EFTA01969063.pdf

To: Cecile de Jong From: Jeffrey Epstein Sent Tue 6/18/2013 1:27:14 AM Subject: Re: AYH you can send him the following, yes , it is very difficult. I have not seen any due diligence with regard the price of 25 million, what i do see is yes a limited partnershps that all involve sun . a co that was bought by IGY before jeffrey closed on his participation. IF the appraisal facts are wrong, and i hope that they are, it still creates a serious problem that the purchase of sun resorts by Igy was not dislcosed to jeffrey in any document that i have seen. I know Jeffrey did not know who the seller was. I am very uncomfortable with the explanations to date. speak when you return. On Mon, Jun 17, 2013 at 8:06 PM, Cecile de Jongh wrote: FYI With warm regards, Cecile Sent from my iPhone Begin forwarded message: From: "Garrison, Frank' Date: June 17, 2013, 6:04:42 PM GMT-04:00 To: ' Cc: "Garrison, Frank Subject: AYH Cecile, Following up on our conversation, I am leaving the country tomorrow the 18" early afternoon and will be back in the U.S. on Tuesday July 2. I suggest that shortly thereafter, we should determine how were proceeding to resolve any outstanding issues. In that regard, as I related in our conversation earlier today Andrew has told me about a number of c-mails he has from Jeffrey over the last few days. As EFTA_R1_00449688 EFTA01969063 described to me, there are a number of inaccuracies or misconceptions in Jeffrey's e-mails or in the underlying material which Jeffrey referenced. For instance, contrary to Jeffrey's assertion to Andrew, the appraisal does not state that "additional purchase price was probably as a result of the purchase of the entire company and an allocation by IGY. The appraisal specifically it states "the purchase price is slightly higher than our value estimate, which could be the result of allocated costs of the portfolio sale". I don't know why CBRE chose to surmise that even as a possibility as there were no facts indicating that to be the case nor did they inquire. Most importantly, the underlying assumption that this was all the same transaction with one seller is a faulty one. You and I have discussed the fact that the assumed facts by CBRE were in error, ie, it was not just one big transaction with one seller. Rather, there were in fact separate sellers with different economic interests. Further, the appraisal is factually incorrect in its assumed facts as I have previously explained to you. Specific errors include that Sun Resorts was not the seller of AYH as stated in the appraisal and Sun Resorts did not "own AYH outright". As I indicated in our conversation, these inaccuracies or misunderstandings make the process in which you and I have been engaged in very difficult and I hope that you are able to explain to Jeffrey the accurate facts and thus correct his misunderstandings. I am happy to speak directly with Jeffrey (or anyone else) on these items if that is necessary or would be helpful. Thanks in advance. We will find a way forward soon. Frank M. Garrison Island Capital Group LLC One American Center 3100 West End Ave Suite 1230 Nashville, TN 37203 EFTA_R1_00449689 EFTA01969064  This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return c-mail or by c-mail to jecvacationggmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00449690 EFTA01969065