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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA00670425: Holder and Targeted (DS9)

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This document discusses targeted incremental yield calculations using existing portfolio as collateral. It includes an email exchange between Bruce Jaeger at a New York location (3 Bryant) regarding REIT operating units, with discussion of potential tax risks related to share or cash exchanges for holders of such units.

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The **targeted** incremental yield utilizes existing portfolio as collateral.
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PM To: Jaeger, Bruce (New York 3 Bryant) Subject: Re: REIT Operating Units i assume there is tax risk if they have to exchange for shares or cash. the **holder**

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