To: Eileen Alexanderson From: Jeffrey Epstein Sent Sun 3/31/2013 10:12:23 AM Subject Re: follow up when does the 2009 judah trust terminate. and what does it pour into On Thu, Jul 5, 2012 at 9:02 PM, Eileen Alexanderson < =1 wrote: See Article II on pgs 1-2 of the 2006 Trust Doc attached to my last email for language related to distribution of 'trust accounting income' from operating profits of 'relevant companies' which you will see detailed in II(A)3. The 'relevant companies' are the Apollo entities Leon had ownership interests in that he contributed into the GRATs that poured into the 2006 Trust. There isn't specific language surrounding the principal. The trusts owns the interests in Black Family Partners and the monetization of the value of the BRH interests would not constitute 'trust accounting income' from 'operating profits' and would therefore remain in the trust. I will next forward a summary entitled 'History/Structure' that I wrote for myself early on as I was trying to come up to speed on what had been put in place. I believe I left you a hard copy which was behind the org chart of Black Family Partners. There is a section on the first page with comments on FLPs-I was in an education mode and, with hindsight, did not fully understand the control issues but I think otherwise this will help you understand where we came from. Importantly, you will see there were 2 sets of GRATs. The termination of GRATs A-K went as planned. But the second set, GRATs L-O lacked sufficient cash to make the final annuity payment to Leon so we did an inkind transfer of the Black Family Partners these GRATs owned to Leon and then he contributed these into a new GRAT, the Judah 2009 Trust. We made that a 4 year GRAT instead of 2 years like the original ones we did because I felt we would not have generated enough cash in 2 years to make the annuity payments to Leon. Original Message From: Jeffrey [[email protected]] Sent: Thursday, Ju