From: Richard Kahn <

From: Richard Kahn < To: "jeffrey E." <[email protected]> Subject: Fwd: Global Black Balance 2014 and FY 2015 Date: Wed, 05 Nov 2014 15:59:59 +0000 Attachments: LDB CASH FLOWS_FY_2014_2015_UPDATED.pdf i thought schedules on initial email were not presented well (info, presentation, conciseness, etc) attached schedule is better presentation but i believe they need to analyze cash flow monthly as there are many moving pieces .. attached does not break down 2014 / 2015 expenses also questioned a few numbers such as 2015 EST taxes which seemed low, 1mm per month for only 3 households seems high, townhouse construction 11mm seems low however maybe there is a lag to build waiting on design and permits, no fees included for you? should i review with rich joslin? please advise thanks Richard Kahn HBRK Associates Inc. Begin forwarded message: From: Richard Joslin Subject: Global Blac Date: November 4, 2014 at 5:04:09 PM EST To: Jeffrey E. <[email protected]> Cc: "Richard Kahn ( Rich — Let's discuss expenses I may be missing. Art consultant — placeholder only JEE- I did not put the $2MM amount down due to privacy issues. I can add real estate tax — some of these items are paid via the $15MM of "Household" Richard Joslin CFO Elysium Management LLC EFTA01203198 EFTA01203199