I/WE IF THA ARE THE SSEE(S) REFERENCED ON THE FACE PAGE OF THIS LEASE. SEE SIGNATURE ( LESSEE SIGNATURE STATE OF 'rat S ric\Cra ) COUNTY OF% trOICAtin:61 THEr5OREGO/ING IrSTRUInNT,SMCIENO DG BEF95 ME THIS 2g ilDAY OF By 5Dain (41[1)(N r)I ‘C/HP (NAME OF LESSEE ACKNOWLEDGED) MX COMMISSION EMS: \JMIUPCY Cnt SELLPHONE Va\k. 420 :ere/tree TELEPBCpir •e'') SSIONER OF ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OF NEW MEXICO ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 20 , ) PARTNERSHIP H I ; • • •• re; e' 0\ .1). : E ' -- (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF A PARTNERSHIP. MY COMMISSION EXPIRES: NOTARY PUBLIC STATE OF NEW MEXICO ) CORPORATION COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 20 , BY • OF (NAME OF OFFICER) (TITLE OF OFFICER) A CORPORATION, ON BEHALF (CORPORATION NAME) OF SAID CORPORATION. MY COMMISSION EXPIRES; NOTARY PUBLIC SDNY_GM_00113452 EFTA_00 I 95 I 07 EFTA01305352

NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 87504-1148 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND TO BE LEASED BE APPRAISED AT ITS TRUE VALUE. STATE LAW, UNDER SECTION 19-7-1 NMSA 2978, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT BE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED BY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPRAISEMENT INSTRUCTIONS: THIS INFORMATION MUST BE COMPLETED BY A DISINTERESTED PERSON AND BASED ON THAT INDIVIDUAL'S INFORMATION AND BELIEF. THIS FORM CANNOT BE COMPLETED BY A LICENSED APPRAISER. (NMSA 1978, 61-30-16). YOU CANNOT PAY TO HAVE THIS FORM COMPLETED. (NMSA 1978, 60-30-3A). THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. I, Er1414 hL tNi . 'Most 1 , DO SOLEMNLY SWEAR (OR AFFIRM), UNDER THE PENALTIES OF PERJURY, THAT TER HAVING PERSONALLY INSPECTED THE TRACT(S) OF LAND CONTAINED IN LEASE NOCrfaul.0 Ira AND DESCRIBED IN EXHIBIT A OF SAID .LZASE, THAT MY OPINION OF THE APPRAISED CASH VALUE OF SAME (WITHOUT IMPROVEMENTS) IS $ 6ove). CO PER ACRE, IF SOLD, AND S iL • O O PER ACRE, FOR LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID LAND FOR LEASING OR SALE THEREOF. SIGNED 4- /.4...vic 1%A. k,s•_,4 ADDRESS 3 2 C `I40. 01 1 i.ta Loy Alutekd CITY/STATE .3;4 ,..414 Fe l NMI 84 771;1) i? SUBSCRIBED AND SWORN TO BEFORE ME THIS 2: 7 DAY OF 20 II MY COMMISSION EXPIRES: AML. 2(1 2C4S- r iPtc ---(iiifailliTATI 1 f l'i Amy Lula n i WiEnigilco %in.., STANO TARY TE My Commission rifAtati ii _.#41ZaLgii i TART' PUBLIC SDNY_GM_00173453 EFTA_00 I 95 I 08 EFTA01305353

EXHIBIT A LEASE NO: GR2088 SUBDIVISION SEC-TWN-RNG ACREAGE U S E LOT1 LOT2 L0T3 LOT4 RENEWAL LEASE PRICE PER UNIT CAR CAP 36 13N 09E 84.86 G - TOTAL ACREAGE: 84.86 TOTAL RENTAL: 11 $50.44 LEGEND: USE TYPE CODES Cm CONSERVATION RESERVE PROGRAM I= IRRIGATED CROPLAND, Me 2m DRYLAND FARMING (BID), 3= H= 1/2 SOUTH FOR TOWNSHIP, H= LAND, D= DRYLAND FARMING, MOBILE HOME ON LAND, R= RSIP LAND, IRRIGATED CROPLAND(BID) 4= CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS G= GRAZING, 1= GRAZING (BID), 5= RSIP(BID) , SDNY_GM_00173454 EFTA_00 I 95 I 09 EFTA01305354

LEASE NO. GR2088 MISCELLANEOUS INSTRUMENT PAGE MISCELLANEOUS INSTRUMENT: FILE NO: 11737 LIMITED POWER OF ATTORNEY: BRICE GORDON APPOINTED POWER OF ATTORNEY FOR JEFFREY EPSTEIN, TRUSTEE OF ZORRO TRUST. SDNY_GM_00173455 EFTA_001951 10 EFTA01305355

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under this lease with your application. LEASE NUMBER G- R 2 0 g g (Please deck one of the boxes) DO IMPROVEMENTS EXIST ON STATE LAND: YES IF YES PLEASE LIST BELOW. NO X (none) All improvements must be listed even if they are on record with our office. LOCATION Inclusion of unauthorized Improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 8.9.11) This office will reject your renewal lease application if this form is not completed. The information provided above is true and correct to the best of my knowledge. Please sign and date. Si 1 ature is required whether improvements exist or not. e Signature Lessee Signature Date: 1 IC25- !Roil ;I . SDNY_GM_00173456 EFTA_001951 II EFTA01305356

NEW MEXICO•STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2088 THIS LEASE, DATED OCTOBER 01, 2006 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER cALlep "LESSOR" AND: ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS: C/O 49 ZORRO RANCH RD. STANLEY,NM 87056 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. — cC- - - -J rn 0 FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAKES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN 3Y REFERENCE. 2. TERM. 3. THE TERM OF THIS LEASE SHALL BEGIN ON OCTOBER 01, 2006 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 20:1. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NXSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN, THE STATE LAND OFFICE ON OR BEFORE OCTOBER :. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL a BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING TO AGRICULTURAL LEASES" (19 N.M.A.C. 3, SLO 8.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS CN OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM. LAND SHALL BE. DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE cc scan 1,9/51,w( SONY_GM_00173457 EFTA 00195112 EFTA01305357

CARE AND PROTECTION OP .AE LEASED PREMISES. S. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT. IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. -ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH TEE APPLICABLE LAWS AND RULES. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE TILE LEASED PREMISES OR THE. IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. R. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF 7NE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF TIM TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE . OR THE NONPAYMENT BY LESSEE OF TILE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THE. CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE. OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES 11IE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND TILE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI SDNY_GM_00 173458 EF-Dk_00I95113 EFTA01305358

CULTURAL PRODUCTS TO GRANT SUCH OTHER RIGHTS-OF-WA. -ND EASEMENTS AS PROVIDED BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY THIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH RAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES -AND OPERATIONS THEREON. SUCH OTHER -AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WPTH THE OPERATICNS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. SD NY_GM_00 173459 EFTA 00195114 EFTA01305359

ILWE CERTIFY THAT .eL.ESSEE REFERENCED ON THE FACE .AGE OF THIS LEASE. LESSEE eik Erman 17Lelee the 21..t-CA.J TELEPHONE LESSOR- .ISSIONER OF BLIC LAN ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OP NEW MEXICO COUNTY OP THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 20 HY (NAME OP PERSON ACKNOWLEDGED) MY COMMISSION EXPIRES: PARTNERSHIP STATE OF NEW MEXICO COUNTY OP THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS • BY (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF , A PARTNERSHIP. NOTARY PUBLIC -r DAY OF , 20 MY COMMISSION EXPIRES: NOTARY PUBLIC STATE OP NEW Ito --ef*PeRATTON- lit-AS ) ) COUNTY OF 14aPtIV. ) THE FOREGOING INSTRUMENT' WAS ACKNOWLEDGED BEFORE ME THIS 111 DAY OF „2011b_ q1/40,0 CiD3/466n "-CLAP AME OF OFFICER) (TITLE OF OFFICER) a atION, ON BEHALF 4 1.0-•••" BY a)lio (eembeftheteo NAME) OF SAID PHR:PSHNPISN. <ha MY COMMISSION EXPIRES: HA1tRY I. 34LL.,..ri Notary Public, State of New York No. O18E4853924 Qualified in Rockland County re, Commission Expires Feb. 17, 20.L. OF SDNY_GM_00173460 EF-EA_00I9SII5 EFTA01305360

2/I2/'06 WED 21:39 )0321617 NEW MEXICO STATE LAND OFFICE 6/ 6 APPRAIsemENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFPICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 87504-1140 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND TO BE LEASED BE APPRAISED AT ITS TRUE VALUE. STATE LAN. UNDER SECTION 19-7-1 NMSA 1970, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT BE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED DY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPPAI£EMENP L r - . 7 r rs, ) INSTRUCTIONS, THIS INFORMATION MUST BE COMPLETED BY A DISINTERESTED PERSON ARb BASED ON THAT INDIVIDUAL'S INFORMATION AND BELIEF. THIS FORM CANNOT BE COMPLETED BY A LICENSED APPRAISER. (NMSA 1978. 61-30-16). YOU CANNOT PAY TO HAVE THIS FORM COMPLETED. (N)45A 197E, 60-30-3A). THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. C) I, - r,u, 2 . DO SOLEMNLY SWEAR (OR AFFIRM), UNDER THE PENAL B.S OF PER Y ER HAVING PERSONALLY INSPECTED THE TRACT(S) OF LAND CONTAINED IN LEASE NO. l AND DESCRIBED IN EXHIBIT A OP SAID LEASEf THAT MY OPINION OF THE APPRA SED CASH OF SAME (WITHOUT IMPROVEMENTS) IS S lr A G PER -, ACRE, IF SOLD. AND $ - PER ACRE, FOR LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID FOR LEASI.NG OR SALE THEREOF. SIGNED "") ADDRESS CITY/STATE SUBSCRIBED AND SWORN TO BEFORE ME THIS Ifi DAY OF MY COMMISSION EXPIRES, OFFIVALSEAL PeggyNambedy NOTARY PSC STATE OF kti Masai atpreLstabLin 20 Otel • C SDNY_GM_00173461 EFTA_00195116 EFTA01305361

EXHIBIT A LEASE NO: GR2088 SUBDIVISION SEC-TNN-RNG ACREAGE U S E PRICE PER UNIT CARRY CAP • LOT1 LOT2 LOT3 LOT4 36 13N 09E 84.86G - TOTAL ACREAGE: 84.86 TOTAL RENTAL: RENEWAL LEASE 11 $73.01 LEGEND: USE TYPE CODES C. CONSERVATION RESERVE PROGRAM I. IRRIGATED CROPLAND, M. 2= DRYLAND FARMING (BID). 3= H. 1/2 SOUTH FOR TOWNSHIP, H. LAND, D. DRYLAND FARMING, MOBILE HOME ON LAND, R= RSIP LAND, IRRIGATED CROPLAND(BID) 4= CRP(BID) 1/2 EAST FOR RANGE • CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS G• GRAZING, 1= GRAZING (BID), 5= RSIP(BID) SONY_GMJ:4173462 EFI;k_00195II7 EFTA01305362

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under this lease with your application. LEASE NUMBER CIR 10S8 (Please cheek one of the boxes) DO IMPROVEMENTS EXIST ON STATE LAND: YES IF YES PLEASE LIST BELOW. NO F-71- (none) All improvements must be listed even if they are on record with our office. IMPROVEMENT APPROXIMATE MONTH AND YEAR EUILT LOCATION SECTION TOWNSHIP RANCE Ni r- :2 rn rn c 477:i ry Inclusion of unauthorized improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 8.9.11) This office will reject your renewal lease application if this form is not completed. The information provided above sign antffate.$i na correct to the best of my knowledge. Please quired whether improvements exist or not. Lessee Signature Date: C, 3t) — O(7:7 Lessee Signature SDNY_GM_00173463 EFTA_00 I 95 I IS EFTA01305363

Zorro Trust 49 Zorro Ranch Road Stanley, NM 87056 Ph: 505 938 2920 Fax: 505 938 2924 E mail State of New Mexico Commissioner of Public Lands Surface Resources Division P.O Box 1148 Santa Fe NM 87504-1148 2011 AUG 29 fill 7 50 Aug 23m, 2011 Reference: Sublease Renewal 2011-2012 — Agricultural Lease No. GR-2122-01 Dear Mr. Ulibani, Please be advised as of the above date Zorro Trust will not be renewing the sublease for GR-2122-01. If you require anv further informationy yeumay contact me at the above E Mail address or directly at Sincere' L. Gordon Stop. w sM /has. o rot 0 0-• Gan e-af 5.5 (4.4.s-c SLO SCAN MAE 12 2011 CA-Act / 14 54 9 fe, rc a- request, th4 r (LA r't co4.4114 G 70 at —O . - ( JLT I A ZI)11 Cm" eefiet (O(//ii SDNY_GM_00173464 EFTA_001951 19 EFTA01305364

PATRICK H. LYONS COMMISSIONER State of Mexico Commissioner of Public Lands Zorro Trust 49 Zorro Ranch Rd. Stanley. Nm 87056 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 875044148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org September 18, 2006 Re: State Agricultural Leases No. GR-2088 & GR-2122 (Sublease No. GR-2088-000I) & (Sublease No. GR-2122-OOO1) Dear Mr. Epstein: Please find enclosed a copy of your approved sublease application. Your sublease will commence on October 1, 2006 and will expire on September 30, 2011. If you have an uestions please feel free to contact me at the address above or at . Sincerely. Leroy A. A. Ulibarri Surface Resources Division NM State Land Office end. Scale Land Office Beneficiaries - Cure Twiky Hospital • °Umiak Paal & &Sam • COMM& Scbools • boas NM UMwriiiy • Rio Grade leaarennorn • Millers' Hospital of NM •NM Boys Sara, • NM Webbed. Haim*, • NM lattios Of Mittitry & rechwalogy • New Mmes Mlroary Imuuee•NM Schaal foe the Oat • NM Saes fee the Visually Hatlirapped • NM Sae Hospital • New Mateo Sun Ultima). • Northern NM Connally Colley • Penitentiary of New Mesita • Pak fOriltany &Capital • Sate Park Commission • thiversity of New Mesita • OHM Bain LsS • Vag &steaks • Western New Scala University GDNY_GM_00173465 • EFTA_00 I 95 I 20 EFTA01305365

ZORRO RANCH 49 ZORRO RANCH ROAD STANLEY, NM 87056 TELEPHONE: 505 832 2675 FAX: 505 832 2676 E August 24, 2006 Commissioner of Public Lands State Land Office P.O Box 1148 Santa Fe NM 87504-1148 Reference: Sublease Renewal — Agricultural Lease No. GR-2088 (2006-2007) Dear Mr. Leroy A. Ulibarri, Reference your letter dated August 15, 2006, concerning sublease renewal for Agricultural Lease No. GR-2088, enclosed you will find 2 copies which have been notarized and signed. The attached rental for 2006-2007 of $50.00. If there are in questions or concerns please do not hesitate to call Sincerely ./ ,{2,,d, A Ranch Manager SDNY_GM_00173466 EFTA 00195121 EFTA01305366

P43) DATE TO FIELD DIVISION. NZW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT 30 e FIELD DIVISION CONTROL NO. Veer' 120 RLJZSTING DIVISION: 544 144-4.-e_ BY: /..e."--eor . /zit oioe.c I-- a° TYPE OF REQUEST: C2 bc--.5-( teen-leda.4.5 NAME OF LESSEE/AP LICANT: ,-/ LEASE NUMBER: 0 ADDRESS: y e, 7 47 AOC 0 4 4-4 LA i feCt • . , 7 hn irk A Try i Allilins DESIGNATED CONTACT: .<.; cA• . C Ott dr, o PHONE: ADDRESS: LEGAL DESCRIPTION: SECTION me RANGE COUNTY 5'c . o • -74,4 - -1 F:yk;LI -" 4 2' -5 ers i 4 g.,. REMARKS: "I leA 5:4 r &5 c-F a --r1 J /rtd.A.4 ,C ece.nn,enJ. . edit a F /Le ks DA 'ETURNED TO REQUESTING DIVISION/BUREAU: HSTKICT RESOURCE MANAGER COMMENDATION: 0606iteft Qua. f to . & 0p0 PPROVE RECOMMENDATION: FIELD DIVLSON1 (RMUESTANG DIVISION 1401° ) (COIN 9 -15-.O6 0 NOT APPROVE RECOMMENDATION: (Pleasestate reasons) CTION TAKENNV EIMILSTINO Afrog AfAra • o Ve /3 fijk TURNED TO DISTRICT RESOURCE MANAGER: 89 Revised: 11/1,99 SDNY_GM:00173467 EFTA_00195122 EFTA01305367

PATRICK H. LYONS COMMISSIONER AUGUST 31, 2006 TO: State of Mexico Commissioner of Public Lath 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org GILBERT BORREGO, SURFACE RESOURCES DIVISION ATTENTION: LEROY ULD3ARRI cm THROUGH: BRIAN HENINGTON, FIELD OPERATIONS FROM: MARCUS J. GARCIA, SANTA FE DIS SUBJECT: GR-2088 AND OR-2122. ZORRO TRUST. APPLICATION TO SUBLEASE. MJG-1201 SYNOPSIS The recommendation is to approve this application to sublease. The ocularly estimated range condition varies from fair to good condition. See the IMPROVEMENTS for additional information relative to unauthorized improvements. GR-2088: GR-2122: LEGAL DESCRIPTION Lot 1, 2, 3 and 4 within Section 36, Township 13 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 84.86 acres, more-or-less. Lot 1, 2, 3, 4 and 7; SW'ANE1A, S1/2NW'A, SW% of Section 2, Township 12 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 518.97 acres, more-or-less. Section 16, Township 12 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 640 acres, more-or-less. LOCATION These state trust lands are located in south central Santa Fe County between Galisteo and Stanley, New Mexico. Section 16 is landlocked but Section 36 can be accessed directly from The Anaya Ranch Road (County Road 38-B). Section 2 abuts Section 36 and can conceivably be reached by walking across Section 36. The condition of the grazable sites was ocularly estimated to be in fair to good condition. State Land arm Benelldiria - Conk Mosley Hospital • Charitable Real & Refers • Comm Scixols • Eastern NM University • Rio Grande Improitment • Mien Kemal of NM •NM Boys School • NM Hisblards Uobersity • NM lutist of Midas & Tata:elegy • New Mexico Military lastirale•NM Seheol for the Deaf • NM School far the Visoolly Handicapped • NM Slit Hospital • New 041431:0 Saran Uli•Mill • Hookas NM Consamity Coles/ • Peniceralary of New Mexico • Palk Builatis •1 capital . Sue Pt Commission • Uniersity of New Mexico • UNM Seine leds • Wales Reservoir ...Western New Monk° Unirmity SDNY_GM_00173468 EFTA_00 I 95 I 23 EFTA01305368

AUGUST 31, 2006 -2- MJG-1201 Generally, the condition of section 16 is fair and Sections 2 and 36 are in good condition. The ranch has not been extensively graved since being sold to the current owner approximately 10 years ago. According to the ranch manager, the surface ownership status consists of 7,575 deeded and 1,582 acres of leased, mainly state trust land. Currently, there are 50 bead of livestock grazing the ranch that belong to an employee of the ranch, as listed in the application. HIGHEST AND BEST USE Highest, best and current use is estimated to be livestock grazing. Historic rock art panels associated with the Creston geologic feature on Section 2 attract people interested in historic graffiti. IMPROVEMENTS On the day of the field evaluation, I documented a new water distribution pipeline within the S'ASY2 of Section 16 and cholla removal in the same section. There is another water distribution pipeline also on Section 16 but this should be covered under a water easement since it is the water supply for the lessees' residence. These items have already been addressed in special assignment reports. REMARKS I met with the ranch manager, Brice Gordon, for this field evaluation. The lessee has essentially given over care and control of the livestock on the subject property, so a sublease is needed. Based on my field evaluation and the fair to good range conditions of the ranch, it is recommended to approve the sublease application. MJG Attachments SDNY_GM_00173469 EFTA 00195124 EFTA01305369

DIGITAL IMAGES - MJG-1201 Looking west from the SW1/4SE% of Section 16. This image shows the existing dirt tank. Looking east from the SWASE1/4 of Section 16. Range condition is estimated to be fair. SONY_GM_00173470 EFTA 00195125 EFTA01305370

DIGITAL IMAGES - MI6-1201 Looking north from the accfrsc mad in the SWASE% of Section 16. fl Looking south from the access road in the SVPASE1/4 of Section 16. SDNY_GM_00173471 EFTA 00195126 EFTA01305371

DIGITAL IMAGES - MJG-1201 Looking northwest from the SVASE% of Section 16. Range condition is estimated to be fair. It • -cre•-;?.. r • -1." • _ •••• /gra • " • • - - • ...or. Aar. • 'as Ito' lap 4...stkwo, ...:.;7J ar. - ,4O,7, • . A. 7 44 ' ) el • • . tit , .11 • c . — ' • • • • •• a rat Y• Looking northeast from the SWV,SW1/4 of Section 16. Range condition is estimated to be fair. SDNY_GM_00173472 EFTA 00195127 EFTA01305372

DIGITAL IMAGES - MJG-1201 Looking west from the access mad in the SW1/4SEY4 of Section 2. Range condition is estimated to be good. Looking southwest from the access road in the SVASEIA of Section 2 to the north side of the Creston geologic feature. Range condition is estimated to be good. SDNY_GM_00173473 EFTA_00 I 95 I 28 EFTA01305373

DIGITAL IMAGES - MJG-1201 Looking west from the access road in Lot I of Section 2. Range condition is estimated to be good. 4 • yN 4 tt. !444j -- • - - • • . _ r iSn •:". • . •••-t ttsabt.:;.-; "•• P b , '46* - • - _ -ca' c ; 99..: 474,4 _ '" 4.5 i7. 547:1."4•24"..nn-S lnt Looking south from the access road in Lot 1 of Section 2. Range condition is estimated to be good. Note the north side of the Creston geologic feature. •" 9 • • .•04.• • • • . • It) • r;• SDNY_GM_00173474 EFTA_00195129 EFTA01305374

DIGITAL IMAGES - MJG-1201 Looking north from the access road in Lot 4 of Section 36. Range condition is estimated to be good. n talisman Looking south from the access road in Lot 1 of Section 36. Range condition is estimated to be good. . arcer.•%-osiowsirsaawasaii "7"------- • n _ lit , • • • ik • sk •-• • Z.'"` • . 44 "±:f 6t.4:_tgaar....4.444 75-tp.... %S.:\ ''• • 14K.,417.„-c* , • • •t. •••4, 4•••••V SDNY_GM_00173475 EFTA_00195B0 EFTA01305375

NEW MEXICO STATE LAM) OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) I/We, ZOliO VUS , of (mailing address) hO 2rwio ath R eccd)Stritaling 8-05k , being lessee(s) under Agriculture Lease No. erg- aan , granted'by the 'ssioner of ublic Lands, do hereby make application to sublease the lands described as follows: SUBDIVISION. SEC. TWP. RAW i..\C\t [XVI brI IA If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of sublessee and mailing address: L. euino d:44''F4) l~g2ottoQoronLod,3briey, NY1 %it% It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20Z, and to expire on September 30, (Sublease cannot be given beyond expiration date of lease.) o e-tt (<4.0--n cCed/lacion D--06 9ive reasons this land is being subleased: PD.( 9(0211 9cazin9 IteenP_. The number, type, class of livestock, and period of use, are as follows: NO. LIVESTOCK KIND PERIOD OF USE CLASS FROM TO 35 la S-01 (Revised 01/2001) AeLtucieics 1 .0 ems 5`49 US 'WM '3..4 3INVS 1130 (1!4V1 31.VIS 2. WY 87 911d 9 CI3A13038 FEES 4 10491.0 001-00003 48 0 28-AUG-06 10235 50.00 SDNY_GM_00173476 EFTA_00195131 EFTA01305376

7 NO: GR2OSE SUBDIVISION SEC-TNN-RNS ASRBAGE U PRICE CARRY 9 PSR CEP S UNIT 36 ',136 098 21.14 0 11 GT2 • N J 36 33R GEE 21.19 G 11 023 WM. 36 136 098 21.24 G 11 WT4 'Off\ 36 136 0911 21.29 G 11 TOTAL AOREA02* I '1 4 SURVAL ,LEASE 3010: 088 TIPS CODES • CoNSIDDYNTIOA RESERVE PROGRAX L IINLIGATED CROPLAND. Ns t ilNILAND BARKØ (DID). 3s 1 1/2 SOUTH FOR 2OWNSU/P, E- 64.86 TOTZLwrtima.: LAND. Ds DRILAND PAKNING. MULE BONS ON LaND, Rs R9IP LAND, IRRIGATED CROPLAND(RID) 4s CRP(11I0) 1/2 EAST POR RUSE CRPSIING CAPACITY RATES 016780 ARE BASED ai 640 AGM PARCELS $63.71 Gs GRAZING. 1s GRAMS: (BID). SS RSIP(6:0) SONY 6M_,00173477 EFTA 0119513 EFTA01305377

31Y3S I •••• A Irtivn a. a. i I .\-4‘\ --,,,r--4-- ... \ .., 4.,. .... ...4 ...,t. : • a.- 1-, / I I ' • 1.. .t- 1 /- . 2 \ 4...,.., , ',. . 1-1 ', n .,,,,.._ -1‘.."1., • .. ,.. ..+,:. .. . -.Ot t ': .".... i yr' 1.-•/. I - " ‘v . 1 e......".‘ - 4 • I l ;:al, ----", - k •-._ r• .". ... N.-.N,, i c i / II I _ ‘ • : • .% )1 b. rratrrrrons gag a I orr2orar' 0 s:uvxn M soy, tl p94,03 4.1*-OS Ir).20MS 441 W P•311•. QW PIN 'MN* 'PW<NYI e MI Prat . rib •••••• NoN•loNN0 mat No/ anA1C54., 41400400,1 2.9 .00.901 At.ir •P16 • ; / / Net SO NY_GM_00173478 EFTA 001951;3 EFTA01305378

VELIANUEVA, NEW MEXICO apt toner se IMO* Illif RANCH UNIT BOUNDARY TOW T IN III :as .0r CI N+. c EFTA_00195134 EFTA01305379

PATRICK H. LYONS COMMISSIONER State of gew Mexico Commissioner ofPubfic Lands 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE. NEW MEXICO 87SO4-I tdR May 8, 2006 Zorro Trust C/O Jeffery E. Epstein 457 Madison Ave. New York, NY 10022 Re: State Agricultural Lease No. GR-2088 (Sublease No. GR-2088-0001) Dear Lessee(s): COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827.5766 www.nmstatelands.org P]ease find enclosed a copy of your approved sublease application. Your sublease commenced on January 1, 2005 and will expire on September 30, 2006. lf you have an uestions please feel free to contact me at the address above or at Sincerely, ?‘ 14 ) 6/7- Lervy A. Ulibani Surface Resources Division NM State Land Office encl. aale Land Office Berbeciories. Cum/ links Hamal • CbrisaNe Prag k Reform • Cotnencet Sao* • LiPtla NM Uoiversity • Rio Grat* briatoverent • Hiwi Hospital «NM *NM Boys &bod • Nm 'Inhbitt minn». »A poset of mmin ,p Teessoff • New Mako Mlllwy lostinne• NM SeMol fix 4N Oref • NM School rot the Vivaity Hatoicapped • NM Statt Hospital • New Mnko Uwe Usthersity • Nonhm NM Corameity CoUtge • Peeisemiary of New Hake • Per. Bodens si Cegisal • SION Patt Comensaken • UM% feil of New Melke • UNM Salwe LM& • wagt Romoits • Waten New Hake Uointilly SDNY GM 00175080 _ _ EFTA_001951135 EFTA01305380

PATRICK H. LYONS COMMISSIONER State op&w Mexico Commissioner of Public Lands 310 OLD SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87304-1 148 May 1, 2006 Zorro Trust CIO Jeffery E. Epstein 457 Madison Ave New York, NY 10022 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org Re: State Agnieultural Leases No. GO-2088 & GO-2122 Dear Lessee(s): Enclosed please find 2 Applications to Validate Improvements. While on other field evaluations on the Zorro Trust Ranch the District Resource Manager noticed several unauthorized improvements. If you would like to have these unauthorized improvements added to your lease, please lill out the enclosed applications. Please be aware that the applications for approval of unauthorized improvements does not necessarily guarantee that the improvements will be authorized or that the value allowed vill be equal to 100% of the value estimated by the State Land Office. Our District Resource Manager will investigate the situation on site and make a recommendation. Please feel free to contact me at the address above or at if you have any questions or need further assistance. Sincerely, • Leroy A. Ulibarri Surface Resources Division NM State Land Office sut. Land Office Iknefaiarin Curie Tlqky NosOhol • Chariot« Pesai & Reka • Cornac &Mois • Un NM UtiverOly • Rio Garde ltrootwelnon • Minai Nosiital d NM •NM Boys School • NM Medina Usiousky • NM Win« of Minier & Tectoolosy • Nove Moite Mikary letthoo•Nm &hm kr oie Drof • NM SØ Cor Ja otoety Hondkopped • NM Suot Hosphal • Nor Mczko Soie Llsivendy • Northers NM Commmily Conte • Petilemiars of New Mexico • PobtWeSemoi 0.003481 Store Park Conoistio, • Unircnity dNt«Mtxko • 'MM Seine Lut • Wou Resenolo • linon No. Mexico Unlonity EFTA_00I95136 EFTA01305381

ZORRO RANCH 49 Zorro Ranch Road Stanley, NM 87056 TELEPHONE: E MAIL January 24, 2006 New Mexico State Land Office PO Box 1148 Santa Fe NM 87504-1148 Reference: GR — 2088 & GR - 2122 Attention: Leroy Dear Leroy, As per our conversation 01/20/06 reference submitting Application to Sublease State Trust Lands, attached you will find two (2) applications for GR 2088 & 2122, completed as per the changes required. Attached a check for S75.72 the balance required to complete this process. Thank you for you guidance in this matter and hope that this completes all the changes and additions that you require. If you do have any questions or concerns please call. Sincerely, Ranch Manager St0SCAN 5/?3/ 2006 SDNY_GM_00173482 EFTA_00195137 EFTA01305382

NEW M ma) STATE LAND OFFICE APPLICATION TO StFBIAA,SE STATE TRUST LANDS:,tij (PLEASE PIARDTININIC) r I ' • ' _ O of (mailing address) La2--rlio gad t 53z2nA8S14112 , being lassee(s) under Agriculture Lease No. granted by the Commissioner of Public Lands, do hereby make application to sublease ht e lands described as follows: I i cZnV. uwe, attic ..-4.Ab's SUBDIVISION SEC. TWP. RANGE ACRES ?Ora) tie.: fi b} PLE Q O4e...chez:A kaie.. -1O If additional space is needed to describe legal subdivision, please attach additional sheet using the above format Please give name of s*' 0`.t and mailing address: etand% 1.: Quirt I icanSee. 412c4(O Qad.S ttj vim no% It being understood that said permission to sublease does not in any way relieve me/us from obligation assumed under the lease stated above. ' CX1U40a4L3 Sublease term on the designated lands to commence edam i, 20 O17 and to expire on September 30, 20 0b , (ubleene cannot be given beyond expiration dare of lease.) Give reasons this land Is being subleased: lea2W11, pt/i(faxs linPree The number, type, class of livestock, and period of use, are as follows; NO. 35 S-01 (Revised 01/2001) LIVESTOCK KIND CLASS PERIOD OF USE FROM TO ,StAil Pe& Tolle Ancit4 elms SL0SCAS 5/23/2006 SDNY_GM_00173483 EFTA_00195138 EFTA01305383

OR— atter Please indicate the person and/or party that you wish our field representative to contact relative to this -nplication to subleasa Name: &lee. 01 &JICJOY-1 Address. 44 zs.o) Oro. icx/(J 3}2ert.:j. toi87-50() Home Telephone N Business Telephone No.1 Include 20% (twenty-percent) of the yearly rental with completed Sublease Application Form. The minimum fee for subleasing is S50.00 (fitly dollars). refet1/4.4 ExivrAci , do solemnly swear (or statements add answers to the questions in this application are true and correct to knowledge and belie. ANY FALSE STATEMENTS CONTAINED LEASE OR LEASES TO CANCELLATION. Signed: Lessee ) that of my CT Iffy Signed: SU CRIBED AND SWORN to before me this ' / r , by 1H5t.rplei— MY COMMISSION F.XPERES: day or (name of Agricultural Leavy ire 20 at HARRYY.tU.pR Nen ery Public. Stale o Newt bliPtary Public No. 16E4 853924 (I whiffed 0 AnStoGIOn4CoonlY Commission Expires reb.1 7:2034 • P tek y Q hJ S „ COMMISSIONER OF PUBLIC LANDS. do hereby gram the lessee(s) listed above permission to sublease the above described land. s-f- APPROVED THIS I day of ea 4-- y 204_L cetral_31);{ COMMISSIONER F PUBLI e-01 (Revised ouzion • /9 t IOCOOSaltl CLOSCAN 5/23/2q06 Llott-0391910303M4 I / EFTA_00 I 95 I 39 EFTA01305384

NEW MEXICO STATE LAND OFFICE APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE PILL OUT IN INK) 7n4fr Please give name of sublessee and mailing IA tam Lin Porii, IIVIe, (castling address) trader Agriculture Lease No. greeted by the make application to sublease the lends described as follows: 5"A4, r of being lessee(s) Lands, do hereby SUBDIVISION SEC. TWP. ACRES !Vat. "' MAIDto_co EiChibk nil-, A attchod c..)el' 4- \. fr- I- If additional space is needed 'be legal subdivision, please attach additional using the above &mutt larit alt LIM It being understood that said pa n to sublease does not in any way relieve mein from obligation assumed abler the lease • ted above. Sublease term on the designated ds to commence October 1, 24 0 6 1 and to expire on September 30, 201%-) , (Sublease given brad expiration date of lease.) Give reasons this land is be tzearig The number, type, c of livestock, and period of use, are as follows: LIVESTOCK NO. KIND CLASS iQ S-01 01/2001) U AS • 1 SLOSCAN 5/?3/20 06 SDNY_GM_00173485 EFTA 00195140 EFTA01305385

DATE TO FIELD DIVISION: IESTING DIVISION: LEASE NUMBER: 6 It - OO x1117 LW MEXICO STATE LAND OFFICra 3130 REQUEST FOR FIELD ASSIGNMENT FIELD DIVISION CONTROL NO. Wk.% - 5 ct.t. ,, BY: A. it t(i; beig.LL: a_O8,8, TYPE OF REQUEST: Skh keu5 NAME OF LESSEE/APPLICANT: Z O (Zito -7- At4.5-1- ADDRESS: 9 1 Z o iCho LA, ;S'4-4... e Alm DESIGNATED CONTACT: /3r; C4 Al cnitclan PHONE: ADDRESS: t7aid LEGAL DESCRIPTION: SECTION nt • Std a- 4-4--a.cLI lei a L di RANGE e r L 4- a COUNTY 544 4 f4 5 -e< 4-4-c, te, 41.4. en-L, AA_ •-/t g , DAT?" RETURNED TO REQUESTING DIVISION/BUREAU: ..ACT RESOURCE MANAGER RECSMMENDATION: 2 Qp0itt eatritiok Csnrkestai CM ( ker. avaa) tPPROVE RECOMMENDATION: FIELD DMSON) (' W.R) ESIWG DIVISION w 1/4 10b ) ( 6.Ak / - / 0 "DO )0 NOT APPROVE RECOMMENDATION: (Please flak reasons) iCTION TAICEITHYREQUESTING DIVISION: glar./4 1 42/24(fitted . A1( .TURNED TO DISTRICT RESOURCE MANAGER -89 Revised: 11/1/99 cL0SCAN 5/25/2006 SDNY_GM_00113486 EFTA_00195141 EFTA01305386

PATRICK H. LYONS COMMISSIONER MARCH 30, 2006 TO: State of dew Mexico Commissioner of Public Lane 310 OW SANTA FE TRAIL P.O. BOX 1148 SANTA FE, NEW MEXICO 87504-1148 COMMISSIONER'S OFFICE Phone (505) 827-5760 Fax (505) 827-5766 www.nmstatelands.org MJG-1174 AND MJG-1175 GILBERT BORREGO, SURFACE RESOURCES DIVISION ATTENTION: MARY DUBOSE GRAZING MANAGER THROUGH: BRIAN HENINGTON, FIELD OPERATIONS ISJON FROM: MARCUS J. GARCIA, SANTA FE DISTRI SUBJECT: GR-2088 AND GR-2122. ZORRO TRUST. r PL1 SUBLEASE. SYNOPSIS The recommendation is to approve this application to sublease. The ocularly estimated range condition varies from fair to good condition. See the IMPROVEMENTS for additional information relative to unauthorized improvements. LEGAL DESCRIPTION GR-2088: Lot 1, 2, 3 and 4 within Section 36, Township 13 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 84.86 acres, more-or-less. GR-2122: Lot 1, 2, 3, 4 and 7; SWYNE1/4, Si/INV/4, SW'/. of Section 2, Township 12 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 518.97 acres, more-or-less. Section 16, Township 12 North, Range 9 East, N.M.P.M., Santa Fe, County, New Mexico; containing 640 acres, more-or-less. LOCATION These state trust lands are located in south central Santa Fe County between Galisteo and Stanley, New Mexico. Section 16 is landlocked but Section 36 can be accessed directly from The Anaya Ranch Road (County Road 38-B). Section 2 abuts Section 36 and can conceivably be reached by walking across Section 36. The condition of the grazable sites was ocularly estimated to be in fair to good condition. -Stale Land Office Baxfidaries • Curie Tingley Hospital • Chards* Petal & Reform • Comma Schools • &man NM University • Rio Grande Innownset • Mimi licepital of NM •NM Soya School • NM highlands Ihistrilty • NM haiku &Minim @ Technobsy • New Mexico LaMar/ linninne•NM School for the Deaf • NM School fee be Vnally Hendicapped • NM Sire HospiW • New Menke Soma University • Nernem NM Commonity College • realientiary of New Wake • rtsfritivr otpnek Sun Put Comninion • Ueivereity of New Mexico • UNM Seine lamb • Won Reseavoire • %elm New Mexico Unisonity EFTA 00195142 EFTA01305387

MARCH 30, 2006 -2- MJG-1174 AND MJG-1175 Generally, the condition of section 16 is fair and Sections 2 and 36 are in good condition. The ranch has not been extensively grr.d since being sold to the current owner approximately 10 years ago. According to the ranch manager, the surface ownership status consists of 7,575 deeded and 1,582 acres of leased, mainly state trust land. Currently, there are 50 bead of livestock grazing the ranch that belong to an employee of the ranch, as listed in the application. HIGHEST AND BEST USE Highest, best and current use is estimated to be livestock grazing. Historic rock art panels associated with the Creston geologic feature on Section 2 attract people interested in historic graffiti. IMPROVEMENTS On the day of the field evaluation, I documented a new water distribution pipeline within the SY2S% of Section 16 and cholla removal in the same section. There is another water distribution pipeline also on Section 16 but this should be covered under a water easement since it is the water supply for the lessees' residence. These items will be covered in special assignment reports. REMARKS I met with the ranch manager, Brice Gordon, for this field evaluation. The lessee has essentially given over care and control of the livestock on the subject property, so a sublease is needed. Based on my field evaluation and the fair to good range conditions of the ranch, it is recommended to approve the sublease application. MJG Attachments SDNY_GM_00173488 EFTA_00 I 95 I 43 EFTA01305388

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking east from the SSW/4SE% of Section 16. Range condition is estimated to be fair. Looking west from the SSW/4SE% of Section 16. This image shows the existing dirt tank. • • 4. et r • 1,1.,* ;etc,- • - • '1 ••••!tri, Ile • . • -;_• .! -412"..- re 14CI raC t • PC1.1k-e!Le'i.-Ci ...7 : 147.? -42S4. • cioitto_ • . . is. r , wI C 'CsP P • Ps ' • r 4 • it - - •, .1" • is - P' 4 ,4 4 ' - „. " " l ow . • -r r • _ . 4; -:".• - -. k-, • - • „. • ••••z 4, • ' • - ti.a , -,0•••••• :7111..4...C11J rot A1/2... - -44-- 9 • 1. 1:•,' c't‘Z•PS-4- PtCt f•ct/ 4C‘I 1•11.11.. jeireSt e' ork 4.1!: :fr. • - ..kurper' t4ts'imisa -rs•S` 41, "it --As • • -te At1 4.8 cr t . k: 17 , 5-ea cc r, 5/23/70ar SDNY_GM_00173489 EFTA_00195144 EFTA01305389

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking north from the access road in the SWASE% of Section 16. Looking south from the access road in the SWASE1/4 of Section 16. • • • .afjori. ...IL -1 `...arr _a, • - • <-4- - 411" - • ....ea.: ,.. 37;t15.:7*-4:4, • ;so Z••••••••te-.±:-‘4• ;FOL:4 tat v .0a i' :,41:*k r-t-S-C:alte i: • +at- %.;,12•4> beadm,r,fir- • Ja 7.."HTeiev.2:: 141-r 7 ‘ . 44:44‘ /%4 7'17: SOoattre ... . :?.?'‘ Sctiaart- • "4"-4.eWs i cja r"-;t1.041Aie ltt"1/Cli atearak be t .4: 1* ". t 4.: lit4F,,tr7Pr 410:tie it;as-rtatfiCiiig ',„5.cer -/L6C: 71.41 r_ a ,. . . -• I — ;4, fr ,...i:.- • ..•-• "•,...)47 ?I- 4 ' ,. t li; X; •-• o: 7 t 1 L . ' l i • " — '*itt .lif ) y . •:".. t .ii t Agkil.; .. 4 ‘. t,.......„7„ ,,a .. _ . 'rm. iii ditliS -'...1. : 47 .-1 : 7 .4 O ' . -- ,',: ••: -.1- .1.‘: "; • E . .azz va scan 5b5/a c SDNYGM00173490 EFIA_00195145 EFTA01305390

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking northwest from the SEV,SVA of Section 16. Range condition is estimated to be fair. Looking northeast from the SW'/.SW'/ of Section 16. Range condition is estimated to be fair. 510 SOW G/93/a/07 SDNY_GM_00173491 EFTA_00 I 95 I 46 EFTA01305391

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking west from the access road in the SWV4SEVi of Section 2. Range condition is estimated to be good. - --Agallit Looking southwest from the access road in the SW1/4SE'll of Section 2 to the north side of the Creston geologic feature. Range condition is estimated to be good. $.-1 0 cre 5/23/20,1 SDNY_GM_00173492 EFTA_00 I 95 I 47 EFTA01305392

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking west from the access road in Lot 1 of Section 2. Range condition is estimated to be good. - o a , ;Nrtt,es • — • - " fi ; rte. -; • w.0 "s• .7-2-`'S 7 a .14 -..oZ" ..felwearek at • -+ - 1 t aie t'-alkt-05 • rt.„,- _;-;4:01 ez..; - - /petit Jr••• ne.. • ' 4", - '‘ "SC •••-r rjar tir dar.. _. 4“.. 4.• • .... 1.- --et;" • rtelars a^ p. • rM ‘,Lalior„..,- ‘_• „. ••"'";',•t,""' - Looking south from the access road in Lot 1 of Section 2. Range condition is estimated to be good. Note the north side of the Creston geologic feature. • "Ni r te.a. D g• • - • 46. 57. 0 Sr* 54 Vlela SDNY_GM_00173493 EFTA_00195148 EFTA01305393

DIGITAL IMAGES - MJG-1174 AND MJG-1175 Looking north from the access road in Lot 4 of Section 36. Range condition is estimated to be good. Looking south from the access road in Lot 1 of Section 36. Range condition is estimated to be good. La I La' it.r4; z,it" ,, ., 44 7:4-- e "P.P-;- se • • . . e en's.... • ink li . • 40 A ‘ t r. I S Nli. • .14 •-• ,-,4 7 : 1.7 it ttZ t _ 0 a * - ' 1 c • .• - - ' -_ . 44....t_a4 F.:47 S • .- - Atal.`17.‘: -;:•-; 2 i. ' t --4;;"4 - -I I ' - Z.""•' c. - r +Z .3 •-• " -- --"" I - •-..' . ' • -•-• mist i - , ..-_- 5 : sse64 ... . ... lilt'. .2:7,43.ficy 4 7 .L:771/1;. - Naer;;Cir_ - rer. :40.1"tc, ZtAntt. r's-L-rraz * mal es is ."V fat..et tatetiVAIS" :zirt "rit--C, C. roirlki$A47 ). #91. 510 ccen 5493/02aci SDNY_GM_00173494 EFTA_00 I 95 I 49 EFTA01305394

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unp VILLAIVUEVA. NEW MEXICO WSW I" R14 RANCH UNIT BOUNDARY EFTA_0019515 I EFTA01305396

This is a Pa ch I type separator sheet. C.) E I (1) N in w al 0 0 _J LT II a) a O u_ YI II RINIIYVnI IIIEIIVINIV VIII Portrait Feed New Form Follows... Printed on 7/6/2001 11:48 14 All Copyright CiKotat knago Prologs 1994-1999 11111111,11111111,111111111111,1 41111,1111111111 • SDNY_GM_00173497 EFTA 00195152 EFTA01305397

N . MEXICO STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2088 THIS LEASE, DATED OCTOBER 01, 2001 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED "LESSOR" AND: ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS: C/O JEFFREY E. EPSTEIN 457 MADISON AVE NEW YORK,NY 10022 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERNS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAXES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. 2. TERM. THE TERN OF THIS LEASE SHALL BEGIN ON OCTOBER 01, 2001 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 2006. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING TO AGRICULTURAL LEASES" (19 N.M.A.C. 3, SLO 8.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERN,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE 000 SLO 8-06-0111112 $50.00F1 GOO SLO 8-06-014113 $63.71F4 SDNY_GM_00173498 EFI;k_00195153 EFTA01305398

CARE AND PROTECTION OF Ine i_dASED PREMISES. 5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE THE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. 8. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THE CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORT:7- SDNY_GM_00 173499 EFTA (X)195154 EFTA01305399

CULTURAL PRODUCTS Airy 1.. GRANT SUCH OTHER RIGHTS-OF-Wni ""D EASEMENTS AS PROVIDED BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD 3Y THIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL HATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERN OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. SDNY_GM_00 173500 EFTA_00195155 EFTA01305400

