<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:
To:</td><td>Wednesday, November 5, 2014 4:07 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Global Black Balance 2014 and FY 2015</td></tr></table>

can i =all you to review open items on various other subjects?
please =dvise

Richard Kahn
HBRK Associates =nc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel = 
fax = 
cell =

On Nov 5, 2014, at 11:02 AM, jeffrey E. <jeevacation@gmail.com> =rote:

i thought pressented =erribly

On Wed, Nov 5, 2014 at 11:59 AM, Richard Kahn =span dir="ltr"
=rote:

i thought schedules on initial email =ere not presented well (info, presentation, conciseness, =tc)

attached schedule is better presentation =ut i believe they need to analyze cash flow monthly as there are many =oving pieces ..

attached does not break down =014 / 2015 expenses also questioned a few numbers such as =015 EST taxes which seemed low, 1mm per month for only 3 households =eems high, townhouse construction 11mm seems low however maybe there is = lag to build waiting on design and permits, no fees included for =ou?

should i review with rich joslin?
please =dvise
thanks

Richard Kahn
HBRK Associates =nc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel =a href="tel value="

=arget="_blank">

fax ktel:
cell

Begin forwarded message:

Richard Joslin <RJoslin@elysllc.com>

Global Black Balance 2014 and FY =015

November 4, 2014 at 5:04:09 PM =ST

jeffrey E. <jeevacation@gmail.com>

"Richard Kahn

Rich-

Let's discuss expenses I may be missing. Art =onsultant — placeholder only JEE-

I did =ot put the $2MM amount down due to privacy issues.

I can add real estate tax — some of these items =re paid via the $15MM of "Household"

&=bsp;

Richard Joslin

CFO

Elysium =anagement LLC

## 445 Park =ve

Ste. =401

New York, NY =0022

(w)

(c) <tel:%28203%29%20581-0509>

## 445 Park =ve (cont.)



please =ote

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