EFTA02349483

From: Richard Joslin Sent: Wednesday, Novem er , 1 1 : M To: Jeffrey E. Subject: FW: Boat Amounts below do not i=clude payment of principal FY 2014. Also the 2013 expenses do not sh=w (one-time) certification costs -700K. Net expense per my pro=ection FY 2014 is consistent with the below. FY 2015 I projected $2=4MM of net operational loss. FY 2015 amounts shown below show larger=loss then FY 2014 so then either charter income will be lower or costs wil= go up. I will liaise with captian/ EA. From: Eileen Alexanderson Sent: Wednesday, November 05, 2014 3:37 PM To: Richard Joslin Subject: FW: Boat Sorry, Forgot to cc yo=. From: Eileen Alexanderson Sent: Wednesday, November 05, 2014 3:35 PM To: 'jeffrey E.' Subject: Boat EXPENSES = CHARTER REV &n=sp; NET EXPENSE 2012 $5.6M1L&nbs=; &=bsp; $1.6M1L &n=sp; $4.0MIL &nb=p; this was the year of th= major renovations 2013 $5.0MIL&nbs=; &=bsp; 51.1MIL &n=sp; $53.9MIL &n=sp; spending somewhat high in ad=ance of certification 2014 $4.5M1L-est= $2.0MIL =nbsp; $2.5M1L &=bsp; &nbs=; more charters made a big difference +more normal expenses=/o:p> EFTA_R1_01325592 EFTA02349483 Captain did not respond yet but I believe run rate i= 2015 should be be $2.5.3.0 net operational expense-will let you know if h= says otherwise Eileen Alexander=on Elysium Managementa:p> 2 EFTA_R1_01325593 EFTA02349484