<table><tr><th>From: </th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent: </td><td>Wednesday, July 13, 2016 10:57 PM</td></tr><tr><td>To: </td><td>Joe Avantario</td></tr><tr><td>Subject: </td><td>Re: Cash flow</td></tr></table>

if the yacht sale is 15 .175 why is the source 15, 649?

On Wed, J=l 13, 2016 at 6:49 PM, Joe Avantario a , wrote:

Conserving lines as we can't =rint this on one document if we add more lines

From: jeffrey E. [mailto:jeevacation@gmail.com]
Sent: Wednesday, July 13, 2016 6:49 PM
To: Joe Avantario
Subject: Re: Cash flow

so why isnt it in uses?

On Wed, Jul 13, 2016 at 6:46 PM, Joe Avantario <= href=  wrote:

This is the intended repayment of a b=idge loan that was taken for non-art uses.

OK Thanks

From: jeffrey E. [mailto:jeevacation@gmail.com]
Sent: Wednesday, July 13, 2016 6:44 PM
To: Joe Avantario
Subject: Re: Cash ow

why is there a 20 million with parenthesis =AO in sources and art loan? there should never be =arenthesis . ever . there are sources there =re uses. there is also beginning cash and beginning debt. final cash and final cash. you =hould assume the plane value at 12. so an 80 percent loa= would be 9.6. , . assume the boat to be 12=C2 net. . and miami at 14. net.

On Wed, Jul 13, 2016 at 6:34 PM, Joe Avantario <<SNIP>> wrote:

	- We update our cash flow on a weekly basis on Thursdays. </=>

• In preparing a draft of that with the major changes, besides the thi=gs I mentioned to you previously, we are moving the $40MM in art sales to =he end of the year based on our discussion with Leon.

* This move together with some new art purchases and other unknowns (i=e. the exact pay down amount for the plane loan) is creating a deficit for=us.

	- We intend to deal with those issues by increasing the art loan. au>

* We have conceptually discussed these items with Leon and will be add=essing the proposed increase amount with him shortly.

Josep= Avantario
Elysium Management, LLC
445 Park Avenue Suite 1401, New <u>York,</u> NY <u>10022</u>

please no=e

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## please no=e

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## =AO please note

The information contained i= this communication is confidential, may be attorney-client privileged,=may constitute inside information, and is intended only for the use =f the addressee. It is the property of JEE Unauthorized use, disclos=re or copying of this communication or any part thereof is strictly pro=ibited and may be unlawful. If you have received this communication =n error, please notify us immediately by return e-mail or by e-mail to =a href="mailto:jeevacation@gmail.com" target="_blank">jeevacation@gmai=.com, and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved