From: Richard Joslin Sent: Thursday, March 20, 2014 2:33 PM To: Jeffrey Epstein Subject: FW: BFP 12/31/2012 There are screenshots =elow. In a nutshell, REM (Toms firm) summarizes all K-1 activi=y on excel spreadsheet. It does not tie into the tax return. Non Apollo partnership=K-1 capital account 12/31/2012 - Total $167MM. Tax return balance sh=et shows $145MM. Assets listed on excel summary not listed on tax return b=lance sheet. Assets on tax return balance sheet not listed on excel spreadsheet. There was a book-up in=2007 for Apollo entities — LBF Holdings shown at $851MM 12/31/2012.8t=bsp; Aggregate K-1 12/31/2012 capital account per K-1 is $234MM; per tax r=turn balance sheet $993MM. Some of the K-1's show tax basis capital vs GAAP (FMV) capital. Point of this is to ge= financial statements to have a value that is meaningful, eg GAAP and repo=t consistently going forward. Tom's financial's are a hodgepod=e of 2007 book-up and adjusted only by taxable income 2008 to present and some partnerships valued possibly at GAAP<=o:p> Other "factually=challenged" items to follow From: Richard Joslin Sent: Thursday, March 20, 2014 8:57 AM To: 'Thomas Turrin'; 'Abel Goce' Cc: Richard O'Agostino; 'Abel Goce' Subject: RE: BFP 12/31/2012 I think the answer is =hat there is no correlation between the Sch L (Quiickbooks) balance sheet =nd the excel s/s that summarizes K-1 investments Can you explain why th=re are partnerships listed on K-1 summary that are not on Sch L (Quickbook=) - Millenium USA LP EFTA_R1_01760095 EFTA02582473