From: Richard Joslin <1

From: Richard Joslin <1 To: jeffrey E. <[email protected]>, "Lawrence Delson Subject: Avionetta Date: Tue, 20 May 2014 17:30:17 +0000 Attachments: NBAA _letter re_280F.pdf )1' One item to discuss is the depreciation once the plane is chartered to Apollo under Part 135. Per TAM — interpreting reg, use by LDB in Apollo capacity is not counted toward "qualified business use" for purposes of determining accelerated depreciation eligibility. See attached letter from NBAA to Treasury commenting on TAM 200945037 (see pg 9 and 10). http://www.irs.gadpub/irs-wd/0945037.pdf Richard Joslin CFO Elysium Management LLC 445 Park Ave New York, NY 10022 (w) (c) (f) EFTA01203941