From: Darren Indyke <MMia>

From: Darren Indyke <MMia> To: Subject: Fwd: PRIVILEGED AND CONFIDENTIAL: Zorro Trust Grazing Leases and Water Rights Date: Tue, 17 Jan 2012 15:21:32 +0000 Attachments: 2268777.pdf Please print email and attachment. Thanks. Darren K. Indyke Darren K. Ind ke, PLLC Darren email: *Mt*** The information contained in this communication is confidential, may be attorney-client privileged, and is intended only for the use of the addressee. It is the property of Darren K. Indyke, PLLC. Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail, and destroy this communication and all copies thereof, including all attachments. Copyright of Darren K. Indyke, PLLC - © 2011 Darren K. Indyke, PLLC —All rights reserved. Begin forwarded message: From: "David G. Gordon" Date: January 13, 2012 7 29 Ply To: Darren Indyke Cc: "Anne P. Browne" < Subject: PRIVILEGED AND CONFIDENTIAL: Zorro Trust Grazing Leases and Water Rights Hi Darren, EST We enclose a quitclaim deed to facilitate the filing of change ownership forms for the water rights declared in Jeffrey Epstein's name individually. Please have Mr. Epstein execute the quitclaim deed before a notary and we will file it in the Santa Fe County Recorder's Office. Once it is filed we will submit all change ownership forms to the Office of State Engineer. We have also analyzed whether it is appropriate to file the Assignments of the State Land Office grazing leases at this time. Any assignment of a state grazing lease must be approved by the Commissioner of Public Lands. See 19.2.8.14 ("An assignment [of a grazing lease] without the written consent of the commissioner shall be null and void"). We have prepared the necessary forms to assign the grazing leases subject to the Commissioner's consent to the EFTA00421507 assignment. We do not anticipate that the Commissioner will object to the assignment, however, if the Commissioner does not provide consent then that should not invalidate the lease rights. Instead, those rights would remain with the current parties to the leases. We did not identify any source of law indicating that it would be advantageous to keep the leases in the name of Zorro Trust, and as Mr. Bond explained in his email, it would be prudent to submit the assignments at this time. In addition, it would be administratively convenient to consolidate the rights and obligations related to Zorro Ranch into a single entity where possible. With your approval, we will submit the documents to assign the grazing leases and the right-of-way to the State Land Office. We will continue to work through issues relating to the BLM lease and the agricultural exemption, and we will contact you with any relevant updates. Please let us know if you have any questions in the meantime. Thank you, Dave David G. Gordon Sutin, Thayer & Browne APC 6565 Americas Parkway NE Ste. 1000 Albuquerque, NM 87110 (505) 883-3362 CONFIDENTIALITY STATEMENT This electronic message transmission contains information from the law firm of Sutin, Thayer & Browne, A Professional Corporation, and is confidential or privileged. The information is intended to be for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this information is prohibited. If you have received this electronic transmission in error, please notify us by telephone (505-883-2500) immediately. EFTA00421508