<table><tr><th>From:</th><th>Joe Avantario</th></tr><tr><td>Sent:</td><td>Wednesday, November 11, 2015 9:22 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Melanie Spinella; Brad Wechsler</td></tr><tr><td>Subject:</td><td>RE: Preliminary 2016 cash flow projections</td></tr></table>

All cash is included

If you are referring to the tax on the Picasso its on the Arts and collectibles line. If not please elaborate

With respect to the gift, I assume this is an item I should add. Are there details or should I just add a line for it?

From: Jeffrey E. [mailto:jeevacation@gmail.comj
Sent: Wednesday, November 11, 2015 4:09 PM
To: Joe Avantario
Cc: Melanie Spine a < >; Brad Wechsle
Subject: Re: Preliminary 2016 cash flow projections

cash balances everywhere should be included. . gifts of 4 million include. 10 m in sales tax.

On Wed, Nov 11, 2015 at 10:01 PM, Joe Avantario > wrote:

Please see attached. Let me know if I can answer any questions.

Thank you,

Joseph Avantario
Elysium Management, LLC
445 Park Avenue Suite 1401, New York, NY 10022
Tel.

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