From: Zorro Ranch

From: Zorro Ranch To: jeffrey epstein <jeevacation®gmail.com> Subject: ZDC_AG_LEASE_020312 Date: Fri, 03 Feb 2012 11:09:54 +0000 Attachments: Chavez_Letter.pdf Good Morning, As you may or may not be aware David Gordon from Thayer Sutin and Browne has been in contact with us in reference to the change of identity for State Land, BLM & Agricultural Leases at Zorro. An E Mail was forwarded to Darren on 1/31/12 confirming that the submission deadline for the agricultural exemption application is February 29, 2012 To retain the agricultural exemption, a cattle sublease would be required, the sublease which Zorm had with Eddy Burns was terminated when Eddy left the Ranch, but as you know Steve Chavez is open to taking a sublease. Please note attachment giving his outline and insurance information. We had recommended to Darren that Rich/Tax Adviser calculate what Zorm would save by filing a sublease and forward you the information, 1 am unsure if this has happened but either way, if you wish to move forward with a new sublease with Steve a number of applications and a Grazing Lease would need to be completed and forwarded to the Santa Fe County Assessor by February 29th 2012 Both David Gordon and Frank Bond believe it would be to your benefit to have a Sublease to retain your Agricultural Exemption. Please advise. Wannest regards Karen Z017'0 Development Corp 49 Zorro Ranch Road Stanley, NM 87056 Ranch Mana er Tel: Fax: EFTA00928946