<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, June 11, 2014 6:57 PM</td></tr><tr><td>To:</td><td>jeffrey E.; lawrence delson</td></tr><tr><td>Subject:</td><td>incentive fee deferral redux?</td></tr></table>

457A and 409A are comp=icated areas — I will look into and revert

http://www.bloomberg.com/news/2014-06-11/investors-seeking-to-alter-hedge-fund-fees-bac=ed-by-irs.html <http://www.bloomberg.com/news/2014-06-11/=nvestors-seeking-to-alter-hedge-fund-fees-backed-by-irs.html>

http://www.irs.gov/pub/irs-drop/rr-14-18.pdf <http://www.irs.gov/pub/irs-drop/rr-14-18.=df>

Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022