From: "Jeffrey E." <[email protected]> To: Melanie Spinella la> Subject: Fwd: Re AP Investco Date: Tue, 02 Jun 2015 19:46:26 +0000 all a waste of money time energy. . Forwarded message From: Brad Wechsler <I Date: Tue, Jun 2, 2015 at 2:42 PM Subject: Re: Re AP Investco To: Ada Clapp Cc: Jeffrey Epstein <jeevacation®gmail.com> If I was running elysium as an employee but haad a simple poa from Icon individually that's not as clean I guess? Sent from my Verizon Wireless BlackBerry From: Ada Clapp • Date: Tue, 2 Jun 2015 18:14:50 +0000 To: Brad Wechsler< Subject: RE: Re AP Investco Marco and Phil work with Josh on this. I asked how Josh does it but they would not say (understandable--client confidentiality and all)—but they did say they would recommend this approach. I don't know what goals for tax reporting are. That has not been shared with me. If you are asking whether you need investco to do the investing, I think the answer is no. Leon could just hire an investment advisor to do his trading pursuant to an investment advisory agreement and avoid violating the Apollo compliance rules by using the certification Cindy Michel sent. However, I don't know how you would get around the registration requirement if you are the investment advisor (I assume you are not a RIA) without the family office exception. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: 646-589-0303 Fax: 646-589-0330 Email: EFTA00855410