 W. 57th St New York. NY 10019 EFTA00975853