<table><tr><th>From:</th><th>Richard Josli</th></tr><tr><td>Sent:</td><td>Friday, November 21, 2014 1:43 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Trust reporting - BFP LP look through</td></tr></table>

OK

From: jeffrey E. [mailto:jeevacation@gmail.comj Sent: Friday, November 21, 2014 8:11AM To: Richard Joslin Subject: Re: Trust reporting - BFP LP look through

DO NOT

On Fri, Nov 21, 2014 at 8:09 AM, Richard Joslin ██████████████████████████████ wrote:

I prepared the attached version of financial statements to accompany the previously handed out materials. I have shown BFP LP assets on a look though basis, with BFP assets apportioned 19.72% to the trusts. While 89% of BFP LP assets is APO/ BRH, there is 8.2% or approx. S46M of financial investments that are the trust's aliquot share. I think this provides a better reflection of the trust's financial investments and a slightly better reflection of overall composition of assets by class. Not essential as a distribution today but I thought it might be helpful. Let me know if youthink I should add to package, i.e. email RR and hand out at meeting.

I received the insurance policies yesterday and I have a two page handout summarizing the carriers and the premium allocation among the trusts based on FMV. I think it would be helpful to have this approved.

-------------------------

Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

| Field | Value |
|---|---|
| Suite / City | Ste. 1401, New York, NY 10022 |
| (w) | blacked-out / redacted |
| (c) | blacked-out / redacted |
| (f) | blacked-out / redacted |

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