EFTA01720656.pdf

1-? zir.(5- ,.O!so 161° EFTA01720656 GLILIPARIS N SKIN CARE Fk i r Ci I NAME: - EMAIL- TELEPHONE: DO YOU HAVE ANY CONCERNS WITH THE FOLLOWING? LI LINES J BREAKOUTS U PIGMENTATION o EYE PI IT-FINE:SS U DEHYDRATION J IRREGULAR TEXTURE JIRREGUIAR COLOR U DARK CIRCLES WHAT WOULD YOU LIKE TO CHANGE AROI IT YOUR SK N? WHAT IS YOUN SKIN !WE? OILY NORMWOILY NORMAIJDRY DRY HIGHLY SENSITIVE CLEANSERS: NIGHT MOISTURIZERS: %/PURE VEIL CLEANSING MILK SUBSTANTIPIC NIGHT CARE PURE DEW CLEANSING FOAMING GEL SUCCESS MCAT MODEL__ PERFECT EYE AND LIP MAKEUP REMOVER MASKS/EXFOLIATORS: TONERS: MOISTURIZING IN iIGORATING MASK_ PURIFYING IRIS TONER 4100ISTURIZING MALLOW TONER 4<4 ellee, C , PURIFYING INNCTORAIING MASR_4". SUCCESS SMDOTH W.; TONER SMOOTHING EXFOLIATOR_V EYE CARE: __ SUCCESS EYE TECH 2-- SPECIAL CARE: JME DE LA FERTE LIP BALM_ EYESERUM CREME CAMPHREA VHAPPYLCGY EYE CREAM SUESTANTIFIC FIRMING NECK CREME__. SUBSTANTIEC ETU 'NP LIP SERENSSIMA___ DAY MOISTURIZERS: S.O.S. CREAM_. VHAPPYLCGTe S.O.S. SERUM SUCCESS MODEL SERUM SUCCESSLASER DAY CARE._ SUPER AOUASERUM SUCCFCCI IsSFR CONCENTRATE__ SUDSTANTIFIC DAY CREAM EXCLUSIVE THANK YOU FOR OFFERING ME THE OPPORTUNITY TO PROVIDE YOU WITH OUR GUERLAIN FACIAL EXPERIENCE! PRESCRIBED BY to 05 ONE SOUTH COUNTY ROAD • PALM BEACH. FL 33480 • (877; 448-3752 EFTA01720657  0405 76 Date Pay to the Order of BB&T OINUICH RANKING AND MAY COMPANY HARLOT TESVILLL. VIRGINIA r 0 kitaave iv. ow t.tlua 'N‘ nay van Ay as. r. knizarraipaarrneran-..... a. I 04/95 Date Pay to the Order of BB&T BRANCH BANKING ARO TWAT COWAN, CHARLOTTESVILLE, VIRGINIA EFTA01720658 EFTA01720659  Z ',rat-WM ~I in., GERMANTOWN. MD 20876 Date Pay to the Order of SRANCW BASKING ASO TWIT COSPANY CHARLOTTESVILLE VIRGINIA @NY 04195 . 20876 Pav bathe ()rderot BBSzT snows SAPOONG YO ~SI COMPASY GHARLOTTESV LIS. VIRGINIA For EFTA01720660 EFTA01720661  04/9S o 76 Date_ Pay to the Order of BB&T BRANCH BANKING AN TRUST COMPANY C HAILOTTE9ViLLE VI POI NIA For M;CMIPMCILUMMN Arta 04/95 !po • III BMX BRANCH BANKING Ab MST COMPANY CHARLOTTESVI.L.E. VIPGINA I EFTA01720662 EFTA01720663 !it DEPOSIT TICKET O TL tocsin 0 -7riZirm - • saa&I smcsasa CCACO/0010 Ii BMW IMMICK DAMONGA IlltMTCOMPIMI CHARLOTTESVILLE. VIRGINIA 04/95 Date Pay to the Order of BRIT BRANCA BANKING AMY MAST CONIAJOY CHARLOTTESVILLE. VIRGINIA EFTA01720664 EFTA01720665 EFTA01720666 EFTA01720667 :.;.G..,..,:-. .:4 :-.3::.; EFTA01720668 EFTA01720669 EFTA01720670 t / 1 4 .'4: U.I.Nt; IJ(S  1000 BONUS SKYMILES BUY TICKETS P.7 DELTA.COM EFTA01720671 m illit 4' 4 -....- ... r.x row. r-a a: sm.-ff. sr •.."Me 04/95 Date Pay to the Order of BMXAMP TRYST comisrmv IIIILANOI SAM.* GMARLOTeESVILLE. VIRGINIA EFTA01720672 EFTA01720673 EFTA01720674 EFTA01720675  01495 Date Pay to the Order of EIRMICH BANKING AH0 THAT COWAN,' CHARLOTTESVILLE. VIRGINIA Fir 0495 o Pay to the Order of BB BRANCH RIMING ANDITVIT C0WANY CHARLOTTESVILLE. VIRGIN A EFTA01720676 EFTA01720677  04/95 2C876 Pay to the Order of BRANCH PANIONO ANO Titus? COMPANY HAMLO I TESVILLE. ‘d1FIGINIA twat:a_ 04/95 Pay to the Order of BB MANCH PANKINO ANY YMPIT COMPANY CHARLOTTESVILLE, VIRGINIA EFTA01720678 EFTA01720679 IIIRAMCH RAMON. Ne MIT COMPANY CHARLOTTESVILLE. VIRGINIA EFTA01720680 EFTA01720681  Can 0/ 6he 36.4 146"/ ref" cz3 ,112Oari Sh ,,,„;a /h„,. 