<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, February 25, 2015 12:38 AM</td></tr><tr><td>To:</td><td>Ada Clapp</td></tr><tr><td>Subject:</td><td>Re: Follow up to yesterday's call</td></tr></table>

im awre

On Tue, Feb 24, 2015 at 7:47 PM, Ada Clapp < < > > wrote:

Jeffrey,

Did you get all the answers you wanted in connection=with the notes that were generating income to Josh and Ben? As a rem=nder, Ben borrowed $1.5 million from the APO1 Trust

last October (9 year term note with interest at 1.85= - interest is compounded annually, accrued and added to principal).=C2 This generates "phantom" interest income for Leon (a= you know, APO1is a grantor trust).

Ada Clapp

Chief Legal Officer

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

The image shows contact information, including Direct Dial, Fax, and Email. The specific details are redacted.

This communication and any attachment is for the =ntended recipient(s) only and may contain information that is privileged, =onfidential and/or proprietary. If you are not the intended reci=ient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. =AO Please delete all copies of this communication and its attachments and "ratify me immediately that you have received them in error. Thank you=

## please =ote

The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved