<table><tr><th>From:</th><th>Eileen Alexanderson &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, October 22, 2013 8:27 PM</td></tr><tr><td>To:</td><td>'Ada Clapp; Alan S. Halperin; Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>RE: Timing of Funding GRAT</td></tr></table>

I have confirmation the 3Q dividend wi=l be paid on November 29th but ex-div date has not yet been set-wi=l let you know when I do.

From: Ada Clap= [mailto:.

Sent: Tuesday, October 22, 2=13 4:23 PM To: Alan S. Halperin; Jeffre= Epstein Cc: Eileen Alexanderson Subject: Re: Timing of Fundi=g GRAT

Hi Jeffrey and Alan,

I spoke with today and it is my impression that he wants to wait to fund the GRAT until after the ex-dividend date (so that he can get the dividend and so the valu= of what he transfers to the GRAT will possibly be lower).

Regarding the marital deduction issue, please Step 3 in the attache= article which explains why the productive of income language is included in=the GRAT. Alan--I used to include the following language (one time)=in the trust boiler plate where there was a marital trust included, so I am fi=e with your proposed solution.

<=>Ada=b> Clapp

Black Family Partners<=r> c/o Apollo Management

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