I/WE CERTIFY uisSEE ) REFERENCED ON THE FACe, P4,6E OF THIS LEASE. LESSEE a ri t erj ej oD zen.trac+- LESSEE TELEPHONE TELEPHONE LESSOR-,COIfNISSIONER OF PUJ 1 tC LANDS STATE OF NEW MEXICO COUNTY OF THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE NE THIS DAY OP , 20 ACKNOWLEDGMENTS NATURAL PERSON(S) BY (NAME OF PERSON ACKNOWLEDGED) NY COMMISSION EXPIRES: J erk Iff-‘TE OF NEW AWAHND- ) ) COUNTY OF 141.‘.0444: ) NOTARY PUBLIC PARTNERSHIP THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 20 , BY (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF , A PARTNERSHIP. MY COMMISSION EXPIRES: NOTARY PUBLIC STATE OF OF NEW MHX463. • COUNTY OF Nirtmlot/K, THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS 30b DAY OP 'Ta , 2001 BY „Tc-Ccir-e_ti c (.e i''1 74 7:644-CP-- OF t (NAAt OF OFFICER) (TITLE OF OFFICER) "7--env-inn 4- A NIAJAJ %irk TatikTICIN-c-g N BEHALF (CORPORATION NAME) OF SAID CORPORATION. IOMMISSION EXPIRES: IPBELd Notary. ublic, State of New York aumiNned o. Oin1 BRE0c413ki583n692c4ounty Commission Expires Feb. 17, 20_y_ SDNY_GM_00173501 EFTA_001195 I 56 EFTA01305401

NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 87504-1148 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES TEAT ALL STATE LAND TO BE LEASED BE APPRAISED AT ITS TRUE VALUE. STATE LAW, UNDER SECTION 19-7-1 NMSA 1978, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT BE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED BY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPRAISEMENT I,NaTRUCTIONS: THIS INFORMATION MUST BE COMPLETED BY A DISINTERESTED PERSON AND BASED ON INDIVIDUAL'S INFORMATION AND BELIEF. THIS FORM CANNOT BE COMPLETED BY A LICENSED Al-eRAISER. (NMSA 1978, 61-30-16). YOU CANNOT PAY TO HAVE THIS FORM COMPLETED. (NMSA 1978, 60-30-3A). THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. I, at- f . .k (riot WV" W2 t , DO SOLEMNLY SWEAR (OR AFFIRM), UNDER THE PENALTIES OP PERJURY, THAT AFTER HAVING PERSONALLY INSPECTED THE TRACT(S) OF LAND CONTAINED IN LEASE No.Geatss AND DESCRIBED IN EXHIBIT A OF SAID LEASE, THAT MY OPINION OF THE APPRAISED CASH VALUE OF SAME (WITHOUT IMPROVEMENTS) IS $ facto.00 PER ACRE, IP SOLD, AND $ 4on.ann PER ACRE, FOR LEASE PURPOSES, AND CERTIFY THAT I AM NOT INTERESTED IN SAID LAND FOR LEASING OR SALE THEREOF. SIGNED ADDRESS Lic-7 CITY/STATE p1/4.) <pia `(or k .t SUBSCRIBED AND SWORN TO BEFORE ME THIS qmSt DAY OF ;Pt / 20 . MY COMMISSION EXPIRES: 0 I NMI PUBLIC tc vay HA . BLLER Notary PubRRY! lic, StateE of New Fork QuailiNo. 018E4963924 Commission Expires Rr Feb. 17, 20,2 ckland County 2.--- SDNY_GM_00173502 EFTA_00195157 EFTA01305402

EXHIBIT A LEASE NO: GR2088 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE S PER E UNIT CARRY CAP * LOT]. 36 13N 09E 21.14 G 11 LOT2 36 13N 09E 21.19 G 11 LOT3 36 13N 09E 21.24 G 11 LAT. 36 13N 09E 21.29 G 11 TOTAL ACREAGE: • II1J Wr• t RENEWAL LEASE 84.86 TOTAL RENTAL: 563.71 LEGEND: USE TYPE CODES Com CONSERVATION RESERVE PROGRAM I= IRRIGATED CROPLAND, M= 2= DRYLAND FARMING (BID), 3= H= 1/2 SOUTH FOR TOWNSHIP, H= LAND, D= DRYLAND FARMING, MOBILE HOME ON LAND, R= RSIP LAND, IRRIGATED CROPLAND(BID) 4= CRP(BID) 1/2 EAST FOR RANGE * CARRYING CAPACITY RATES LISTED ARE BASED ON 640 ACRE PARCELS G= GRAZING, 1- GRAZING (BID). 5= RSIP(BID) , SDNY_GM_00173503 EFTA_001195 I 58 EFTA01305403

IMPROVEMENT LISTING FOR EXISTING LESSEE'S RENEWAL APPLICATION The State Land Office Rule Relating to Agricultural Leases, 19 N.M.A.C. 8.9.2.2. requires you to submit a listing of your improvements located on the state leased land held under this lease with your application. LEASE NUMBER G-E. St (Please check one of the boxes) DO IMPROVEMENTS EXIST ON STATE LAND: YES IF YES PLEASE LIST BELOW. NO I p.siczt(none) All improvements mast be listed even if they are on record with our office. EtintOVEMENT APPItOnNIAMBIDIgkariii7EAR LOCATION SECTION TQ._ Inclusion of unauthorized improvements on this listing or any appraisal submitted to the Commissioner for any purpose shall not be interpreted as approval of those improvements by the Commissioner. (19 N.M.A.C. 8.9.11) This office will reject your renewal lease application if this form is not completed. - - - - true and correct to the best of my knowledge. Please fired whether improvements exist or not. see Signature Date: 1 1150/0 I Lessee Signature SDNY_GM_00173504 EFTA_00 I 95 I 59 EFTA01305404

This is a Patch I ype sepa a or sheet. 1 NH1111111111 Form Type = 'AgM scBid" CODE12 type baccda This is a Patch i type separator sheet. * Portrait Feed New Form Follows... Pdnled on 7M/2001 11:49:21 AM Copyr19124:Korsit keine Products 1294-1999 11111111,J111,1111 1j111111 SDNY_GM_00173505 EFTA_00195160 EFTA01305405

O STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GR2088 THIS LEASE, DATED FEBRUARY 03, 1997 , IS ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED "LESSOR" AND: ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS; C/O JEFFREY E. EPSTEIN 457 MADISON AVE NEW YORK,NY 10022 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSER TAKES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. 2. TERM. THE TERM OF THIS LEASE SHALL BEGIN ON FEBRUARY 03, 1997 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 2001. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMLNED AS FOLLOWS : ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY SLO RULE 8 "RELATING TO AGRICULTURAL LEASES" (19 N.M.A.C. 3, SLO 8.11). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI,FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM,BE DECREASED OR INCREASED BY MORE THAN THIRTY-THREE AND ONE-THIRD PERCENT.IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE -SONY-6Itrotira1506 EFTA_0019516I EFTA01305406

CARE AND PROTECTION Ok THE LEASED PREMISES. 5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE THE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. 8 COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE. NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE. TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE. OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THE CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKE AND FILE AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OP RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEASES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR TEE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- opERATO.. SDNY_GM_00173507 EFTA 0029526? EFTA01305407

CULTURAL PRODUCTS ...4D TO GRANT SUCH OTHER RIGHTS-OF-h..-. AND EASEMENTS AS PROVIDED BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OP THE LAND HELD BY THIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OP LESSOR AND APPLICABLE CITY, COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE. TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OP THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. tifJ------ esec.... SDNY_GM00173508 EFTA_00195163 EFTA01305408

WITNESS THE LESSE LESSEE S AND SEALS JF LESSOR AND LESSEE ON THE DAY AAA, /F ' TELEPHONE 7 ( ) TE P NE elIMISSIONER OF P IC LANDS ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OF NEW MEXICO ) ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF BY (NAME OF PERSON ACKNOWLEDGED) MY COMMISSION EXPIRES: , 19 NOTARY PUBLIC PARTNERSHIP STATE OF NEW MEXICO ) ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 19 (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OP A PARTNERSHIP. MY COMMISSION EXPIRES: NOTARY PUBLIC CORPORATION STATE OP NEW MEXICO ) ) COUNTY OF4A)tat,... ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 4(44(1 , 199? BY CGwee.- Adeet7:74 111 OF NAME OFFICER) (TITLE OFOFFICER) ,frtirs9 04s44.71" (CORPORATION NAME) OF SAID CORPORATION. MY COnNISSION EXPIRES: test . ff /999 A & /7 7tit CORPORATION, ON BEHALF rase./ .9 51 10-tcar....--• NOTARY PUBLIC • GM_00173509 g • EFTA_PO I 95 I 64 EFTA01305409

E)DIIBIT A LEASE NO: GR2088 SUBDIVISION SEC-TWN-RNG ACREAGE U PRICE CC S PER AA E UNIT RP LOT1 - 36 13N 09E 21.14 1 500.0000 11 LOT2 - - 36 13N 09E 21.19 1 500.0000 11 LOT3 - - 36 13N 09E 21.24 1 500.0000 11 LOT4 - - - 36 13N 09E 21.29 1 500.0000 11 TOTAL ACREAGE: 84.86 LEASE ISSUED OUT OF OPEN-ACREAGE FROM A COMPETITIVE BID. TOTAL RENTAL: $2,000.00 LEGEND: USE TYPE CODES C. CONSERVATION RESERVE PROGRAM LAND, D. DRYLAND FARMING, On RANGELAND, I. IRRIGATED CROPLAND, M. MOBILE HOME ON LAND, R. RSIP LAND, 1. BID ON GRAZING, 2- BID IN DRYLAND FARMING, 3- BID ON IRRIGATED, 4. BID ON CRP LAND, 5. BID ON RSIP SDNY_GM_00173510 EFTA00I95165 EFTA01305410

HEW ELEXECO STATE lam mina • APPLICATION TO LEASE STATE TRUST LAND The Commissioner of Public Lands P.O. Box 1148 Santa Pe, New Mexico 87504-1148 • Purpose of application (check ones X COMPETITIVE BID OPEN ACREAGE (I/We), Jeffrey E. Epstein, trustee of the ZorrolAnch. a (name) New York Trust, 457 Madison Avenue, New York, New York 10022 (address) Telephone , having reached the age of majority and not in de ault under any state lease, do hereby apply to lease for a term not to exceed five years, a total of acres which is described below. USE FOR COMPETITIVE BID PURPOSES ONLY: WITH THIS APPLICATION I/NZ REMIT $ 2000i00 AS THE FIRST YEAR'S OFFERED RENTAL ON TEE DESCRIBED 1.1 ,S. IF AWARDED THE LEASE, IME A= TO PAY NO LESS THAN THE oPPERED INT ANNUALLY POR THE REMAINING TERM OP TEE LEASE SUBDIVISION SECTION TOWNSHIP RANGE ACRES • Lots 1, 2, 3, and 4 - .. .ication fee $50.00 ;ravi d . /S3) 3.6 13N 9E approx. 84.7 continued on reverse sidr SDNY_GM_00173511 EFTA_00 I 95 I 66 EFTA01305411

- 457 Madison Avenue pow Ynrk, MY Vin7, Telephone Subscribed and sworn to before .UMFOM PM VIM A. Mr am omm cum We Mao. UM Ikon Noisy Silt UtiOndlis Notary Public I Snit. in answer to the following questions: is this land within your pasture or grazing allotment? For what purpose is the land wanted? grazing Do you intend to irrigate any portion of the land? Mo No Do you intend to sublease any portion of this land? No I/We, Jeffrey E. Epstein , do solemnly swear (or affirm) that the statements and answers to questions in this application are true and co the best of my knowledge and belief. Signed Address Signed Address Telephone me this a9 day of My c scion expires: /f99 Z. Subscribed and sworn to before me this day of 19 My commission expires Notary Public SDNY_GM_00173512 - _ EFTA_00 I 95 I 67 EFTA01305412