5o needs her- Jeffrey E. Epstein EFTA01720682  IMPORTANT MESSAGE FOR DATE /e2/7/.75- _ TIME / 6: 74, OF PHONE' MOBILE TELEPHONED I I PLEASE CALL CAME TO SEE YOU ' WILL CALL AGAIN 1 WANTS TO SEE YOU RUSH RETURNED YOUR CALL SPECIAL ATTENTION MESSAG _1-5 Sr! Otte -5/fee GO'frt Ce104-li r ) 149.n,a7 EFTA01720683 TELEPHONED PLEASE CALL CAME TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU RUSH RETURNED YOUR GAL SPECIAL ATTENTION EFTA01720684  IMPORTANT MESSAGE co FuH j 5 . M DATE 10 a TIME /0 : 2 OF PHONE/ MOBILE TELEPHONED k PLEASE CALL CAME TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU RUSH RETURNED YOUR CALL SPECIAL ATTENTION MESSAGE S]GNEJ ar _ 11841 EFTA01720685  IMPORTANT MESSAGE FOR DATE D/ in C- /19 'nn M __Lir OF PHONE/ MOBILE TELEPHONED X PLEASE CALL CAME TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU RUSH RETURNED YOUR CALL SPECIAL ATTENTION MESSAGE S 1184 EFTA01720686 Web Mail Message SHOPPERS TRAVEL AGENT RS/RS BOOKING REF 196 PRINCETON.HIGHTSTOWN RD WEST WINDSOR NJ 08550 609 936.0808 J EPSTEIN NY 10022 DATE: SEP 29 2005 DELTA AIR LINES 29SEP NEW YORK NY COLUMBUS OH 130P 318P DL 6375 THURSDAY LA GUARDIA PORT COLUMBUS 0 ECONOMY TERMINAL DL NON SMOKING NON STOP RESERVATION CONFIRMED 1:48 DURATION FLIGHT OPERATED BY RP CHAUTAUQUA AIRLINES )>md AIRCRAFT: EMBRAER RJ135/140/145 SEAT 16A NO SMOKING CONFIRMED DELTA AIR LINES 29SEP COLUMBUS OH ATLANTA GA 452P 625P DL 475 THURSDAY PORT COLUMBUS HARTSFIELD JAC B ECONOMY TERMINAL S NON SMOKING NON STOP RESERVATION CONFIRMED 1:33 DURATION AIRCRAFT: BOEING 737.800 DELTA AIR LINES 29SEP ATLANTA GA WEST PALM B FL BOOP 937P DL 1592 THURSDAY HARTSFIELD JAC PBEACH B ECONOMY TERMINAL S NON SMOKING NON STOP RESERVATION CONFIRMED 1:37 DURATION AIRCRAFT: BOEING 767-300/300ER SEAT 47E NO SMOKING CONFIRMED MISCELLANEOUS 18MAR COLUMBUS OH SATURDAY SHOPPERS TRAVEL SCI RESERVATION NUMBER(S) ETKT THIS TICKET IS NONREFUNDABLE/NONCHANGEABLE PENALTY MAY APPLY FOR ANY CHANGE/CANCELLATION CHECKIN 2 HOURS BEFORE SCHEDULED DEPARTURE RECONFIRM RETURN FLIGHTS 72HOURS IN ADVANCE WE SUGGEST YOU CARRY TRAVEL INSURANCE FOR YOUR TRIP AFTER OFFICE HOURS EMERGENCY SERVICE 877-409-5838 (ID E5516) •"PLEASE CARRY A VALID PHOTO ICI'm THANK YOU.WE KNOW THAT YOU HAVE A CHOICE AND WE APPRECIATE YOU CHOOSING SHOPPERS TRAVEL,INC VISIT OUR WEB SITE AT WWW.SHOPPERSTRAVEL.COM HAVE A NICE TRIP 9/29/211111 EFTA01720687  SHOPPERS TRAVEL AGENT RS/RS BOOK NG REFM 196 PRINCETON-HIGHTSTOWN RD WEST WINDSOR NJ 08550 609 936-0808 DATE: SEP 29 2005 DELTA AIR LINES 29SEP NEW YORK NY COLUMBUS OH 130P 318P DL 6375 THURSDAY LA GUARDIA PORT COLUMBUS Q ECONOMY TERMINAL DL NON SMOKING NON STOP RESERVATION CONFIRMED 1:48 DURATION FLIGHT OPERATED BY RP CHAUTAUQUA AIRLINES )>md AIRCRAFT: EMBRAER RJ135/140/145 UNITED AIRLINES 29SEP COLUMBUS OH CHARLOTTE NC 710P 828P UA 2691 THURSDAY PORT COLUMBUS DOUGLAS U ECONOMY NON STOP RESERVATION CONFIRMED 1:18 DURATION US 1543 FLIGHT OPERATED BY US US AIRWAYS AIRCRAFT: BOEING 737-300 UNITED AIRLINES 29SEP CHARLOTTE NC FT LAUDERDA FL 930P 1127P UA 2065 THURSDAY DOUGLAS FLL INTL U ECONOMY TERMINAL 3 NON STOP RESERVATION CONFIRMED 1:57 DURATION US 0539 FLIGHT OPERATED BY US US AIRWAYS AIRCRAFT: BOEING 757-200/300 RESERVATION NUMBER(S) --/hrs ycf-7-,fest_ f„, igs;rin cot- pot This icgizgoto katkr 9129/2005 10:31 AMA EFTA01720688 08/29/2005 18:30 METRO PERMS PAGE 01/65 METROPOLITAN REFUNDS LONG BEACH, NEW YORK 1 1561 TEL I FAX Properly & Tea Consultatus Utility Auditors — Naivete:I Your Operating Costs FACSIMILE TRANSMITTAL MET ar MI ncoRc Jeffrey E. ANY: DATA Ill East 71st Street Trout 9 -- 29-- as" AX NUNDSR. TEI.EntONZ INOCRIN: TAL NO. Of MOW INC/A/DINO COMA: OUR nrvitvice AMUR 00 Auditing Program Thought this would be of interest to you. Please review an i call us if you are interested. EFTA01720689 Grew! - FW:IF‘vd: [Fwd: Rc: contract]] ape I 0129 Gmail PETA FW: [Fwd: [Fwd: Re: contract]] 1 message Raz ek Ed To Fri, Sep 30, 2005 ; t 10:26 AM Jeffrey - F VI Ed From ffnaila. Sent: urs ay. eptember . 2005 12:49 PM 110 To: Rain. Ed Subject (Fwd: [Fwd: Re: contrail} Ed, We're working with Merrill Lynch investment bank and Delta to raise $50 million by selling of a discount the first $800 million worth of jet fuel from our production schedule. The $800 ninon will have an opportunity to be re-invested for equity in the fuel facility to create an opportunity for additional earnings at the invest ors opton Assuming we get a 3:1 multiplier in this second round, the $50 milllon could conceievably net the investors $1 8 billion in less than 3 years We're looking at 10 shams of $5 million east - its all spelled out In S the enclosed literature. Let me know If there is any interest by Jeffrey Epstei n. or anyone you know. Let me know what you need from me to help make this happen Where possible -and necessary- we haVe agreed to pay finders fees that arc conv"rtbte to share interest Once we have the $50 million we'll move the progra m past feasabibty to the point where project financing is possible. The Delta contract is worth nearly $18 billion. The value of the jet fuel produced by the installation once complete will be around $60 billion • assuming a 20 yew I fe. Thanks. IIIIIstries, and LLC CHW, Inc. 9/7..0/2005 EFTA01720690  Page 1 of 1 From: Sent: Friday, September 30, 2005 10.27 AM To: Subject: Trilateral Meeting Dear Mr. Epstein I hope you have seen the program and other materials for the 2005 North American regional rr teting coming up on November 4-6 in Montreal. We have not heard from you about attending and want to be sure you are aware of tie meeting and have had a chance to consider attending. To that end, I attach the grog, sift and a reservation form. Please let us know if you can attend or not. Just reply to this email or send In a completed rest ration form Thanks, ) -.100:s- EFTA01720691  09 / 30/2006 10:75 FAX THE NEW ALBANY CO • 14004/004 nti NEW ALBANY CODEEHTEE N.40 CASH FLOW - MANAGED S. bedsit tt For the Waft NM • WM As of 1/1/2005 CANINO-LOW 2071 1003 MN LAND SALES Tow teatWag La Sae na of Sells Cana 3 2,756.3.7 5 11-336.3173 $ 3.116136 La CaWa Payne% S 12.43/910 Ninny on La Comma. 