<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Wednesday, November 11, 2015 10:35 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Melanie Spinella; Brad Wechsler</td></tr><tr><td>Subject:</td><td>Cash Flow 2016 preliminary projections</td></tr><tr><td>Attachments:</td><td>Cash Flow 2016 preliminary projections.pdf</td></tr></table>

Reclassified taxes on Picasso, eli=inated duplication that I mentioned, made a minor change to Art expense, a=d revised footnotes as suggested

Please let me know if you have any=questions.

Thanks,

Joseph Avantario=/p>

Ely=ium Management, LLC

|Cell