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NEW ALBANY THE NEW ALBANY COMPANY PACSIMILE TRANSMITTAL SHBET TO: PROM: Jeffrey Epstein Brent Bradbury COMPANY: DATE: 9/30/2005 PAX NUMBER: TOTAL NO. OF PAGRS INCLUDING COVER 212-750-0381 4 PHONENUMOBR: SBNDBR'S REPBRENCE NUMBER: RG: YOUR REPERENCK NUMBRR: Comparison of Values Managed and Excluded Properties =” A a es cat aA A See EP SO a ETE OEE! Qurcent Ororrsview ODClprease comment [1] pLEASs REPLY 0 PLease RECYCLI! ie NOTES /COMMENTS; Jeffrey, Attached is a schedule comparing the valuc of the Managed Properties as of 1/1/2002 ani! the estimated value as of 12/31/2004, including the calculation of the Performance Fee. Regarding your request for the value of the Exchaded Properties as of 1/1/2002, the E&'” appraisal done in 2001 only inchided “Managed Properties”. Approximately 1,000 acres wes': not inchided im the E & Y appraisal because they were identified before the appraisal 2: Excluded Properties. In addition, a significant portion of the acres (approximately 100()1 included in the appraisal were transferred to Excluded Properties before the Beginning Valu: was finalized. If you would like me to prepare an estimate the value of the Exclndei! Properties as of 1/1/2002 please let me know. Regards, Fe DOJ-OGR-00032938