Ada Clapp

Ada Clapp From: Sent: To: Subject: Ada Clapp Friday, April 22, 2016 8:52 AM Ada Clapp FW: APO1 GRAT From: Ada Clapp Sent: Thursday, October 15 2015 12:34 PM To: Brad Wechsler Cc: John Castrucci >. Richard Joslin >; Richard >; Joe Avantario >; Samantha Proietto Subject: APO1 GRAT Brad, If I understand Finance's calculations correctly, based on 9/30-undiscounted values, it appears that the APO1 GRAT will be roughly $28 million short of being able to make the final annuity payment to Leon (due October 24th) of approximately $131.7 million. Given that this GRAT is so dramatically underwater, Alan advised, and I agree, that there is no need to obtain a valuation for the final annuity payment. Also, because the N th is a Saturday, the cash portion of the final annuity payment (about $2.5 million) will be transferred to Leon's individual account on Monday, October 26th. Any Empire invoices (for quarterly appraisals) received after that date can be paid by Leon directly. Please let me know if you wish to discuss. Ada Clapp Chief Legal Officer Elysium Management LLC New York, New York 10022 Direct Dial: Fax: Email: This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. EFTA00593345