<table><tr><th>From:</th><th>McCaffrey, Carlyn &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, December 18, 2012 1:29 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Kirschner, Elyse; Eileen Alexanderson</td></tr><tr><td>Subject:</td><td>RE: Re:</td></tr></table>

If the ot=er children are beneficiaries, we would have a reciprocal trust problem

=p class=MsoNormal style='margin-left:.5in'>Carlyn S. McCaffrey | Partner McDermott Will & Emery LLP | 340 Madiso=
Avenue, New York, NY 10173
███████████ | ██████████████ | www.mwe.com <http://www.mwe.com>

Jeffrey Epstein [mailto:jeevacation@gmail.comj
Sent: =uesday, December 18, 2012 8:27 AM
To: McCaffrey, Carlyn
Su=ject: Re:

<=o:p>

I thought that=each child could have the other three as benef , not debra &nbs.; , can you send another co-vel letter I cannot locate t=e first either

On Tue, Dec 18, 201= at 9:22 AM, McCaffrey, Carlyn < <mailto > > wrote:

=p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt=auto5I've asked Darren to send me a copy of the letter you already=signed so I can modify it. We can't seem to find it.

We are worki=g on the children's trust agreements.

&=bsp;

The plan so far is to have distrib=tions made to the two younger children from their individual trusts. =They will use those funds to fund their new trusts. The two older on=s will use portions of the notes that were issued to them from their indiv=dual trusts. Because those notes would not make very good investment= for long term, multi-generational trusts, we expect that the notes will b= paid off when they are held by the trustees of the new trusts.

We expec= that Leon and Debra will be trustees. Leon will be an independent trustee=

<=pan style=lont-size:11.0ptfont-family:"Calibri","sans-serir;color:#1F=97D5Debra will also be a beneficiary so that each trust will have a curre=t beneficiary even before it settlor has any children. The trust agr=ement will make it clear, however, that the settlor's primary intention is=that the trust will be held for the benefit of his or her future descendan=s.

<pan style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F=97D'>The trusts will be grantor trusts treated as owned by their settlors.=/span>

Any thoughts or comments?

Carlyn S. McCaffrey I Partner

McDermott Will & Emery LLP I 340 Madison Avenu=, New York, NY <u>10173</u> <tel www.mwe.com <http://www.mwe.com>

From: J=ffrey Epstein Imailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com>
Sent: Tuesday, December 18, 20=2 8:14 AM
To: Darren Indyke; McCaffrey, Carlyn
Subject:

status of co vel= letter, leons children signing etc.
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