3.101111 1.097.111 926 173 6017,441 321141 11;433 92.311 1.tata Lad Sales as ti &6n1 Coma 376771 11453030 26 10 7395 Wyo. La Saha *a of Sclung Conn 71777373 0.13..751 110.759 4.02301 013.063 OTHER INCOME taw di Its t.4 Isaywa Colinnitz 666 Dew 1.,“.. S 3 6 212 1 S 424579 S 319462 5 1.136.166 Re hese 30311 91,336 32136 166777 143.13 77.971 94.311 313236 TOTAL OTHER INCOME $ 323.640 5 394.076 S MOUES S 1,601.631 CASK INFLOW FROM OPERATIONS S 25.770144 $ 35,603.40 S 4.076.O67 I 9,943.716 CASH 04371,0W OPERATING EXPANSES. CoNal It Aelmeaarmaw 3.146,142 3237.033 3.2,66.72S Leal Pees 9632206 333,991 339,014 101,170 Mahn:nit 1.414222 43913.1 379.100 525173 Psiny Maswaree 1,34.3.307 1,62.707 :61436 111,793 lettuste 512434 122.339 It7,047 164.16 Poverty Tian t winding AWatiocill. 474524 2.060030 1233.524 7343244 Odle CalWralt Eajasailt 6,79933 721.44 701.074 enhnsencein. Nenect. 169319 1,012.115 Stbctitery PWICifill - (MARL, NAPS, Iti(.ny) 3.434131 7.)nioi 3.210333 16.097.666 7177,143 111.030 Mal OPERA-LNG CASH RAIL ITEMS 0) 310,1:017 (171a3 Crown. Dewing...an (Dyke I V) (14) 572717 532.317 I TOTAL CASH 07.7TELow OPERATING S 11103201 1 15,17%516 S /3,034.771 I 40.001376 CASH FLOW 46701E OCV. P/0315101. LAND 40Q. a COMO, $ 12,411,734 t 24a 07.5 I 21,441.20 I Wee DEVELOINODIT fa03111C1/1, Lau At:QUI:SIDON AND COMINGEiter DEVItallEPIT PROJECTS CASH afFLOW 59 Hem San . 769 of Semi Costs 11A4tei &9.e* - Renal Moaew Ng, 254.256 1.699.506 662.405 3,620170 Mattel &Nat . Nunn Mt' 111.143 102477 339,359 SPOCI0:4 623.979 . last Vet= inVeltTliati (OW NMI WAN%) 3100.00 260.003 970231 240110 1,00,434 CASH OtTPLOW Matta Shore Diplom arta WOW 1.246.479 634.119 145,101 2,04.6.417 IV 1.padlonw ad+a•i 'Maw eine...se IIREMIS 1.411.196 OROS) 77.441 33.589 1.704377 CASH Mow TRW DEVELOPMENT PROJECTS S 3.061.043 S 3.03).101 S (663,27) S 3.4.10.10 LAND ACOUISTTIONS a 030,1779CENCY LAND ACQUISTONS TRAttsactioN cooniNcrEACY 744491 1217,111 1.114,211 11.4344011 CASH PLOW DEV. PROJECTS. LAND AcQuts moNs A COMP S (1,973.449) S (26/.210) 3 0,627045) $ (5117.160 VASR FLOW OPERATIONS MANAGED IROPLATOES 1 10,344.345 $ 70.162.655 S 11414244 S 97323.244 mil=nsmip4 Recant! try Brew Drnotsuy 9cormos EFTA01720692 00/30/2005 10:30 FA1 TEE ?emir ALBANY CO. Wi 0 03/004 SO immix I Tit NEW ALBANY COMPANY ANALYSIS or ern NACO Arm croacnowN CAPITAL ACCOUNTS PROM 1/1(2002 • 12/31/2004 Aid it/6n~ .00%1403IMI3 CASH pipit ASTLIBDTO MAWS ENTEBBE PAYMENT AND A REDUCTION OF NACOS CAPITAL AC 7:3VPIT: INTEREST ON CMORCIETCPPIN CAPITAL ACCRUED INTEREST ONLY APPLIED POR TICE YEAR 2004 Cash Plow from smog Capital AddiMonsf °ISM] Armedars NACO CAPITAL ~II (I« %perm (2)(3) (lb71464444)(3) Balsa (4) 75.000.003 20•2 10.546545 (4675030) (5271,345) 69.328655 2003 20:62,655 (4506.363) 054662502 53.672,363 2004 18,414244 (3.48t7OU (14 925.540) *746122 Tot* 0,123,244 (12570066) (Wan) Club Phmir from literati GPiWAA6siøN Capitol ~mat ❑ GRORGT.TOVIN CAPITAL 29e111151 (Roeuctkam)(3) Dasece (4) /3:'ffnam (2) [0.000.000 2402 (650,000) 650.000 10650000 2003 (692250) 691250 11,342.2X /004 r37.2461 737246 I1S79.496 Tara (4079,496) 2.07906 III SUMMARY OF NACO & GEORORTOWN CAPITAL ACCOUNT ACTIVITY Biking Ba ing Ceres flow faun lallleat Capital Adattionsi NACO Card Cleorgete m Capital ~Mal Brows (2)03 (Riducdau)(3) Salaam (4) Bak- x (4) 2402 10,546.345 (532£000) (5.021345) 69.32055 Ir 456000 2003 20,162.655 (5,154413) (14.964.012) Il 342250 TAWSMS Ø 0,414.244 (4,22S, X) (14,110594) 36546XCL 12079.4% Total .0,123.344 (l4,544.542) (MOBS (I) Sze pigs 2 of the Cakulacion of Estimated Performance Fee far detail of the Managed Cash Flows for years 2002.2004 . Please noer New Albany Country Club is not included until Innoos AJI Cash Man an vØ to pay NACO Interco( and any mumps Is applied ma • NACO Capital AMON redoaran. (2) Tie Annual teint Tre io 6491. :mateot i. calealatcd on thc previous Van Wading C.apical Accoun: Balsam. WNW Payream and Capital Amami Addstomne ((Reductions) are Ølmo st ditt end dØ Tut (3) Positive Cash flow (rem Managed Properties ia AØ;91in the to/ WM% Ceder. (i)Intmens Expense for NACO ar any, and the balance applied to nxtuom t e NACO Capital ~lc «mil beau is Zorn If the Cash Flow is Mau" want to pay the =MK art, «uprose the the unpaid portion of the intertat will be added m the Capital Arnim Balance Msna on Gnomes:ma's Capital sisitrA and is added to the Caplai ALCMnt. Interest for 2004'. based on 124 days aide 366 day year. (4) Cif«, ~Mat Beat 44 Of 1406W3 1, 20024s 585.000.000. NACO is a Oceans, 5^5.0001:03 or 8521% and Georgetown hi allocated $10.004),C1(a) a 11.76%. 7bereafler;the Otaital ACCOOht Balance is the sum of the Caine] u of Ismary I.2002 pia A4446"4 u,d le•e •^Y/Lad.r6Cala. The CaPits1 AtoNni Balance is so of Ilft end of tech Calendar Tot ?mated by Brent BradbUry 9630,1005 EFTA01720693 09/30/2005 10:35 FAI TIE NEW ALBANY CO. tit4 OuziOu4 New Albany COroginy eleargetewn Pet:pectin' Comparison of Estimital Value and Performance Fee For tne Periods 1/1/2002 and 12/31/2004 Estimate is of AI of Estimated 12111.0804 On: aattepated rformanceiree PauflatlaGaulra tem& Vested Amount (per agreeable) S 10.000.000 $ 10.000.000 Interest trod the Elective date (lee Schedule I. Seetwo 110eorgearom Capital) 2079456 20% of Estimated Incremental Change in Value (Putere Award, ace ealetdedon below) 29.526,315 2:5 :1 2926 475 Estimated Performance Pee Payable $ 41,605,811 S 10,000,000 31,605,811 embattles of Eatimeted 'Thar' iteasOnlpg, yaw Cash Plow hum Managed Properties for the year aj„ri 21)04(see Schedule 11) 2 49,123,244 $ - 49.123.244 Estimated Value of Managed Properties itemanung (I) 