From: "McGraw, Thomas" < To: Jeffrey Epstein <I Subject: RE: Re: Date: Thu, 09 May 2013 19:14:14 +0000 Based on my admittedly spotty recall of your description of the refund agreement, yes I think it may be possible to use that cash flow by calibrating the annual frozen preferred equity yield in the capital account provisions to match the refund agreement cash flows. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase St Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. From: Jeffrey Epstein [mailto Sent: Friday, May 03, 2013 7:27 PM To: McGraw, Thomas Subject: Re: payment stream, could we use the Tax refund Agreement as the guaranteed On Fri, May 3, 2013 at 5:47 PM, McGraw, Thomas < wrote: Happy to discuss borrowing with debt proceeds used as capital commitment to adjust basis if helpful. If you want to give me a time next Tuesday pm or Wednesday when you are free I'll give you a call. Tom From: Jeffrey Epstein [mallto Sent Wednesday, May 01, 2013 9:51 PM To: McGraw, Thomas Subject: I would like to talk to you about the tufts gain, ? in order to get the step up, can we _ turning the partnership into a freeze, . ? or chapter 11 or refresh basis , by having the individuals borrow new money, lend to the corporate partner that made the distribution in 07, have the corportate parter AMH have the back to back guaranteed by the same multitiude of subs as described, in the Sl.. or . figure how to give an interest to charity , 9 *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited EFTA00711792 and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein 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 or by e-mail to and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00711793