<table><tr><th>From:</th><th>on behalf of Joshua Cooper Ram</th></tr><tr><td>Sent:</td><td>Sunday, November 23, 2014 6:18 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

Thanks. Extremely helpful chat.

Questio=: Looks like the net number may go up by about 2.5 in the next week if ano=her fee gets triggered on a deal I started, so we'd be at 20 more or l=ss in my business this year. But I won't know for sure for a week or s=. So if I make the call on Wednesday this week, should I say -- seems to m= 4.5 is fair at the 18 number, and about 5.25 at the 20 number?

On Sun, Nov 23, =014 at 1:16 PM, jeffrey E. <jeevacation@gmail.com <mailtoleevaca=ion@gmail.com» wrot=:

to summarize ,=C24) 1 I have given it considerable thought , and what I think is F=IR is 4,5 . I have increased the perce=tage of the firms biz. 18 vs 24. 18 vs 26 =ounter BLAH BLAH< I think 4.5 is fair. =C24), no further explanation until later. -- but as you=know reveneue are down etc. , I =hink 4. 5 is fair

=C2�>>

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