98,508,332 85 000.000 13 int,332 Estimated "Pinar Remaining Value S 147 631,576 $ 85.000.000 62.631,576 Beginning Value S 85,000,000 85000,000 Carty nit (we Sel-edole 1.1. Section tu Summary. of Capital Anent Activity) 14,940,562 14.949,562 'Beginning Value Plus 'Corry Cost ' - 65,030,000 (65,000.080) calesdatIo.onf_Eftliensted "Eicher fl Estimated Remaining Value $ 147,631376 $ 85.000.000 62,631.576 "Registering Valve" Plus "Carry Cost ' - (85,000,000) 10.000,003 &Mimed Incrcznatal Change in Valle (Rome Amount) S 147 631376 , 147,631,576 20% or &dimmed Incremental Change In Value (Future Amount) $ 29,324,315 $ - 29,526,315 (I) Estimated Value of Managed Properties Remaining Estimate as of 480f Estimated 32/3112004* yu2ocol Cluvasn Sell-014 LAMM EatIreated Cad. Flow S 155,610,000 1169,907,696 3 (14,293696) Discount on Sell Oat Lands (59,828,000) (117,234310) 57 4011,310 Sell-Out Lads lEatlineted Value after ellecowat 95,7116,1100 5201,386 43,114,614 Bulk Land (Licking County dt Misr) 150,100400 18,798.988 301,012 Deve:oroCtX PTOjeCCS Duke tv 2,266.332 2.144003 122,332 Market Square (12/31/2004 value retires mortgage) 3,054,000 6.785.626 (3,731,626) DuffyComici IV 750.000 750.005 Signature Office (to be neatened to Excluded Properties) 700.000 700= .1V (value/Payment included in Cash Flow tom ?Argyll Properties) 650.000 (600.000) New Albany Country Club (Assumed Value it zero w of 12/312004) 4.030,000 (4,000,00T Parlemised Value of /slanged Properties Remettang beton Condageney $ 1205032 $ 85,000,000 3 3056,332 Coremeney and CAA Adjustment (25,148,030) - 2,3.148,009 Eetbruated Vales ef Managed Properties Remedying $ NNS06,112 $ MADAM $ 114 3 12 •Seti-Der Lands induce, increases MT pommies purchased and decreases for properties mold drag the 2002-X04 time p not thereby making comparisone difficult. Prepared by Brent Bradbury 9290/2005 EFTA01720694 09/30/2005 10:35 FAX ME Net kLBANY CO - t NEW ALBANY THE NEW ALBANY COMPANY FACSIMILE TRANSMITTAL SHEET o nom Jeffrey Epstein OAT! 9/30/ 2005 TOTAL NO. OP PALMS INCLUDING COV*%A 4 PHONE NUNSER SIINDIR1RIIMENLENUMSEJt tE YOUR RMSPENts musoon, Comparison of Values Managed and Excluded Properties O mice:4r O POR acuity O PLEASE COMMENT Omens REPLY ❑ PI-1 ASR RECYCL NOTM/COMMENTS Jeffrey, Attached is a schedule competing the value of the Managed Properties as of 1/1/2002 an l the estimated value as of 12/31/2004, including the calcubtwo of the Performance Pee. Regarding your request for the value of the Excluded Pitur a as of 1/1/2002, the Ede" appraisal done in 2001 only irchided "Managed Properties". Approximately 1,000 lets not included in the E h ir appoint because they were identified before the apptaisal Excluded Properties. In addition, a significant portion of the saes (approximately 1001 included in the appraisal were transferred to Excuded Properties before the Beginning Vale was finalized. If you would hke me to peep= an estimate the calm of the Exclude I Properties as of 1/1/4ten please let me know. Regards, EFTA01720695