From: Ada Clapp

From: Ada Clapp To: jeffrey E. <[email protected]> Subject: RE: Fire Drill Date: Wed, 09 Mar 2016 20:49:03 +0000 Attachments: Black_Estate_Overview_12.31.15_®$15.215_(3_9_16).xls; Estate_Overview_Executive_Sutrunary_12_31_15_@$15.215_(3.9.16).xlsx It is in Excel. Please see attached. 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 recipients) 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: Jeffrey E. [mailtoleevacation@gmailcom] Sent: Wednesday, March 09, 2016 3:31 PM To: Ada Clapp Subject: Re: Fire Drill can you send it it word file? On Wed, Mar 9, 2016 at 2:02 PM, Ada Clapp < Jeffrey, Attached is the updated Estate Overview for Leon and Summary. Please note the following: > wrote: together with a separate 3 page Executive 1. Both presentations were prepared by Paul Weiss's fiduciary accountant under my direction and Alan's overall supervision. 2. The attached are based on a 12/31/15 balance sheet and AGM stock at $15.21/share. We are in the process of preparing an alternative Overview showing the AGM stock at $30/share. 3. The Detailed Presentation is based on the old US Trust format (somewhat reorganized) for familiarity/continuity with the last Overview. 4. We learned yesterday from Brad that he believes the real estate numbers are understated by approximately $40-50 million. This information is not incorporated into the Overview. EFTA00832257 Once you have had a chance to review the attached, I suggest that you, Alan and I get on the phone together to discuss any questions you might have and so that we can point out various aspects of the presentation. Thank you. 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. 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 jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00832258