GUARANTY GUARANTY dated as of September j. 2013 made by Jeffrey Epstein, a resident (the "Guarantor") in favor of Deutsche Bank AG, a corporation organized under the laws of the Federal Republic of Germany, including any of its branches anywhere (the "Bank"). Capitalized terms used herein and not otherwise defined shall have the meaning provided in the Master Agreement referred to below. WHEREAS, the Bank and each counterparty listed on Appendix A attached hereto and made a part hereof, severally, and not jointly (each an "Obligor") have entered into a Master Agreement of even date herewith (as amended, modified or supplemented from time to time, by any confirmation contemplated therein or otherwise, the "Master Agreement") and it is a requirement of the Master Agreement that the Obligor deliver this Guaranty for Obligor's obligations under the Master Agreement to the Bank. NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration receipt of which is hereby acknowledged, and as an inducement to the Bank to enter into Transactions with the Obligor, the Guarantor hereby consents and agrees as follows: 1. Guaranty. (a) The Guarantor unconditionally, irrevocably guarantees to the Bank payment when due, whether by acceleration or otherwise, of the full amount of any and all obligations and liabilities, direct or contingent, joint, several or independent, now or hereafter existing, due or to become due to, or held or to be held by, the Bank, whether created directly or acquired by assignment or otherwise, of the Obligor to the Bank arising from or in connection with the Master Agreement together with all expenses incurred by the Bank in enforcing any of such obligations and liabilities or the terms hereof, including, without limitation, fees and expenses of legal counsel. The Guarantor waives notice of acceptance of this Guaranty and of any obligation to which it applies or may apply under the ter