From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: "Fenn, Patrick" Subject: Re: Planning Date: Sat, 01 Jun 2013 11:25:36 +0000 understood , I think they all should. what happens to the tra payment stream. On Sat, Jun 1, 2013 at 7:14 AM, Fenn, Patrick < > wrote: seperate from the termination clause, we don't have to do all of the outstanding, do we? PBF: we don't but negative basis will remain to the extent the outstanding remains outstanding. can each boy opt in or out'/? PBF: I will look at further but I think each could opt in or out -- effect of the fresh preferred investment would be same as though the borrowing never happened as to the individual. Anyone of the 3 that does not participate would still have first tier debt allocation. I'll confirm later. But lack of pro rata participation in new BRH preferred introduces non-tax issues at BRH. From: Jeffrey Epstein (mailtoleevacSgmail.com] Sent: Friday, May 31, 2013 10:39 PM To: Fenn, Patrick Subject: Re: Planning seperate from the termination clause, we don't have to do all of the outstanding, do we? can each boy opt in or out?? On Fri, May 31, 2013 at 10:03 PM, Fenn, Patrick < > wrote: Jeffrey, I have asked one of my partners to review this but he has not been able to do so as yet. I am sending to you as a draft with that in mind. I can update over the weekend for his comments. I would suggest running it by Brian Knudson at EY as well but will wait for your reaction before doing so. Best regards Patrick B. Fenn EFTA00962027 AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park j New Y NY 10036-6745 USA Dye SS Internal: 31040 Fax: I I I Bio IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the 7:‘-asury. Thus, we are required to inform you that you cannot rely upon any tax advice contained . this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or I recommend a transaction to another party. information contained in this e-mail message is intended only for the personal and Jtidential use of the recipient(s) named above. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. 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 jeeNS®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party. The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. 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 EFTA00962028 communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00962029