From: Richard Kahn <I

From: Richard Kahn <I To: "jeffrey E." < Subject: 7/31/2014 Valuation Report Date: Thu, 14 Aug 2014 21:35:49 +0000 Attachments: SHBRK_Scann14081417031.pdf Please note projected 12/31/2014 cash balance as we discussed: 7/31/2014 Cash balance 8/31/2014 Highbridge Redemption 10/15/2014 Leon fee 12/15/2014 Leon to enhanced Spending Aug - Dec (1.2mm per mo) 147,000,000 59,000,000 25,000,000 10,000,000 (6,000,000) Projected 12/31/2014 cash balance (*) 235,000,000 (*) does not include any equity or fixed income sales or purchases Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: From: Subject: Message from KMBT C253 Date: August 14. 2014 at 5:03:36 PM EDT To: Reply-To: EFTA01204596