<table><tr><th>From:</th><th>Ada Clapp &lt; &gt; </th></tr><tr><td>Sent:</td><td>Monday, March 14, 2016 11:06 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>Estate Overview at AGM $30/share</td></tr></table>

Hi Jeffrey,

We have run the Estate Overview assuming AGM stock i= at $30/share. This results show:

* an increase in assets (net of liabilities) o= about $887 MM (from $1.38B to $2.26B);

* an increase in estate taxes of approxi=ately $440MM; and

* an increase in assets passing to the childre= of about $665 million.

Based upon our cash raise assumptions (which are fle=ible, of course), the increase in BFP interests results in less art having=to be sold on the second death, with the result that additional art (about=nbsp; $447 MM) would pass to the Legacy Trusts.

Would you like to see the presentation? <=o:p>

Ada Clapp

Chief Legal Officer

Elysium Management LLC

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