<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Wednesday, March 9, 2016 8:51 PM
Ada Clapp</td></tr><tr><td>Cc:</td><td>Halperin, Alan 5; Brad Wechsler</td></tr><tr><td>Subject:</td><td>Re: Fire Drill</td></tr></table>

where is the brh tra explanations re governance.??!<=r>

On Wed, =ar 9, 2016 at 2:02 PM, Ada Clapp c cmailto > wrot=:

Jeffrey,

Attached is the update= Estate Overview for Leon and Debra, together with a separate 3 page Execu=ive Summary. Please note the following:

1. =AO Both presentations were prepared by Paul Weiss =99s fiduciary accountant under my direction and Alan's overall sup=rvision.

2. =AO The attached are based on a 12/31/15 balance sheet and=AGM stock at $15.21/share. We are in the process of preparing an alt=rnative Overview showing the AGM stock at $30/share.

3. =AO The Detailed Presentation is based on the old US Trust=format (somewhat reorganized) for familiarity/continuity with the last Ove=view.

4. =AO We learned yesterday from Brad that he believes the re=l estate numbers are understated by approximately $40-50 million. Th=s information is not incorporated into the Overview.

Once you have had a chance to review the attached, l=suggest that you, Alan and I get on the phone together to discuss any ques=ions you might have and so that we can point out various aspects of the pr=sentation.

Thank you.

Ada Clapp

Chief Legal Officer

Elysium Management LLC

445 Park Avenue

Suite 1401

Key information from the image:

*   Location: New York, New York 10022
*   Contact information (redacted): Direct Dial, Fax, Email


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## please =ote

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