<table><tr><th>From:</th><th>Joe Avantario &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, November 11, 2015 10:10 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Preliminary 2016 cash flow projections</td></tr></table>

Brad is of the opinion that the $4MM gift is already accounted for in the Miscellaneous designated disbursements line

Please let me now if you think otherwise