<table><tr><th>From: </th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent: </td><td>Sunday, April 7, 2013 5:30 PM</td></tr><tr><td>To: </td><td></td></tr><tr><td>Subject: </td><td>Re: *Confidential: Re: Model Scenarios - Confidential</td></tr></table>

isn;t the tufts gain strictly ordinary, why only 35 % e=fective rate

On Sun, Apr 7, 2013 at 1:18 PM, <+ <mailto = target=»
wrote:

Hi Jeffrey,

At Patrick Fenn's request, we're attaching .pdf versions of the ful= models that we have run for Patrick using discount rates of 2%, 5% and 7.5%. Each version is in a separate .pdf file. Please note that in each case, the presentation (the first 9 pages of each file) refer to a 7.5% discount rate; however, the actual discount rate used in each scenario is in the name of each file, as well as the input sheet on page 10 of each file and the detailed model pages that follow in pages 11 through 24.

As a policy, our firm does not provide "live" versions of Excel models to clients without specific waivers being executed. We do this becau=e we cannot guarantee that changes made to the inputs of the model or formula= within the model will produce the correct result without a detailed review. Thus, we generally provide the outputs of our models in pdf format. Alterna=ively, if you would like to review the model in more detail, and be able to see the formulas and cell references within the model, we can provide you with a "locked" or password-protected version of each model. These versions would allow you to open the model in Excel and see cell contents, formulas, and references; however, the contents of each cell could not be altered.

We hope that the attached will provide you with the detail that you need for your analysis. In the event that you desire locked versions of the models (or additional scenarios), please let me know and I can get them to you as soon as possible. Best regards,

Brian

Brian Knudson=/b> I Partner I National Tax - Partnership and Joint Ventures Ernst & Young LLP=/font> 200 South Sixth Stree=, Suite 1400, <u>Minneapolis,</u> Minnesota 55402, United <u>States of</u> America Office: <mailto Website: www.ey.com Assistant: Lenora Wol= I Phone: + <tel > <mailto Thank you for conside=ing the environmental impact of printing emails.

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The information contained in this c=mmunication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the a=dressee. It is the property of Jeffrey Epstein Unauthorized use, di=closure or copying of this communication or any part thereof is strictl= prohibited and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, =nd destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved