<table><tr><th>From:</th><th>Farkas, Andrew L. &lt;</th></tr><tr><td>Sent:</td><td>Thursday, November 6, 2014 7:11 PM</td></tr><tr><td>To:</td><td>jeevacation@qmail.com*</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

1) Performance at ayh is improving. We have made a deal with your pal paiewonsky re the dock dispute which will ultimately result in the reconfiguration of the docks and an upgrade of the facility overall. The market in general is improving for botch dockage and retail so whereas there was effectively zero equity in the asset a year ago, we are headed directionally in the right trajectory.

2) The lending environment for these types of assets overall continues to be difficult. Even if it were not, the ability to refinance and extract excess proceeds does not yet exist. We are, however, in discussions with bppr to extend the term and fix the rate. This is the time to do that and we have some cash in the bank that can be used as "bait," i.e. We can make a modest amortization payment in consideration of their granting of the request.

3) I am out of town all next week on the west coast and I would prefer to be with you when lawsky comes to call. I know he would prefer it as well.

4) Any visibility on whether or not there is a run off or did mapp win?

From: Jeffrey E. [mailto:jeevacation@gmail.corr]
Sent: Thursday, November 06, 2014 11:17 AM
To: Farkas, Andrew L
Subject: Re:

AYH. thoughts. lawsky sun mon tue?

On Tue, Oct 28, 2014 at 5:24 PM, Farkas, Andrew L > wrote:

I wish I could take you there. I know the whole resort like the back of my hand. Every nook and cranny. Every point of beauty and every wart.

From: Jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com> ]
Sent: Tuesday, October 28, 2014 04:22 PM
To: Farkas, Andrew L.
Subject: Re:

face to face . I will return on 8th 9, 10th. lawsky?

On Tue, Oct 28, 2014 at 4:21 PM, Farkas, Andrew L.
wrote:

All but directly adjacent. If you go to Atlantis definitely take the girls for a walk through The Dig. Take them for a ride on the aquaventure river ride. And then go to The Cove to hang out by the pool. It's like an outdoor night club during the day. What is taking you there and why?

From: Jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com> ]
Sent: Tuesday, October 28, 2014 04:15 PM
To: Farkas, Andrew L
Subject: Re:

how far are they from each other?

<u>On Tue Oct 28</u> 2014 at 4:14 PM, Farkas, Andrew L.
> wrote:

Nothing in particular. It's a beautiful spot. Have lunch at Dune on the deck. Order the steamed shrimp and avocado salad. That's about as exciting as it gets. Unless you go to Atlantis in which case it's a whole other ball game.

From: Jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com> ]
Sent: Tuesday, October 28, 2014 03:32 PM
To: Farkas, Andrew L.
Subject:

i am going for a few hours to the ocean club tomoorw. what should i know, what should i see,

do?

please note

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please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate.

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate.

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

4

This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate.