<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Friday, March 13, 2015 6:55 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: NAR funding</td></tr></table>

Payment of TRA is made April 15 of the following year.

From: Richard Joslin
Sent: Friday, March 13, 2015 2:48 PM
To: 'jeffrey E.'
Subject: RE: NAR funding

From: jeffrey E. [mailto:jeevacation@gmail.comj
Sent: Friday, March 13, 2015 2:42 PM
To: Richard Joslin
Subject: Re: NAR funding

thanks

On Fri, Mar 13, 2015 at 2:41PM, Richard Joslin <RJoslin@elyslIc.com <mailtoltloslin@elyslIc.com» wrote:

Brad asked that I send you a composite list of assets held by each trust, BFP and Leon to assist with the selection of assets to fund NAR. I have used the Dec 31 2014 valuation reports and edited to remove investments that have been sold and to put a placeholder for planned investments. For assets shown at $1, some of these investments are reported on a tax basis for which there is an allocation of non-recourse debt. The upshot is that these may be real estate investments that may have terminal value

---------------------------
Richard Joslin
CFO
Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022

| Label |
|---|---|
| (w) |
| (c) |
| (f) |

## 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