.IEW MEXICO STATE LAND O}-riCE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS TO THE COMMISSIONER OF PUBLIC LANDS, SANTA FE, N. M. Sir: I am well acquainted with the character of state owned lands as described on the back of this form, located in5Roat County. New Mexico. together with statement of the natural character thereof and the condition thereof: CHARACTER OF LAND The land is bast adapted for grazing or agriculture -r-re,..., C There are natural streams, springs. ponds. and water holes as follows:. AM NC There are irrigating ditches on land as follows: 4f,10/./c Give depth of well nearest this in land, and state Inpation_by section. township and range On said nd there are —rateto...,-.5 /a t /07... 4.1 i o eRA, t 9E. acres nature) hay land; A/0 acres agricultural land, without irrigation. 0 acres of irrigable land, /1/0 acres in actual cultivation, and Ak, acres timber land. State kind of timber, quality and presep condition 4./C,A., C Is there mineral or coal on the land? 4 .10 . If so. state location. extent and kind of mineral FE •TheCilo A-, The attached plat represents the location of said lands, the location of streams, springs, water sources and irrigation ditches, as well as the agriculttiral, hay and grazing land, if any. also the improvements, and said map is made a part of this affidavit. House. give size and type of construction EV -4, stables and corrals V give depth and description IMPROVEMENTS il OAPE /110.•-ze ot/o..:-/e Value I Value I Value $ ,„4.; ct .c.r Value $ Fences. give amount and kind / 4a:a7P0 AL, e sne.44.,0 g .ca, Value $ c2o Other improvements 4./0 C Total Value of improvements The first improVements ware placed upon this section by of Value $ State of After having personally inspected the within described tract of land. I HEREBY APPRAISE THE SAME at and state the ACTUAL CASH VALUE of same to be S R 0 par acre, and certify that I am not interested in said land or leas- ing or sale thereof. Subscribed and sworn to before me this al day of My Commission Expires: 7T/otos a.i, 1Q99 Signed P.O. -.St_ 7 -- Januas11 y I , 19 97 t aral t 4s ., Notary 1/ NOTE: The Laws of New Mexico require that all statements in appraisements must be made from per- inal knowledge. and not upon information and belief; eave.only those with reference to the actual value of the4and appraised. This appraisement must be sworn to before a Notary Public or other office ized to administer oaths. S-44(REV-1985) 000 SL0 2-05-97#024 $2,000.00F4 ( OVER ) 000 SL0 2-05-97#025 aup sat rn.,:fofii e°_&00039itton,„,49,_. EFTA_00195168 EFTA01305413

THE CONTENTS OF THIS FOLDER HAVE BEEN PREPARED FOR IMAGING. PLEASE TAKE SPECIAL CARE NOT TO REARRANGE THE CONTENTS AS YOU WORK WITH THE FOLDER. IF YOU THINK YOU MAY HAVE GOTTEN IT OUT OF ORDER, no big deal, but PLEASE CONTACT MARY DUBOSE OR OTHER AGRICULTURAL LEASING DIVISION STAFF ABOUT HOW TO REASSEMBLE. YOUR COOPERATION IS MUCH APPRECIATED. LEASE G1) DATE OF PREP EFTA_00195169 EFTA01305414

COMMERCIAL RESOURCES (505)4274724 SUIUMCJI RESOURCES (305)4274703 MIIIERAL RESOURCES 0044274744 ROYALTY (305)427.3772 August 5, 1997' Stateofriewileadco Commissioner of Public Lands Ray Powell, MS., D.V.M. 310 Old Santa Pe Trail, P. O. Box 1148 Santa Pe, New Mexico 87504.1148 Phone (5O5)-827.5760, Pax (505)-827-5766 Zorro Trust C/O Jeffrey E. Epstein 457 Madison Ave. New York, NY 10022 Re: State Agricultural Lease Dear Mr. Epstein: Please find enclosed an approve of your agricultural lease contract issued from open-acreage. The term of your lease will commenced on February 3, 1997 and will expire on September 30, 2001. ►UBLIC AFTAIRS (503)4274765 A01111113TIATIVE MOM (305)4274700 LEGAL (305)4274713 (505)4274732 If you have any ques feel free to contact me at the above address or at . Suzie Jacquez Surface Resources Division Encl SDNY_GM_00173515 EFTA_00 I 95 I 70 EFTA01305415

reMMEACIAl. RESOURCES (505)4274T24 riieuc AMATITS (.505)427-5705 MMMWERIMWMUS State of New Mexico ADMINISTRATIVE MOM'. (50314274705 posi.mawcm Commissioner of Public Lands mmumimmixmom Ray Powell, M.S., D.V.M. MEAL (305)4274744 0044274715 310 Old Santa Pe Trail. P. 0. Sox 1148 Roma,/ Santa Pe, new Mexico 87304-1148 KAMM moma274rm Phone (503)-8274760, Pax (305)427-3788 (505)4274732 Zorro Trust C/O Jeffrey Epstein February 14, 1997 457 Madison Avenue New York, New York 10022 Re: State Agricultural Lease No. GR-2088 Dear Mr. Epstein: Congratulations! You have won the competitive bid to lease State Land issued out of open-acreage(Lots 1, 2, 3 & 4 of Sect. 36, Tnsp. 13N & Rge. 9E which make up 84.86 acres). Enclosed is a set of lease contracts for your execution. Please note that the name of the lessee depicted on the lease contracts is "Zorro Trust". On your application to lease State Trust Land you indicated the name of "Zorro Ranch" as the applicant name, however all of our records pertaining to you show that you usually use the name "Zorro Trust". On February 10, 1997, I spoke with Shannon Heali of the Zorro Ranch who gave her verbal consent for us to use the name "Zorro Trust" as the lessee of this lease. She later confirmed that she would be sending us a written consent which we are waitig for. Please note that the term for this lease commenced on February 3, 1997 and will expire on September 30, 2001. Please sign both copies before a Notary Public and return them to this office at your earliest convenience for the Commissioner's approval. Once approved, Marcus Garcia will contact you to schedule an appointment for an orientation interview and deliver to you your approved contract. we also pro-rated your annual rental of $2000.00 for 8 months. Due to this, your annual rental for 1996-1997 will be $1,333.36. Since you submitted to us $2000.00, we will be refunding you the difference of $666.64 in 4-6 weeks. If you have any questions, please feel free to contact me at the above address or at Sincerely, Suzie Jacquez Surface Resources Division Encl SDNY_GM_00173516 EFTA_00195171 EFTA01305416

COMPIGICIAL RISOURCLS (505)427-5724 5URrACt ReSOURCO . State of New Mexico j50S)427'570' Commissioner of Public Lands MMA011, UMWKW Ray Powell, M.S., D.V.M. (505)427.3744 310 Old Santa Pe Troll, P. 0. Box 1148 ACArtaff Santa Fe, Mew Mexico 87504.1148 0o0427-3n2 Phone (505)-827.5760, Fax (505)-827.5788 Zorro Trust C/O Jeffrey Epstein 457 Madison Avenue New York, New York 10022 ruouc AJTAJR3 [SO5)427-5765 ADMIMISTRATIVe MOM% 005)4274700 LEGAL. (S03)427.5713 PLMROMo (505)427-S752 February 14, 1997 Re: State Agricultural Lease No. GR-2088 Dear Mr. Epstein: Congratulations! You have won the competitive bid to lease State Land issued out of open-acreage(Lots 1, 2, 3 & 4 of Sect. 36, Tnsp. 13N & Rge. 9E which make up 84.86 acres). Enclosed is a set of lease contracts for your execution. Please note that the name of the lessee depicted on the lease contracts is "Zorro Trust". On your application to lease State Trust Land you indicated the name of "Zorro Ranch" as the applicant name, however all of our records pertaining to you show that you usually use the name "Zorro Trust". On February 10, 1997, I spoke with Shannon Heali of the Zorro Ranch who gave her verbal consent for us to use the name "Zorro Trust" as the lessee of this lease. She later confirmed that she would be sending us a written consent which we are waitig for. Please note that the term for this lease commenced on February 3, 1997 and will expire on September 30, 2001. Please sign both copies before a Notary Public and return them to this office at your earliest convenience for the Commissioner's approval. Once approved, Marcus Garcia will contact you to schedule an appointment for an orientation interview and deliver to you your approved contract. We also pro-rated your annual rental of $2000.00 for 8 months. Due to this, your annual rental for 1996-1997 will be $1,333.36. Since you submitted to us $2000.00, we will be refunding you the difference of $666.64 in 4-6 weeks. If you have any questions, lease feel free to contact me at the above address or at Sincerely, LiA4 Suzie Jacquez Surface Resources Division Encl SDNY_GM_00173517 EFTA_00 I 95 I 72 EFTA01305417

COMMIRCIAL ItT3OURCC3 14,0‘ . PUBLIC ASTMS (303)427.3724 (505)4274765 • 3URFACC RCSOURCCS (505)4274793 State of New Mexico Commissioner of Public Lands ADMIIILSTRATIVC MOW. (50.3)4274700 MUICRAL RESOURCLS Ray Powell, M.S., D.V.M. LEGAL (305)4274744 ($05)-827-5713 310 Old Santa Pe Trail, P. 0. Box 1148 ROYALTY Santa Pe, New Mexico 87504-1148 PLAIVIIII0 (503)4274772 Phone (505)-827.5780, rex (505)-827.5768 (305)4274752 February 14, 1997 Ublivion Enterprises VO Skip Whitson P.O. Box 5588 Santa Fe, New Mexico 87502-5511 Re: Sealed Bid on Open-Acreage Dear Mr. Whitson: Recently, I wrote you to inform you that you did not win the competitive bid. I neglected to enclose your rejected application with that letter. Please excuse this oversight. I apologize for this inconvenience. I am enclosing these documents with this letter. If you have any questions, lease feel free to contact me at the above address or at Sincerely, Suzie Jacquez Surface Resources Division Encl. SDNY_GM_00173518 EFTA_00195173 EFTA01305418

tonneau/1, mounts (soslaz7-3724 SURFACE RESOURCES (SO3)4274793 MUICRAL RESOURCES (SO3)-8274744 ROYALTY (SO3)-8274772 February 6, 1997 State of New Mexico Commissioner of Public Lands Ray Powell, M.S., D.V.M. 310 Old Santa Fe Trill, P. 0. Box 1148 Santa Fe, New Mexico 0504-1148 Phone (505)-827.5780, Fax (505).827.5788 Ublivion Enterprises C/O Skip Whitson P.O. Box 5588 Santa Fe, NM 87502-5588 PUBLIC ARAM! 4505)427476S ADMITICSTRAT1YE MONT. (503)4274700 LEGAL (503}627-3713 PLATSIIII0 (S05)4274732 Re: Sealed Bid on Open-Acreage Dear Applicant: I am sorry to inform you that you did not win the Sealed Bid competition. We will be refunding you your sealed bid offer of $501.00. You should be receiving this refund in 4-6 weeks. Enclosed with this letter is your original open-acreage application that has been stamped as 'rejected" along with your appraisement form. Thank you for expressing your interest in this open-acreage. If you have any further questions re ardin this matter, please contact me at the above address or at Sincerely, Suzie Jacquez Surface Resources Division Encl. SDNY_GM_00173519 EFTA_00195174 EFTA01305419

;1300'0S$ £ZONL6-SO-Z 01S MG ZORRO DEVELOPMENT COPR./CASH ACCOUNT% .1koikty al II 91 or +go emikinsoto q ft uz Gimps I $ 5b. co • ••F Bryn .- - Zeritt" 6420 II•24642.• a6--cii iti OM • ; iligsf A. / . • .- i 1 • L Ilk!' 'A try C ••• le -V _.: , az, 4.tu. ill.vc. 9 7; n!:" . ?0, YV r'azo ,... . 0 . • • .:1 .. _._ tip4: -E: • LiNit • N Y ii011B.ORDER OF W.. . , .. II. It li ..,- iri' • #'14.CA 4' trt '=•''' CA ••t . ct `F •PeA.TC-4 • 3 ; .- WBJS FARGCra COMPANY. 'slum - ;: ', -Co MONTGOMERY STIWGT • . ' * SAM FFWSCO_ ... AC_ 41113. : • • PAYASLE At Winn PARDO SAM Nat. LcoR mums CAI.1.14,51 3964564 ,, A Ts. 901 7, tit • 1278 211.41/1070 DO:LARSEl • _ • - • • _ 4 - • 7 - • - - • . - • • _ ^ _ • - V a . I n - T h . • • ;, .4.420 • 068' e: A tor, re •97. ., tea.. a.,=" 5 L • rt -.4 ArV ia .4q. V 1/2 . • t eZ allk 7 a t " iP %UAL~s1M165 • : 1. —tort go, , **2, 000 . 00** If% . e 5! tre .,44. • Or) deS ar ett .C. V Veld it veer smosp.48 . •, ti g II 3:4( .14 a SAT - if • .j FA- 4 q t a 41 •• .• &Maim Authcrized Pe 000 SLO 2- 05-97#10222 $2,000.0OCK EFTA_00195175 EFTA01305420

• .?-• ;.-0 • •• ?V. • !- • ; ii:14$€•9 i s; ••• •:•"*". t' s .f. • Los Alamos Credit Union P.O. Bcot 1100 M" —t Los MilTIOL NM MU i 005)652-1261 OLA/1M ENTE1WRISES B2-03-97 . . HE • EXACTLYE30501dids Pacts T ORDER OF alitiMISICNIR OF LAWS i; ita2pccm @maga ottitnirsisee • 0= : . • . . • • . ' • • _ • • N4111/31.• 242614 VOID AFTER 6 MONTHS a SDNY_GM00173521 EF1'A_00195176 EFTA01305421

0IMMERCIAL RESOURCES (503)427-3724 SUREACE RESOURCES (SOS)8274793 State of New Mexico Commissioner of Public Lands PUBLIC AFFAIRS (503)6273765 ADMRUSERATIVE MOM. (502)4274700 PURERAL RESCRJRCZS Ray Powell, M.S., D.V.M. LEGAL 003)4274744 POS)-1274713 310 Old Santa Fe Trail, P. 0. box 1148 ROYALTY Sante Fe, New Mexko 87504.1148 mamma (SO5)4274772 Phone (505)-827-5700, Fax (505)-827.5766 (303)427-1752 entringo wAsit January 3, 1997 Lyman Fogel Highway 41 P.O. Box 567 Stanley, NM 87056 RE: Open-Acreage Dear Sir: This letter is in reference to State Trust Land which has become available for leasing: Lots 1, 2, 3 and 4 of Section 36, Township 13N, Range 9E. You have been identified by our Land Use Specialist as one of the individuals who may be interested in applying for this acreage. These lands are to be leased through a restrictive sealed bid process between you and other interested parties. Also, we are aware of the fence that lies south of County Road 388. This fence was placed on this parcel of land approximately 4 years ago and appears to hairs been placed without authorization from the Commissioner. Please note that if you lose the competitive bid, you will not receive a compensation value for the existing fence and may be required to remove it. If you choose to bid, please complete and return the enclosed application, appraisement form, the $50.00 application fee and your first year's offered bid amount in the enclosed envelope as your bid is confidential. The appraisement needs to be executed by a disinterested party. Your sealed hid offer must be submitted by money order, cashier's check cr certified check and must be received in this office on or before 5:00 P.M. on Monday, February 3, 1997. The minimum amount offered shall be no less than $.71 per acre for a total of $60.18. Please note that the $50.00 application fee is non-refundable. If you have iii ifurther questions, please contact me at the above address or at Sincerely, Encl.. Suzie Jacquez Surface Resources SDNY_OM_00173522 EFTA_00 I 95 I 77 EFTA01305422

NEW MEXICO STATE LAND OFFICE APPLICATION TO LEASE STATE TRUST LAND The Commissioner of Public Lands P.O. Box 1148 Santa Fe, New Mexico 87504-1148 Purpose of application (check one): COMPETITIVE BID ".." OPEN ACREAGE (I/We), UB:.-/ vices/ ErreAp4.O95.; (name) 0. Box ST-86; -S72, ra-c Fes, fin e73-02.--vs-eg Telephone and not in e•au un er any s a e a term not to exceed five years, a described below. (address) having reached the age of majority ease, do hereby apply to lease for total of acres which is USE FOR COMPETITIVE BID PURPOSES ONLY: WITH THIS APPLICATION I/WE REMIT S AS TEE FIRST YEAR'S OFFERED RENTAL ON THE bssessasb MIS. IF AWARDED THE LEASE, I/WE AGREE TO PAY NO LESS THAN THE OFFERED aMODNT ANNUALLY FOR THE REMAINING TERM OF THE LEASE. SUBDIVISION SECTION TOWNSHIP RANGE ACRES 40-7--, 4 z, 9. S36 7/3 A/ Sot rloN /tog E Ito ef. ae Application fee $50.00 continued on reverse S-00 (revised 3/93) WO $10 8-21-96:1053 $50.00F1 89-84- SDNY_GM_00173523 EFTA_00 I 95 I 78 EFTA01305423

NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS TO THE COMMISSIONER OF PUBLIC LANDS, SANTA FE, N. M. Sir: am well acquainted with the chancier of state owned lands as described on the back of this form, located in .5-Afta. County, New Mexico, together with statement of the natural character thereof and the condition thereof: CHARACTER OF LAND . The land is best adapted for grazing or agriculture Cai rns) There are natural streams, springs, ponds, and water holes as follows:. NOSE e-vs-r:ceo There are irrigating ditches on land as follows: nosits. "furl a CO Give depth of well nearest this land, and state location by section. township and range On said land there are Ate acres natural hay land; acres agricultural land, without irrigation. acres of irrigable land. acres In actual cultivation, and No acres timber land. State kind of timber, quality and present condition .errs -I • Ave 2- ow_ 7 aw tirse.naaaro -veysserr. Is then mineral or coal on the land? taste -sr . If so. state location. extent and kind of mineral The attached plat represents the location of said lands. the location of streams, springs, water sources and irrigation ditches, as well as the agricultuial. hay and grazing land, if any, also the improvements, and said map is made a part of this affidavit. IMPROVEMENTS House, give size and type of construction Value $ E s, stables and corrals Value 5 I give depth and description Value S Windmill Value 5 Fences. give amount and kind / pe•ics (4.1 ACH *Ear stye Avenn-st -::: irer, ca., ) Value $ Other improvements ova 044 peek Larva / Value 5 Total Value of improvements 5 of The first improvements were placed upon this section by Atate of After having personally inspected the within described tract of land. I HEREBY APPRAISE THE SAME at and state the ACTUAL CASH VALUE of same to be 4 Doc, -tilL par acre, and certify that I t interested in said land or leas- ing or sale thereof. Subscribed and sworn M before me this My Commission Expires: ai' 9 - '7 -4 a day of Signed P.O. Bits. /6,257 -Cannot a Ahlti 49731,er-r 45-3 S7. 009k 4-- x VIA° Notary Public . 19 Cte .P.,71Fa NOTE: The Laws of New Mexico requiie that all statements in appraisements must be made from per- anal knowledge. and not upon inforniatinn and belief:. sava,only those with reference to the actual value of the gland appraised. This appraisement must be sworn to before a Notary Public or other officer author- ized to.edminister oaths. 1-44(REV-1985) ( OVER ) EFTA_00195179 EFTA01305424

CONFIDENTIAL CA11-113gq) CPNF EFTA,01.9. EFTA01305425

This s a Patch I type separator sheet. 1) lilt iuuuiuim Fo m Type = ' Fie dReport" CODE 28 type txlet+do Portrait Feed New Form Follows... Printed on 7192001 11:52:44 AM tonight =an Irmo Profsts 1994-1999 SDNY_GM_00173526 EFTA_0011951181 EFTA01305426

CONFIDENTIAL DOCUMENTS PRIVILEGED AND CONFIDENTIAL MATERIAL - THIS MATERIAL IS NOT TO BE INCLUDED IN ANY LEASE, CONTRACT OR OTHER FILE OR RECORD AVAILABLE TO THE PUBLIC. IT MAY BE DISCLOSED ONLY BY THE EXPRESS WRITTEN ORDER OF THE COMMISSIONER. List of confidential materials redacted from this lease file: GR-2088 (A copy of this list may be provided to the public during inspection of public records) 1 Field report submitted by Marcus Garcia (MJG-815) dated Oct. 15, 1996 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 SDNY_GM_00173527 EFTA_00 I 95 I 82 EFTA01305427

NEW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT \i •b'' DATE TO FIELD DIVISION: 8-21-96 FIELD DIVISION CONTROL NO. Alvig-- REQUESTING DIVISION Surface Resources BY: Susie Jacques 4;5 1"7". LEASE NUMBER: TYPE OF REQUEST: Open-Arreage NAME OF LESSEE/APPLICANT: i Ublivion Enterprises ADDRESS P.O. Box 558(1. Santa Pe. NM 87502-558R DESIGNATED CONTACT Skim Whitson ADDRESS Same PHONE NO.471-5177 LEGAL DESCRIPTION SECTION: TWP. RGE. COUNTY: Tats 1. 2. 1. 4 36 11N CAR Santa PA 36-1A;Pa.-4,. spa NW4SR4 (0(1 07 Iota _iles-a7 ea:9- -1267,5 A-14 ,Santa Pp (aft/ (AZ 3R-1? REMARKS: Please provide t e following: Highest 6 Best use; Exhisting Range Conditions; Means of Public Access; Carrying Capacity(CC- worksheets are required); Improvements A their related value; Surrounding Land Ownership(Nane, Address, Phone I); Potential for Competitive Bid tit Direct Lease. DATE RETURNED TO REQUESTING DIVISION/BUREAU: /11/01h11, LAND USE SPECIALIST RECOMMENDATION: Agelloyvza` iteraes iceport.tAf. A,4014.044 !., p at ' AtAzi/ea:Onf • mjc, ..;,Ard kiihno 4:tot ne4 ak0 44-447,7-14(.42.04/16 azaksigiatiAitnizeriew )),24,1,41.S. 34: ea t , 74 eel Mu/ eti RECOMMENDATION APPROV : FIELD ISION [REQUES /0-073-1h• • I DO NOT APPROVE RECOMMENDATION: (PLEASE STATE REASONS) ION TAKEN BY REQUESTING DIVISION: DATE RETURNED TO LAND USE SPECIALIST: G-89 REVISED 1/91 SDNY_GM_00173528 EFTA_00195183 EFTA01305428

