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

From: "Jeffrey E." <[email protected]> To: Melanie Spinella Subject: Re: 2016 Projected Cash Flow Date: Mon, 07 Mar 2016 18:44:57 +0000 Attachments: Cash Flow 2016.pdf the opening cash number does not match the balance sheet of 103,5 minus 30m., equals 73,5 not 77 as per cash flow, this says new art loan of 30m? plane revenue wrong.according to its own footnote 2 page 5. . interest rates up 25 basis points in mid year.? cash out says plane paydown. but note says refinanced ? boat operating at over 5? , tax number makes no sense at all.. use tax alone 4 million . the picaso bust also has a sales tax if sale happens. it says ssumer 1I months of the 2016 operating budget are paid in fiscal year 2015. I dont know what that means.. use tax on balance sheet of over 4. on this cash flow 3.3 and it also includes gift tax? Forwarded message From: Joe Avantario Date: Mon, Mar 7, 2016 at 9:58 AM Subject: 2016 Projected Cash Flow To: "jeffrey E." <[email protected]> Cc: Brad Wechsler <I Jeffrey, Please let me know if you have any questions. FYI I left the assumed plane loan principal the same as the previous version as the loan was issued at 100% of the purchase price originally. Thanks, Joseph Avantario Elysium Management, LLC 44 NY 10022 Tel 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 EFTA00832409 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 EFTA00832410