From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: "Fenn, Patrick" < Subject: Date: Wed, 22 May 2013 10:08:15 +0000 why not have a new entity borrow the billion, secured by some form of guarantee , letter of credit, in turn supported by the tra payments or termination agreement. py off the amh loan, somehow let the tra payments build without creating a taxable event for the boys, ten year later a billion dollars set aside, would be nice to keep it all in apollo or have them be the lender and the borrower. Why would you have to liquidate ? I know you are tied up . so no urgency. 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 e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00961775