From: Jeffrey Epstein <[email protected]> Sent: Thursday, March 20, 2014 3:03 PM To: Richard Joslin Subject: Re: FW: BFP 12/31/2012 has he explained the negative asset notation On Thu, Mar 20, 2=14 at 7:32 AM, Richard Joslin > wrote= 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.<=> </=pan> 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. </=pan> There was a book-up in=2007 for Apollo entities — LBF Holdings shown at $851MM 12/31/2012.&=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. <=p> </=pan> 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 </=pan> Other "factually=challenged" items to follow </=pan> From: Richard Joslin Sent: Thursday, March 20, 2014 8:57 AM To: 'Thomas Turrin'; 'Abel Goce' Cc: Richard D'Agostino; 'Abel Goce' Subject: RE: BFP 12/31/2012 EFTA_R1_01760204 EFTA02582521