RAY roma, MS., D.V.M. COMMISSIONER OCTOBER 15, 1996 *ate of Xetv Commissioner of Fabric Tombs 310 OLD SAM FE TRAIL P.I1 887 1148 SANTA FE, NEW MEXICO 8750/./148 (SOS) en-ma FAX 005) 827476$ MJG -815 TO: . DWAIN GLIDEWELL, DIRECTOR; SURFACE RESOURCES DIVISION THROUGH: DENNIS GARCIA, DIRECTOR; FIELD OPERAT ONS FROM: MARCUS J. GARCIA, LAND USE SPECIAL FIELD OPERATIONS DIVISION SUBJECT: OPEN ACREAGE APPLICATION/UBLIVION ENT , INC. SYNOPSIS The application is to lease two separate and non-adjacent parcels, one with public access and one without. See REMARKS for recommendations. LEGAL DESCRIPTION Parcel 1. The NWNSEW of Section 2, Township 10 North, Range 9 East, N.M.P.M., Santa Fe County, New Mexico; containing 40 acres, more-or-less. Parcel 2. Lots 1, 2, 3, and 4 of Section 36, Township 13 North, Range 9 East, N.M.P.M., Santa Fe County, New Mexico; containing 84.86 acres, more-or-less. LOCATION These parcels are located in southern Santa Fe County. Parcel 1 lacks public access. However, the B. Anaya Road (C.R. 12-B) is located approximately M-mile to the south. There is an unimproved ranch road located on fee land (Adam/Daniel White) from the county road which does access the west side of the parcel. The range site is loamy and the condition has been ocularly estimated to be good which calculated to 16 head per section. County road 38-B offers direct access to Parcel 2. The three soils mapped for this parcel all have loamy range sites which were ocularly estimated to be in good condition. The capacity per section calculated to 11. HIGHEST AND BEST USE Highest, best, and current use is grazing. Parcel 2 may have a trend to residential, but this is speculative. RESOURCE MANAGEMENT. COMMERCIAL. (505)-827-5724, NUMERALS (505)-827-5744, SURFACE (505).827-5793PMOYMOIStga-5772, EFTA_00 I 95 I 84 EFTA01305429

OCTOBER 15, 1996 -2- MJG-815 IMPROVEMENTS For this report, the method used to estimate the accrued depreciation of the improvements is the Economic Age-Life Method which is a constituent of the cost approach in real estate appraisal methodology. In this, the ratio of effective age to total economic life is applied to the current cost of the improvement to obtain a lump-sum depreciation estimate. Parcel 1. Item 1. Approximately W-mile of three strand barb- wire boundary fencing with wood posts. Current Replacement Cost co $1.70 per foot $4,488.00 Total Economic Life 50 years Remaining Economic Life 5 years Effective Age 45 years Ratio 45/50=90% Less Total Accrued Depreciation $4,039.00 Depreciated Value of Fence $449.00 PARCEL 1. TOTAL DEPRECIATED VALUE - $449.00 Parcel 2. Item 1. Approximately 1.09 miles (5,780 feet) of four and five strand boundary fencing with wood posts. Current Replacement Cost a $1.70 per foot $9,826.00 Total Economic Life 50 years Remaining Economic Life 20 years Effective Age 30 years Ratio 30/501=60% Less Total Accrued Depreciation $5,896.00 Depreciated Value of Fence $3,930.00 Item 2. Approximately 500 feet of four strand cross- fencing with steel posts. Current replacement cost A $1.70 per foot $850.00 Total Economic Life 50 years Remaining Economic Life 46 years Effective Age 4 years Ratio 4/50-8% Less Total Accrued Depreciation $68.00 Depreciated Value of Fence $782.00 PARCEL 2. TOTAL DEPRECIATED VALDE - $4,712.00 REMARKS Parcel 1 abuts fee land on all sides and is fenced within the ranch unit of Adam and Daniel White. According to records at the Santa Fe Co. Assessor Office, the adjacent landowners to the south and east is the New Mexico Boy's Ranch. Approximately M- mile of an unimproved ranch road on property belonging to the White's must be crossed to access the subject. To the best of my knowledge, the applicant lacks access over this W-mile of roadway which may negate Ublivion as a legitimate competitive bidder. However, it is possible that access can be obtained, and so it is my recommendation to delay any competitive bid scenario until the SDNY_GM_00173530 EFTA_00 I 95 I 85 EFTA01305430

OCTOBER 15, 1996 " -3- A 4? Pd. %-/ applicant can or can not obtain access to the subject. If access can not be obtained then it is recommended to restrict the bidding to the three landowners listed below. If it is obtained, then the applicant should be included on the bidding. Adam/Daniel White P.O. Box 115 Stanle , NM 87056 New Mexico Boy's Ranch le-247a 4 11/4-el MJG -815 6209 Hendrix NE zte;1:: 1 let tiAt/.. .?' Albu uer e, NM 87110 4 1 The New Mexico Boy's Ranch recently assigned GM-1811 (Sec. 36, T 11 N, R 9 E; 640 ac.) to Lamar and Virgie Cravens, which may or may not mean that they now are the abutting landowner to the south and east. Therefore, since they now lease 640 acres, it may be worth the effort to include them in the bidding. Their address is: Lamar B. and Virgie Miree Cravens P.O. Box 714 Moriart , NM 87035 Sa.2. J._fr `e e a - :a. • ly , Parcel 2 is fenced within the confines of the Zorro Ranch (GM- 2791, 1,158.97 acres). Ranch spokesman, Lyman Fogel, indicated that he did not realize that this property was state trust land and would like to be included in the bid procedure. Therefore, it is recommended to offer this parcel at a separate bid to the applicant and the Zorro Ranch at the following address: C/O Lyman Fogel Highway 41 P.O. box 567 Stanley, NM 87056 Note that the fenceline constructed proximately four years ago (Item 2 for Parcel 2) appears to have been placed without authorization from the Commissioner. MJG Attachments SDNY_GM_001735.3i EFTA_00195186 EFTA01305431

PHOTOGRAPHS - MJG-815 Parcel 1-Sec. 2, T 10 N, R 9 E. Looking north from the southwest corner of the subject property. Note the three wire fence with older wood posts suggesting functional obsolescence and physical deterioration, both curable. Parcel 1. Looking northeast from the extreme southwest corner of the subject property. EFTA_00195187 EFTA01305432

PHOTOGRAPHS - MJG-815 Parcel 1. Looking northwest from the extreme southeast corner of the subject property. Again, note condition of fence. Parcel 1. Looking west from the extreme northeast corner of the subject property. EFTA_00195IRS EFTA01305433

0 0 PHOTOGRAPHS - MJG-815 Parcel 1. Looking southwest from the extreme northeast corner of the subject property. SONYGM0 0173534 EF1'A_00195189 EFTA01305434

PHOTOGRAPHS - MJG-815 Parcel 2-Sec. 36, T 13 N, R 9 E. Looking south from C.R. 38-B to the subject property. Note the four wire fence with steel posts which is located to the south of the county road. This fenceline was apparently constructed without authorization from the Commissioner. Parcel 2. Looking west from the county road as it encumbers the subject property. Note the boundary fencelines on both sides of the roadway. EFTA_00 I 95 I 90 EFTA01305435

PHOTOGRAPHS - MJG-815 Parcel 2. Looking southwest from county road 38-B. Parcel 2. Looking south from County Road 38-B showing the boundary fenceline between the subject property and the landowner to the west. EFTA_00195191 EFTA01305436

UM I. S UM 1:-1 DEPARTMENT OF THE INTERIOR GEOLOGICAL SURVEY 1 • 30' 37ebN 285 284 283 - •1O ii 9Z 57. 30' 113 94 95,, 1.....-* . 1 II 0 • t A .._ i \ . 0%.-. ( ... , .... tN. • c r ( -23 ../ .A., .‘ 1-1 • --‘ ( . 4 t: • .. 1/4, • .. - 1 I . e 7 • . . % . • • et ..,- gilt. ete . ./ ....N......... • it2 I • • ini \ -. • 1 op. (I) 0 . ... a, iv ..t..... .....,. :Tr: • • . 1 / i .........1) . 1 ' it te • • • ON • • I N IN: ...2 o a • I .: . oi.. -, Cr ..• .... . . •• • ..... I • — — -- -- 0 * -..... • .....er - * a . . • ‘4 ------ ......- i's . . ... ... • • % • • • . • .• - • a • K1 t . •0 • I . •• 63 frt . a 4 I I • t I 1 • • O • 17 . I •• ... 1 • ''••• • • \ I • \ , • • • I\ l • I *SI \ ‘......,11 .4as cr e ‘ • 4 I (... ...-..-.) . . it' • I • • : • P II ••••• •••••••• . t .) ...• 61 r- 7 ' .1' LI •• a NM ..1 • • • ,.. si ll . s. • 4...St • ....-. 1 • . /I • •e - • -.....f ) C%/d i EFTA_00195192 EFTA01305437

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NEW MEXICO STATE LARD OTPICE Acreage Computation Worksheet t6 56 00-V.L.A3 'suaue Na. , 'aunty: '-essee Name: Oicrt, Aicreaci-c cr Pace Compllec or Date: / of / /es/t U.RD DESCRIPTION µRAKE INVENTORY CALCULATIONS REMAµKS THP ;GT. ST^ STAT! CROSS AC,Te a^:4% SITE a.Cmr5 t of 640 AC ITC- TC4 RANGE RANGE COND. PRUDCCTION LeSIIC ACRE HEAD CAPACITY PER PER PER ?WM SEC. RC MT **CON. (IC. CAPACITY PEµ SECTigN / GU VE 2 40 coo e 6 7 J SI" 2* 1.0,7< Y if ? 457 /n /4 /‘ 0-76e/07,Ai CP- R 1:--r-ce( i: /2)11 9E gde% WEL /..?"' /re r 2 --, 4 R m o / S2 75 // v ?c. x / 4 2 Ai Cup- .2 lat-c. / -2 O , 2• O ._‘.. 5 • Conversion Factor . 640 Acres / STATE CROSS ACRES gN4? (Rev. W0S) EFTA01305439

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SDNY_GM_00173548 EFTA_00 195203 EFTA01305448

AGRICULTURAL LEASE - GR2122 COMPLETE LEASE FILE CONTENTS SDNY_GM_00173549 EFTA_00 195204 EFTA01305449

RECORDS' cTION FORM LEASE cOES6 I 00Vin 099£21.00 WSJ MVOS -- L.,_- Request Date Change Requested By Code it Pages Post Scan MF Arc Received By Change Status Date Scan Date Initials Approved Date Co e Crii — ig —t..)t_ticla.) O. 7 3 L-- , c3 C.- P. 5+ AV C? /0 1.--- 40- 7..- 4---j- /4f -3-7,1c -.Six s " -In) / rig' ,----rr e ' M-IP Votfil titc—th ,DA IA.*/ C' -? 2 X. /04 sick ,, •. ., ,, ,), , 7 ? x jec,t". . 0? ' l• k `‘ It " 10 1 X tv kit a bp rc (c A, i,frhin-is-I4 911-1. 1. Contract 2. Memo to file 3. Improvements 4. Assignment S. Notes to file 6. Change of Address 7. Sublease 8. Notice 9. Field Report 10. Genera) Corresp. 11. Bid EFTA01305450

;Takife", its A • 4,4 • Aubrey Dunn, Commissioner of Public Lands State of New Mexico APPLICATION TO SUBLEASE STATE TRUST LANDS (PLEASE FILL OUT IN INK) PC ra 7° I/We, 21E2t3 r•S §(mailing address) 14.9k §under Agriculture Lease No. 113, C granted by make application to sublease the lands described as follows: , of NM 11O5(3 being lessee(s) e Commissioner of Public Lands, do hereby SUBDIVISION SEC. TWP. RANGE ACRES aloase c:ske t E)401 Q a IctcLA ide AD If additional space is needed to describe legal subdivision, CP a please attach additional sheet using the above format -"Please give name ofkublessen and mailing itch-kegs. fir04 . N ir? Ji/ StielinaLZ o R cp It being understood that said permission td' sublease does not in any way relieve me/us from obligation assumed under the lease stated above. Sublease term on the designated lands to commence October 1, 20 ib , and to expire on September 30, 20 n , (Sublease cannot be given bey nd expira of lease.) • Give reasons this land is being subleased: The number, type, class of livestock, and period of use, are as follows: LIVESTOCK NO. KIND Cart S CLASS Ar riffs °SS PERIOD OF USE FROM TO ' 5-01 (Revised 10/2015) p, t..., 2 it f2) tdd 12 a nffipcgrioN FEE $100.00 LAiJO SUSPENSF 4 23- Sr -I6 7 SDNY_GM_00173551 EFTA_00 I 95206 EFTA01305451