From: "jeffrey E." <[email protected]>

From: "jeffrey E." <[email protected]> To: Ada Clapp Subject: Re: FW: AGM Interests -- D/D Analysis Date: Mon, 14 Mar 2016 21:18:48 +0000 thx On Mon, Mar 14, 2016 at 4:47 PM, Ada Clapp < > wrote: This just in from Fenn and his team. We have not yet reviewed but thought you would want to see ASAP. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue Suite 1401 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. From: Fenn, Patrick [mailto: Sent: Monday, March 14, 2016 4:33 PM To: Brad Wechsler ; Ada Clapp < ; Wendy Dulman Cc: Hal Eli •; Dahan, Ryan Subject: AGM Interests D/D Analysis Feuerstein Ton • a; Miller, EFTA00831882 Brad, Ada and Wendy, Please find attached three memoranda that address the principal economic, governance, control and tax aspects of LB's death or disability in connection with his and his related entities' direct and indirect interests in AGM. The formatting of the discussion, versus that in our initial presentation, has been changed to reflect your suggestion and our discussion last week. In the process, the work product is longer but we hope the summary tables at the beginning of each discussion topic will be a useful ready reference. Given the reformatting, we thought the tax discussion should be addressed in two separate memoranda. We have left all of the memoranda in draft form in case you have additional comments or issues you want us to consider. We are available to walk through and discuss the attachments at your convenience. Best regards The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. If you have received this communication in error, please notify us immediately by e- mail, and delete the original message. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00831883