<table><tr><th>From:</th><th>Ada Clapp &lt;</th></tr><tr><td>Sent:</td><td>Thursday, November 5, 2015 10:22 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>Decanting Question</td></tr></table>

Hi Jeffrey,

We are planning to discuss the proposed decantings w=th the Trustees at our meeting later this month. I understand that y=u do not want to decant APO1's right to receive the GRAT remainders =o the new APO-01 Trust. I would like to understand why we are leaving this behind in APO1—just in case the Trustees ask=

Thanks.

Ada Clapp

Chief Legal Officer

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

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.&nbs=; Please delete all copies of this communication and its attachments and n=tify me immediately that you have received them in error. Thank you.=nbsp;